Document:

Exhibit 4.8

                                      THIRD

                      DEED OF TRUST MODIFICATION AGREEMENT

                  THIRD DEED OF TRUST MODIFICATION  AGREEMENT (this "Agreement")
made  this  8th  day of  May,  2000,  among  PROMUS  HOTELS,  INC.,  a  Delaware
corporation,  having  an  office  at  755  Crossover  Lane,  Memphis,  Tennessee
38117-4900  ("Beneficiary"),  APPLE SUITES REIT LIMITED PARTNERSHIP,  a Virginia
limited partnership ("Fee Owner"), APPLE SUITES SERVICES LIMITED PARTNERSHIP,  a
Virginia limited partnership ("Lessee";  together with Fee Owner,  collectively,
"Grantor"),  each of Fee  Owner  and  Lessee  having  an office at 306 East Main
Street,  Richmond,  Virginia  23219,  and DAVID LONG, an  individual,  having an
address at Hoge, Evans, Holmes, Carter & Ledbetter,  PLLC, 4311 Oak Lawn Avenue,
Suite 600, Dallas, Texas 75219 ("Trustee").

                              Preliminary Statement

                  Beneficiary is the beneficiary under, and the lawful owner and
holder of the  obligations  secured  by,  the Fee and  Leasehold  Deed of Trust,
Assignment  of Leases and Rents and Security  Agreement,  dated October 5, 1999,
from Grantor to Trustee,  as trustee,  recorded in the County  Clerk's Office in
Collin County,  Texas on October 6, 1999 in Book 04516 at Page 01103, as amended
by  Deed  of  Trust  Modification   Agreement  dated  November  29,  1999  among
Beneficiary,  Grantor  and  Trustee,  as  trustee,  and by Second  Deed of Trust
Modification  Agreement dated December 22, 1999 among  Beneficiary,  Grantor and
Trustee, as trustee,  all of which have been or are to be recorded in the County
Clerk's Office in Collin County,  Texas (as amended,  the "Deed of Trust").  The
Deed of Trust secures a $7,350,000 note of Apple Suites, Inc. ("Borrower")

<PAGE>

dated October 5, 1999, a $30,210,000  note of Borrower  dated  November 29, 1999
and a  $4,384,500  note  of  Borrower  dated  December  22,  1999  (said  notes,
collectively,  the "Original  Notes"),  which Original  Notes evidence  purchase
money loans  (collectively,  the "Loans") in the aggregate amount of $41,944,500
from Beneficiary to Grantor. Borrower indirectly owns one hundred percent (100%)
of the beneficial interests in Fee Owner.

                  Pursuant  to an  Agreement  of Sale dated  November  22,  1999
between  Beneficiary,  Hampton Inns,  Inc. and Promus Hotels  Florida,  Inc., as
sellers,  and  Borrower,  as buyer,  Borrower  is on the date  hereof to acquire
certain premises  described therein and in connection  therewith,  Borrower will
borrow   $11,616,750   from  Beneficiary  and  has  executed  and  delivered  to
Beneficiary  its note,  dated the date hereof,  obligating  it to pay the sum of
$11,616,750 (the "New Note").

                  In  consideration  of such  additional  loan by Beneficiary to
Borrower,  Beneficiary  and  Grantor  have agreed to modify the Deed of Trust to
secure the New Note and thereby  increase the Note Amount secured by the Deed of
Trust and in the manner hereinafter set forth, and Trustee has agreed to join in
the execution of this Agreement.

                  NOW,  THEREFORE,  in  consideration  of the premises and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged,  the parties hereto covenant and agree as follows:

                  1. The Deed of Trust is modified  as follows:  The term "Note"
shall mean,  collectively,  the Original Notes and the New Note, as the same may
hereafter  be  amended,  modified,   extended,  severed,  assigned,  renewed  or
restated, from time to time and the term "Note Amount" shall mean $53,561,250.

                                       2

<PAGE>

                  2. Grantor warrants and represents that there are no defenses,
offsets  or  counterclaims  with  respect to its  obligations  under the Deed of
Trust, as modified hereby, including, without limitation, its obligation for the
payment of the Note.

                  3. Except as modified in the manner set forth above,  the Deed
of Trust shall remain unmodified and in full force and effect.

                  4.  This   Agreement   may  be   executed  in  any  number  of
counterparts,  all of which taken  together  shall  constitute  one and the same
instrument,  and any party hereto may execute this Agreement by signing any such
counterpart.

                  [Remainder of page intentionally left blank.]

                                       3

<PAGE>

                  IN WITNESS WHEREOF,  this Agreement has been duly executed and
delivered by each of the parties hereto as of the date first above written.

                                     PROMUS HOTELS, INC.

