<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549

                                  FORM 10-QSB

               [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
                      THE SECURITIES EXCHANGE ACT OF 1934

               For the quarterly period ended September 30, 1996

               [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF
                      THE SECURITIES EXCHANGE ACT OF 1934

                        Commission file number 33-96716

                      ESSEX HOSPITALITY ASSOCIATES IV L.P.

               (Exact name of registrant as specified in charter)

                                    NEW YORK
         (State or other jurisdiction of incorporation or organization)

                                   16-1485632
                      (I.R.S. Employer Identification No.)

                              100 CORPORATE WOODS
                           ROCHESTER, NEW YORK 14623
                    (Address of principal executive office)

       Registrant's telephone number, including area code: (716) 272-2300

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

         Yes           X                            No
                  -----------                            ------------

As of November 1, 1996, a total of 2,151 Limited Partnership Units were
outstanding.
<PAGE>   2
                                     PART 1

                             FINANCIAL INFORMATION


Item 1.   Financial Statements

                      Essex Hospitality Associates IV L.P.
                                 Balance Sheets
                          September 30, 1996 and 1995

<TABLE>
<CAPTION>
                        Assets                               1996               1995   
                        ------                             ---------         ----------
<S>                                                       <C>                      <C>
Investments in real estate, at cost:
    Land                                                   2,640,300
    Construction in progress                               6,507,304
    Less accumulated depreciation                               -     
                                                          -----------
       Net investments in real estate                      9,147,604 
                                                          -----------

Cash and cash equivalents                                  2,454,055               100

Deferred costs:
    Debt issuance                                            690,253
    Franchise                                                128,000
    Other                                                     60,766 
                                                          -----------
                                                             879,019
    Less accumulated amortization                            (51,361)
                                                          -----------
                                                             827,658 
                                                          -----------

Other assets                                                 494,340                   
                                                          -----------        ----------

    Total assets                                          12,923,657               100 
                                                          -----------        ----------

          Liabiliities and Partners' Capital
          ----------------------------------

Liabilities
    Construction payable                                      47,696
    Accounts payable and accrued expenses                     46,241
    Notes payable                                          6,420,000
    Construction loan payable                              4,213,008
    Minority interest - Essex Glenmaura L.P.                 973,087                   
                                                          -----------        ----------
        Total liabilities                                 11,700,032                 - 
                                                          -----------        ----------

Commitments and contingencies (notes 5 and 6)

Partners' capital                                          1,396,824               100
    Less notes receivable from partners                     (173,199)                  
                                                          -----------        ----------
        Total partners' capital                            1,223,625               100 
                                                          -----------        ----------

Total liabilities and partners' capital                   12,923,657               100 
                                                          -----------        ----------
</TABLE>





<PAGE>   3
                      Essex Hospitality Associates IV L.P.
                              Statement of Income
                    For the Quarter ended September 30, 1996



<TABLE>
<CAPTION>
                                                         1996
                                                         ----
<S>                                                    <C>
INCOME
------
    Rooms                                                56,629
    Food and beverage                                    11,265
    Other income                                          4,313
                                                       --------
Total income                                             72,207
                                                       --------

EXPENSES:
---------
    Rooms                                                27,924
    Food & beverage expenses                             21,148
    Commissions expenses                                    402
    Advertising & promotion                              12,684
    Repairs & maintenance                                 8,885
    Utilities                                                 -
    Administrative & general                              9,438
    Property taxes                                            -
    Insurance                                             1,095
    Franchise fees                                        2,265
    Management fees                                       3,254
    Marketing research fees                               1,133
    Miscellaneous                                         2,762
                                                       --------
Total expenses                                           90,990
                                                       --------

    Operating income                                    (18,783)

    Interest expense                                    111,187
    Interest income                                     (17,541)
    Partnership management fees                             542
    Amortization                                         10,995
                                                       --------
Total other expenses                                    105,183
                                                       --------

Net income                                             (123,966)
                                                       =========
</TABLE>





<PAGE>   4
                      Essex Hospitality Associates IV L.P.
                            Statements of Cash Flows
               For the Quarters ended September 30, 1996 and 1995

<TABLE>
<CAPTION>
                                                                       1996                    1995
                                                                       ----                    ----
<S>                                                                 <C>                        <C>
Cash flows from operating activities
    Cash received from customers                                        53,310
    Cash paid to suppliers                                             (52,775)
    Interest received                                                   17,551
    Interest paid                                                     (111,187)                     
                                                                    -----------         ------------
       Net cash from operating activities                              (93,101)                  -  
                                                                    -----------         ------------

