Apple REIT 9 consists of 82 hotels. David Lerner’s clients have invested $2 billion in the program. Apple REIT 9 is no longer open to new investors. Currently, Apple REIT 9 is paying investors their monthly distributions entirely from a return of their own money! Forced to find a place to invest, this REIT chose not to invest in hotel properties but instead invested in an oil and gas property. We currently calculate that it has an actual share value of $5.85 per share (not the constant $11 share value on monthly statements). The FINRA complaint details how it is paying monthly distributions 223% more than the net income its hotel properties are earning. In short investors have lost almost 47% of their investment to date.
If you have invested in any of the Apple REITs upon the recommendation of David Lerner Associates, please contact one of our attorneys at 312-332-0000. Our attorneys are representing investors who have suffered losses investing in the Apple REITs along with those who are seeking to rescind (get out of) their investment in these products.