                                     By /s/ Stevan D. Porter
                                        ----------------------------------------
                                        Stevan D. Porter
                                        Executive Vice President

                                     APPLE SUITES REIT LIMITED
                                     PARTNERSHIP, a Virginia limited
                                     partnership

                                     By:  Apple Suites General, Inc., its
                                          general partner

                                          By  /s/  Glade M. Knight
                                              ----------------------------------
                                              Name:  Glade M. Knight
                                              Title: President and Chairman
                                                     of the Board

                                     APPLE SUITES SERVICES LIMITED
                                     PARTNERSHIP, a Virginia limited
                                     partnership

                                     By:  Apple Suites Services General, Inc.,
                                          its general partner

                                          By  /s/  Glade M. Knight
                                              ----------------------------------
                                              Name:  Glade M. Knight
                                              Title: President and Chairman
                                                     of the Board

                                     /s/  David W. Long
                                     -------------------------------------------
                                     DAVID LONG, as Trustee

<PAGE>

STATE OF CALIFORNIA

COUNTY OF LOS ANGELES

                  THIS INSTRUMENT was  acknowledged  before me on the 4th day of
May, 2000, by Stevan D. Porter, Executive Vice President of Promus Hotels, Inc.,
a Delaware corporation.

                                         /s/  David Marote
                                        ----------------------------------------
                                        Notary Public, State of California

                                        Printed Name: David Marote
                                                      --------------------------

                                        Commission Expires: 8/8/2002
                                                            --------------------

<PAGE>

STATE OF VIRGINIA

CITY OF RICHMOND

                  THIS INSTRUMENT was  acknowledged  before me on the 2nd day of
May,  2000,  by Glade M. Knight,  President & Chairman of Apple Suites  General,
Inc., a Virginia  corporation,  as general  partner of Apple Suites REIT Limited
Partnership, on behalf of said Apple Suites General, Inc., as general partner of
Apple Suites REIT Limited Partnership.

                                        /s/ Jacquelyn B. Owens
                                        ----------------------------------------
                                        Notary Public, State of Virginia

                                        Printed Name: Jacquelyn B. Owens
                                                      --------------------------

                                        Commission Expires: 6/30/03
                                                            --------------------

<PAGE>

STATE OF VIRGINIA

CITY OF RICHMOND

                  THIS INSTRUMENT was  acknowledged  before me on the 2nd.day of
May,  2000,  by Glade M. Knight,  President & Chairman of Apple Suites  Services
General,  Inc.,  a  Virginia  corporation,  as general  partner of Apple  Suites
Services Limited  Partnership,  on behalf of said Apple Suites Services General,
Inc., as general partner of Apple Suites Services Limited Partnership.

                                        /s/ Jacquelyn B. Owens
                                        ----------------------------------------
                                        Notary Public, State of Virginia

                                        Printed Name: Jacquelyn B. Owens
                                                      --------------------------

                                        Commission Expires: 6/30/03
                                                            --------------------

<PAGE>

STATE OF TEXAS

COUNTY OF DALLAS

                  THIS INSTRUMENT was  acknowledged  before me on the 1st day of
May, 2000, by David Long, an individual.

                                        /s/ John Keith Pettiette
                                        ----------------------------------------
                                        Notary Public, State of Texas

                                        Printed Name: John Keith Pettiette
                                                      --------------------------

                                        Commission Expires: February 22, 2004
                                                            --------------------Exhibit 4.9

                                      THIRD
                      DEED OF TRUST MODIFICATION AGREEMENT

                  THIRD DEED OF TRUST MODIFICATION  AGREEMENT (this "Agreement")
made this  ______  day of May,  2000,  among  PROMUS  HOTELS,  INC.,  a Delaware
corporation,  having  an  office  at  755  Crossover  Lane,  Memphis,  Tennessee
38117-4900  ("Beneficiary"),  APPLE SUITES REIT LIMITED PARTNERSHIP,  a Virginia
limited partnership ("Fee Owner"), APPLE SUITES SERVICES LIMITED PARTNERSHIP,  a
Virginia limited partnership ("Lessee";  together with Fee Owner,  collectively,
"Grantor"),  each of Fee  Owner  and  Lessee  having  an office at 306 East Main
Street,  Richmond,  Virginia  23219,  and DAVID LONG, an  individual,  having an
address at Hoge, Evans, Holmes, Carter & Ledbetter,  PLLC, 4311 Oak Lawn Avenue,
Suite 600, Dallas, Texas 75219 ("Trustee").

                              Preliminary Statement

                  Beneficiary is the beneficiary under, and the lawful owner and
holder of the  obligations  secured  by,  the Fee and  Leasehold  Deed of Trust,
Assignment  of Leases and Rents and Security  Agreement,  dated October 5, 1999,
from Grantor to Trustee,  as trustee,  recorded in the County  Clerk's Office in
Dallas County,  Texas on October 6, 1999 in Book 99195 at Page 05671, as amended
by  Deed  of  Trust  Modification   Agreement  dated  November  29,  1999  among
Beneficiary,  Grantor  and  Trustee,  as  trustee,  and by Second  Deed of Trust
Modification  Agreement dated December 22, 1999 among  Beneficiary,  Grantor and
Trustee, as trustee,  all of which have been or are to be recorded in the County
Clerk's Office in Dallas County,  Texas (as amended,  the "Deed of Trust").  The
Deed of Trust secures a $7,350,000 note of Apple Suites, Inc. ("Borrower")

<PAGE>

dated October 5, 1999, a $30,210,000  note of Borrower  dated  November 29, 1999
and a  $4,384,500  note  of  Borrower  dated  December  22,  1999  (said  notes,
collectively,  the "Original  Notes"),  which Original  Notes evidence  purchase
money loans  (collectively,  the "Loans") in the aggregate amount of $41,944,500
from Beneficiary to Grantor. Borrower indirectly owns one hundred percent (100%)
of the beneficial interests in Fee Owner.