Cash flows from investing activities
    Payments for land and construction in progress                  (3,236,046)
    Payments for deposits                                              126,756                      
                                                                    -----------         ------------
       Net cash used in investing activities                        (3,109,290)                  -  
                                                                    -----------         ------------

Cash flows from financing activities
    Partners' capital contributions                                    270,972                 100
    Payments for syndication costs                                     (30,085)
    Proceeds from notes payable                                        277,000
    Proceeds from construction loan                                  3,035,859
    Payments for debt acquisition costs                                (38,032)
    Payments for organization costs                                          -
    Payments for distributions                                         (34,488)                     
                                                                    -----------         ------------
       Net cash from financing activities                            3,481,226                 100  
                                                                    -----------         ------------

Net increase in cash and cash equivalents                              278,835                 100

Cash and cash equivalents - beginning of quarter                     1,354,265                   -  
                                                                    -----------         ------------

Cash and cash equivalents - end of quarter                           1,633,100                 100  
                                                                    ===========         ============


Reconciliation of net income to net cash flows from
  operating activities:

Net income                                                            (123,966)                  -

Adjustments to reconcile net loss to net
  cash used in operating activities:
    Depreciation and amortization                                       10,995                   -
    Changes in:
       Shortterm assets                                                (18,228)                  -
       Accounts payable and other expenses                              38,098                   -
                                                                    -----------         ------------
                                                                       (93,101)                  -  
                                                                    ===========         ============
</TABLE>



<PAGE>   5
                      ESSEX HOSPITALITY ASSOCIATES IV L.P
                        (A New York Limited Partnership)

                         Notes to Financial Statements

                               September 30, 1996

1)     Organization

       Essex Hospitality Associates IV L.P. (the Partnership) is a New York
       limited partnership formed on August 30, 1995 for the purpose of
       acquiring land and constructing, owning and operating a series of
       hotels.  The Partnership will also acquire a limited partnership
       interest in an affiliated partnership, Essex Glenmaura L.P. (Glenmaura),
       which will construct, own and operate a Courtyard by Marriott hotel near
       Scranton, Pennsylvania (see note 6).  The Partnership may also lend
       funds to other partnerships that own hotels.  The Partnership is
       financing its activities through a public offering of notes and limited
       partnership units.

       The Partnership is in the development stage and is acquiring land in
       order to construct and operate the hotels.  In December 1995, land was
       purchased in Solon, Ohio and Warwick, Rhode Island in anticipation of
       the construction of a Hampton Inn and Suites hotel and a Homewood Suites
       hotel, respectively.  In January and March, 1996, a 12.5 unit limited
       partnership interest was acquired in Essex Glenmaura L.P.

       The Partnership's general partner is Essex Partners Inc. (Essex
       Partners), a subsidiary of Essex Investment Group, Inc.  (Essex).

       The following is a general description of the allocation of income,
       loss, and distributions.  For a more comprehensive description see the
       Partnership Agreement:

              Allocation of income from operations will be allocated 99% to the
              limited partners and 1% to the general partner until the amount
              allocated to the limited partners equals the cumulative annual
              return of 8% of their contribution.  Any remaining income from
              operations is allocated 80% to the limited partners and 20% to
              the general partners.  Income on the sale of any or all of the
              hotels is allocated 99% to the limited partners until each
              limited partner has been allocated income in an amount equal to
              his or her pro rata share of the nondeductible syndication
              expenses and sales commission and 1% to the general partners.
              Thereafter, income on the sale of any or all the hotels is
              allocated in the same manner as income from operations.

              Allocations of losses from operations will be allocated 80% to
              the limited partners and 20% to the general partner in the
              amounts sufficient to offset all income which was allocated 80%
              to the limited partners.  Thereafter, operating losses are
              allocated 99% to the limited
<PAGE>   6
                      ESSEX HOSPITALITY ASSOCIATES IV L.P
                        (A New York Limited Partnership)

                         Notes to Financial Statements

                               September 30, 1996

(1)    Organization (continued)

              partners and 1% to the general partner.  Loss on the sale of any
              or all of the hotels will be first allocated in the same manner
              as losses from operations, except that the allocation of such
              loss would be made prior to allocations of income from
              operations.  All other losses are allocated 99% to the limited
              partners and 1% to the general partners.

