Exhibit 10.23
Schedule
Setting Forth Information on Five Hotels
Subject to
Master Hotel Lease Agreement
Dated as of February 26, 2003
Between
Apple Hospitality Five, Inc., as Lessor, and
Apple Hospitality Five Management, Inc., as Lessee
(The Master Hotel Lease Agreement permits the addition of hotels
over time by the inclusion of new exhibits, the
substance of which is set forth below)
A. BASE RENTS and COMMENCEMENT DATES
Hotel Base Rent Commencement Date
----- ---------- -----------------
Cypress Residence Inn - California $1,503,563 May 23, ▇▇▇▇
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇ - ▇▇▇ ▇▇▇▇▇▇ $1,135,885 May 31, ▇▇▇▇
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇ - ▇▇▇ ▇▇▇▇▇▇ $1,280,868 May 31, ▇▇▇▇
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇ - ▇▇▇ ▇▇▇▇ $2,028,399 May 31, ▇▇▇▇
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇ - ▇▇▇▇▇▇▇▇▇ $1,276,114 June 20, 2003
B. SUITE REVENUE BREAKPOINTS
Cypress Residence Inn - California
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Quarters 2003 2004 2005 2006 2007 2008
-------- ---------- ---------- ---------- ---------- ---------- ----------
1st $ 309,375 $ 315,563 $ 321,874 $ 328,311 $ 334,877
2nd $ 150,017 $ 618,750 $ 631,125 $ 643,748 $ 656,622 $ 669,755
3rd $ 600,069 $ 928,125 $ 946,688 $ 965,621 $ 984,934 $1,004,632
4th $1,050,121 $1,237,500 $1,262,250 $1,287,495 $1,313,245 $1,339,510
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Quarters 2009 2010 2011 2012 2013
-------- ---------- ---------- ---------- ---------- ----------
1st $ 341,575 $ 348,406 $ 355,375 $ 362,482 $ 369,732
2nd $ 683,150 $ 696,813 $ 710,749 $ 724,964 $ 739,464
3rd $1,024,725 $1,045,219 $1,066,124 $1,087,446 $1,109,195
4th $1,366,300 $1,393,626 $1,421,499 $1,449,928 $1,478,927
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Cranbury Residence Inn - New Jersey
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Quarters 2003 2004 2005 2006 2007 2008
-------- -------- ---------- ---------- ---------- ---------- ----------
1st $ 290,936 $ 296,754 $ 302,689 $ 308,743 $ 314,918
2nd $135,598 $ 581,871 $ 593,508 $ 605,379 $ 617,486 $ 629,836
3rd $542,394 $ 872,807 $ 890,263 $ 908,068 $ 926,229 $ 944,754
4th $949,189 $1,163,742 $1,187,017 $1,210,757 $1,234,972 $1,259,672
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Quarters 2009 2010 2011 2012 2013
-------- ---------- ---------- ---------- ---------- ----------
1st $ 321,216 $ 327,641 $ 334,193 $ 340,877 $ 347,695
2nd $ 642,433 $ 655,281 $ 668,387 $ 681,755 $ 695,390
3rd $ 963,649 $ 982,922 $1,002,580 $1,022,632 $1,043,085
4th $1,284,865 $1,310,563 $1,336,774 $1,363,509 $1,390,780
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Somerset Residence Inn - New Jersey
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Quarters 2003 2004 2005 2006 2007 2008
-------- -------- ---------- ---------- ---------- ---------- ----------
1st $ 263,553 $ 268,824 $ 274,201 $ 279,685 $ 285,279
2nd $129,465 $ 527,107 $ 537,649 $ 548,402 $ 559,370 $ 570,557
3rd $517,858 $ 790,660 $ 806,473 $ 822,603 $ 839,055 $ 855,836
4th $906,252 $1,054,213 $1,075,297 $1,096,803 $1,118,739 $1,141,114
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Quarters 2009 2010 2011 2012 2013
-------- ---------- ---------- ---------- ---------- ----------
1st $ 290,984 $ 296,804 $ 302,740 $ 308,795 $ 314,971
2nd $ 581,968 $ 593,608 $ 605,480 $ 617,589 $ 629,941
3rd $ 872,952 $ 890,411 $ 908,220 $ 926,384 $ 944,912
4th $1,163,937 $1,187,215 $1,210,960 $1,235,179 $1,259,882
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Hauppage Residence Inn - New York
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Quarters 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
-------- -------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
1st $17,972 $18,332 $18,698 $19,072 $19,454 $19,843 $20,240 $20,645 $21,057 $21,479
2nd $ 59,909 $35,945 $36,664 $37,397 $38,145 $38,908 $39,686 $40,480 $41,289 $42,115 $42,957
3rd $239,636 $53,917 $54,995 $56,095 $57,217 $58,362 $59,529 $60,719 $61,934 $63,172 $64,436
4th $419,364 $71,889 $73,327 $74,794 $76,290 $77,815 $79,372 $80,959 $82,578 $84,230 $85,915
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Nashville Residence Inn - Tennessee
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Quarters 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
1st $203,767 $207,843 $212,000 $216,240 $220,564 $224,976 $229,475 $234,065 $238,746 $243,521
2nd $407,535 $415,685 $423,999 $432,479 $441,129 $449,951 $458,950 $468,129 $477,492 $487,042
3rd $397,356 $611,302 $623,528 $635,999 $648,719 $661,693 $674,927 $688,425 $702,194 $716,238 $730,563
4th $695,374 $815,069 $831,371 $847,998 $864,958 $882,257 $899,903 $917,901 $936,259 $954,984 $974,083
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