              Cash distributions will initially be made 99% to the limited
              partners and 1% to the general partners.  After the limited
              partners have received a cumulative annual return of 8% of their
              contribution, additional distributions may then be made 80% to
              the limited partners and 20% to the general partners.
              Distributions of the net proceeds of sale or refinancing of any
              or all hotels will be made 1% to the general partner and 99% to
              the limited partners until the limited partners have received
              distributions from sale or refinance of hotels equal to $1,000
              per unit.  Thereafter, distributions shall next be made 1% to the
              general partner and 99% to the limited partners until each
              limited partner has received any unpaid cumulative return accrued
              through the date of the distribution.  Additional distributions
              will then be made 20% to the general partner and 80% to the
              limited partners.  The first distribution was made in March,
              1996.

       Essex Partners and its affiliates are receiving substantial fees in
       connection with the offering of notes and limited partnership units.
       Additional fees will be paid to them in connection with the acquisition,
       development and operation of the hotels and management of the
       Partnership (see note 5).

(2)    Summary of Significant Accounting Policies

       Basis of Accounting

       The financial statements of the Partnership were prepared on the accrual
       basis of accounting in conformity with generally accepted accounting
       principles.

       Investments in Partnerships

       Investments in Partnerships with a 50% or less ownership interest will
       be accounted for by the equity method.  Ownership interests exceeding
       50% will be accounted for under the consolidated method.  The
       Partnership owns a 54% interest in Essex
<PAGE>   7
                      ESSEX HOSPITALITY ASSOCIATES IV L.P
                        (A New York Limited Partnership)

                         Notes to Financial Statements

                               September 30, 1996


(2)    Summary of Significant Accounting Policies (continued)

       Glenmaura L.P. and is accounting for the investment under the
       consolidated method

       Investment in Real Estate

       Investment in real estate is stated at cost.  Depreciation will be
       calculated using the straight-line method over the estimated useful
       lives of the assets as each hotel commences operations.

       Cash and Cash Equivalents

       Cash investments with maturities of three months or less at the time of
       purchase are considered to be cash equivalents.

       Deferred Costs

       Costs of issuing the subordinated notes payable will be amortized on a
       straight-line basis over the term of the notes.

       Franchise fees paid for the right to own and operate the hotels will be
       amortized on a straight-line basis over the term of each franchise
       agreement, beginning when a hotel is placed in service.

       Syndication Costs

       Selling commissions and legal, accounting, printing and other filing
       costs totaling $283,415 related to the offering of the limited
       partnership units were charged against the proceeds of the public
       offering.

       Income Taxes

       No provision for income taxes has been provided since any liability is
       the individual responsibility of the partners.

       Use of Estimates

       The preparation of the financial statements in conformity with generally
       accepted accounting principles requires the managing general partner to
       make estimates and assumptions that affect the reported amounts of asset
       and liabilities and disclosure
<PAGE>   8
                      ESSEX HOSPITALITY ASSOCIATES IV L.P
                        (A New York Limited Partnership)

                         Notes to Financial Statements

                               September 30, 1996

(2)    Summary of Significant Accounting Policies (continued)

       of contingent assets and liabilities at the date of the financial
       statements and the reported amounts of income and expenses during the
       reporting period.  Actual results could differ from those estimates.

(3)    Subordinated Notes Payable

       Subordinated notes payable bear interest at a rate of 10.5% per annum,
       payable monthly, and mature December 31, 2001, unless extended by the
       Partnership to December 31, 2002 upon payment to holders of an extension
       fee equal to .5% of the principal amount of the subordinated notes
       outstanding.  The notes are issued as unsecured obligations of the
       Partnership.

       In accordance with the Partnership agreement, the ratio of gross
       proceeds from the offering of limited partnership units to total gross
       proceeds from the offering prior to the termination of the offering may
       not be less that .15 to 1.  As of September 30, 1996, that ratio was .29
       to 1.

       The carrying value of the subordinated notes payable approximates the
       fair value based on a discounted cash flow analysis using an interest
       rate currently being offered for loans with similar terms and credit
       quality.

(4)    Franchise Fees

       In 1995, the Partnership entered into a license agreement with Promus
       Corporation (Promus) to operate a Homewood Suites hotel in Warwick,
       Rhode Island.  An initial franchise fee of $40,000 has been paid. In
       addition to the initial fee, the Partnership will be required to pay to
       Promus a monthly royalty fee of 4% of gross room revenues, a monthly
       marketing/reservation fee of 4% of gross room revenue, an initial
       software license fee of $3,000 plus $85 per guest room with a monthly
       maintenance charge of $200 to $350 per month, and a monthly amount equal
       to any sales tax or similar tax imposed on Promus on payments received
       under the license agreement.

       In November 1995, the Partnership entered into a license agreement with
       Promus to operate a Hampton Inn and Suites hotel for the Solon, Ohio
       site.  An initial franchise fee of $40,000 was paid.  In addition to the
       initial fee, the Partnership will be required to pay to Promus a monthly
       royalty fee of 4% of gross room revenues, a monthly 
       marketing/reservation fee of 4% of gross room revenue, an initial
       software license fee of $3,000 plus $85 per guest room with a monthly
       maintenance charge of
<PAGE>   9
                      ESSEX HOSPITALITY ASSOCIATES IV L.P
                        (A New York Limited Partnership)

                         Notes to Financial Statements

                               September 30, 1996


(4)    Franchise Fees (continued)

       $200 to $350 per month and a monthly amount equal to any sales tax or
       similar tax imposed on Promus on payments received under the license
       agreement.

       Promus requires the Partnership to establish a capital reserve escrow
       account based on a percentage of gross revenues generated by each hotel
       which will be used for product quality requirements of the hotel.
       Cumulative funding of the reserve for the first five years increases
       from 1% to 5% of gross revenues and stabilizes at 5% for the term of the
       agreement.

       The franchise agreements impose certain restrictions on the transfer of
       limited partnership units. Promus restricts the sale, pledge or transfer
       of units in excess of 25% without their consent.

(5)    Related Party Transactions

       A summary of fees earned by Essex Partners or its affiliates since
       inception through September 30, 1996 under the terms of the Partnership
       agreement follows:


<TABLE>
<CAPTION>
       Type of Fee                         Amount of Fee
       -----------                         -------------
       <S>                      <C>                                                     <C>
       Selling Commission       Up to $80 per limited partnership unit and                $420,277
                                $55 per $1,000 not sold

       Organization and         3.4% of the gross proceeds                                 233,409
       Offering Fee             of the offering

       Acquisition Fee          $110,000 per hotel site                                    220,000

       Development Fee          $160,000 per hotel, plus 5% of the total cost              180,000
                                                                                           -------
                                of the hotel in excess of $2.7 million (not to
                                exceed $325,000 per hotel)

                                                                                        $1,053,686
                                                                                        ==========
</TABLE>

       Organization and offering fees are allocated to syndication costs and
       debt issuance costs based on the pro-rata share of limited partner's
       units and notes payable to the total offering:
<PAGE>   10
                      ESSEX HOSPITALITY ASSOCIATES IV L.P
                        (A New York Limited Partnership)

                         Notes to Financial Statements

                               September 30, 1996


(5)    Related Party Transactions (continued)

       The above fees are reflected in the accompanying financial statements as
       follows:

<TABLE>
              <S>                                                      <C>
              Balance Sheet:
                   Investment in real estate                             $400,000
                   Deferred debt issuance costs                           437,880
                   Syndication costs, charged to partner's capital        215,806
                                                                          -------

                                                                       $1,053,686
                                                                       ==========
</TABLE>


       Under the terms of the Partnership agreement, Essex Partners or its
       affiliates will also earn other fees as follows:

<TABLE>
<CAPTION>
             Type of Fee                                 Amount of Fee
             -----------                                 -------------
       <S>                                <C>
       Investor Relations Fee               .25% of the gross proceeds of the offering payable
                                            annually in 1998 through 2001

       Property Management Fee              4.5% of gross operating revenues from the hotels

       Partnership Management Fee           .75% of gross operating revenues from the hotels

       Accounting Fee                       $800 per month

       Refinancing Fee                      1% of the gross proceeds of re-financing any or all
                                            of the hotels

       Sales Fee                            3% of the gross sale price of any or all of the
                                            hotels
</TABLE>

       The Partnership will also be subject to a number of conflicts of
       interest arising from its relationships with the general partner, its
       owners and affiliates and due to other activities and entities in which
       the general partner and its affiliates have or may have a direct or
       indirect financial interest.
<PAGE>   11
                      ESSEX HOSPITALITY ASSOCIATES IV L.P
                        (A New York Limited Partnership)

                         Notes to Financial Statements

                               September 30, 1996


(6)    Investment in Affiliate - Essex Glenmaura L.P.

       In January and March, 1996, the Partnership purchased a twelve and
       one-half unit  limited partnership investment in Essex Glenmaura L.P.
       for $100,000 per unit.  The purchase resulted in a 54% equity interest.

       As of September 30, 1996, Glenmaura completed construction of a
       Courtyard by Marriott hotel near Scranton, Pennsylvania.  The hotel
       opened on September 4, 1996.  Glenmaura has invested $7,998,000 into the
       land acquisition and construction costs.  The financing of the land
       acquisition, construction costs and all related fees and expenses
       through September 30 1996 for the hotel project has been funded by
       $1,500,000 in unsecured notes, construction loan proceeds of $4,213,,000
       and $2,300,000 from partner equity.
<PAGE>   12
Item 2.    Management's Discussion and Analysis or Plan of Operation

The Partnership was formed on August 30, 1995.  The Partnership's public
offering of mortgage notes, subordinated notes and limited partnership units
was declared effective on November 24, 1995. Since the effective date, the
Partnership has been involved in raising capital, the acquisition and
construction of properties and the purchase of limited partnership units in
another partnership.  The two sites specified in the Prospectus were acquired
on December 29, 1995, a 2.535 acre site in Warwick, Rhode Island and a 2.28
acre site in Solon, Ohio.  Limited partnership units in another partnership
were purchased in the first quarter, 1996.

The Partnership expects to begin construction of a 100-room Hampton Inn in
Solon, Ohio within the next month with an opening in early summer, 1997.  The
Partnership had originally intended to build an Hampton Inn & Suites on the
site in Solon, Ohio, however, the General Partner concluded that the
construction cost of the Hampton Inn & Suites was too high.  Based on its
knowledge of the Solon market, the General Partner believed a Hampton Inn could
be built and operated more successfully.  The General Partner secured approval
from the Promus Hotel Corporation, the franchisor, to change brand
designations.  The General Partner expects to secure first mortgage financing
from institutional lenders or affiliates of the franchisor, however, no
external financing source has issued a commitment to lend funds to the
Partnership for construction or permanent financing.

The Partnership also invested $1,250,000 in another partnership, Essex
Glenmaura L.P. in two purchases in the first quarter of 1996.  Essex Glenmaura
L.P. just completed construction of a 120-room Marriott Courtyard in Scranton,
Pennsylvania, which opened in September, 1996.  The total cost of the project
is expected to be approximately $8.3 million, which is being funded by $2.3
million of partner equity, $1.5 million of unsecured notes and a $4.5 million
construction mortgage loan provided by a bank.  The construction loan, which
bears interest at prime plus 0.75%, will be replaced by a permanent mortgage
loan to be provided by Marriott International Capital Corporation.  The
permanent loan is expected to close before the end of 1996.  The key terms of
the permanent loan include a five year term, 20-year amortization period and
interest either floating at 325 basis points over the 30-day LIBOR rate or
fixed at 325 basis points over the five-year treasury rates.  The Partnership
owns a 54% equity interest in Essex Glenmaura L.P..  The Partnership's
investment in Essex Glenmaura L.P. represented 25% of the Partnership's assets
at September 30, 1996.

The Partnership had intended to build an 80-room Homewood Suites hotel in
Warwick, Rhode Island.  However, the Partnership has learned that additional
new hotels are planned for the area on the Partnership's site which would be
directly competitive with the Partnership's hotel.  The Partnership has decided
to review the market for the Warwick area again to determine if the market
exists to support the additional hotel rooms before proceeding with
construction.

The Partnership is currently offering subordinated notes and limited
partnership units for sale to investors pursuant to the Prospectus.  The
mortgage notes have not been offered for sale to investors as yet.  Through
November 6, 1996, $6,808,000 has been raised.  Gross offering proceeds of up to
$21,000,000 may be raised through the public offering.  The Partnership does
not have sufficient funds to complete construction of the two specified
properties.  Although
<PAGE>   13
additional funding is not assured, based on the rate funds are being raised,
the timing of construction and expected availability of external financing, the
Partnership anticipates sufficient funds will be available to pay for
construction when required.




                                    PART II

                               OTHER INFORMATION


Item 6.    Exhibits and Reports on Form 8-K

       a.  Exhibits

           None

       b.  Reports on Form 8-K

           None



                                  SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                
                                ESSEX HOSPITALITY ASSOCIATES IV L.P.
                                ------------------------------------
                                     Registrant
                                
                                
                                
Dated:   November 7, 1996       /s/ Lorrie L. LoFaso                         
                                ---------------------------------------------
                                Essex Hospitality Associates IV L.P.
                                Essex Partners Inc.
                                Lorrie L. LoFaso
                                Vice President and Chief Accounting Officer