                  Pursuant  to an  Agreement  of Sale dated  November  22,  1999
between  Beneficiary,  Hampton Inns,  Inc. and Promus Hotels  Florida,  Inc., as
sellers,  and  Borrower,  as buyer,  Borrower  is on the date  hereof to acquire
certain premises  described therein and in connection  therewith,  Borrower will
borrow   $11,616,750   from  Beneficiary  and  has  executed  and  delivered  to
Beneficiary  its note,  dated the date hereof,  obligating  it to pay the sum of
$11,616,750 (the "New Note").

                  In  consideration  of such  additional  loan by Beneficiary to
Borrower,  Beneficiary  and  Grantor  have agreed to modify the Deed of Trust to
secure the New Note and thereby  increase the Note Amount secured by the Deed of
Trust and in the manner hereinafter set forth, and Trustee has agreed to join in
the execution of this Agreement.

                  NOW,  THEREFORE,  in  consideration  of the premises and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged,  the parties hereto covenant and agree as follows:

                  1. The Deed of Trust is modified  as follows:  The term "Note"
shall mean,  collectively,  the Original Notes and the New Note, as the same may
hereafter  be  amended,  modified,   extended,  severed,  assigned,  renewed  or
restated, from time to time and the term "Note Amount" shall mean $53,561,250.

                                       2

<PAGE>

                  2. Grantor warrants and represents that there are no defenses,
offsets  or  counterclaims  with  respect to its  obligations  under the Deed of
Trust, as modified hereby, including, without limitation, its obligation for the
payment of the Note.

                  3. Except as modified in the manner set forth above,  the Deed
of Trust shall remain unmodified and in full force and effect.

                  4.  This   Agreement   may  be   executed  in  any  number  of
counterparts,  all of which taken  together  shall  constitute  one and the same
instrument,  and any party hereto may execute this Agreement by signing any such
counterpart.

                  [Remainder of page intentionally left blank.]

                                       3
<PAGE>

                  IN WITNESS WHEREOF,  this Agreement has been duly executed and
delivered by each of the parties hereto as of the date first above written.

                                     PROMUS HOTELS, INC.

                                     By /s/ Stevan D. Porter
                                        ----------------------------------------
                                        Stevan D. Porter
                                        Executive Vice President

                                     APPLE SUITES REIT LIMITED
                                     PARTNERSHIP, a Virginia limited
                                     partnership

                                     By:  Apple Suites General, Inc., its
                                          general partner

                                          By  /s/  Glade M. Knight
                                              ----------------------------------
                                              Name:  Glade M. Knight
                                              Title: President and Chairman
                                                     of the Board

                                     APPLE SUITES SERVICES LIMITED
                                     PARTNERSHIP, a Virginia limited
                                     partnership

                                     By:  Apple Suites Services General, Inc.,
                                          its general partner

                                          By  /s/  Glade M. Knight
                                              ----------------------------------
                                              Name:  Glade M. Knight
                                              Title: President and Chairman
                                                     of the Board

                                     /s/  David W. Long
                                     -------------------------------------------
                                     DAVID LONG, as Trustee

<PAGE>

STATE OF CALIFORNIA

COUNTY OF LOS ANGELES

                  THIS INSTRUMENT was  acknowledged  before me on the 4th day of
May, 2000, by Stevan D. Porter, Executive Vice President of Promus Hotels, Inc.,
a Delaware corporation.

                                         /s/  David Marote
                                        ----------------------------------------
                                        Notary Public, State of California

                                        Printed Name: David Marote
                                                      --------------------------

                                        Commission Expires: 8/8/2002
                                                            --------------------

<PAGE>

STATE OF VIRGINIA

CITY OF RICHMOND

                  THIS INSTRUMENT was  acknowledged  before me on the 2nd day of
May,  2000,  by Glade M. Knight,  President & Chairman of Apple Suites  General,
Inc., a Virginia  corporation,  as general  partner of Apple Suites REIT Limited
Partnership, on behalf of said Apple Suites General, Inc., as general partner of
Apple Suites REIT Limited Partnership.

                                        /s/ Jacquelyn B. Owens
                                        ----------------------------------------
                                        Notary Public, State of Virginia

                                        Printed Name: Jacquelyn B. Owens
                                                      --------------------------

                                        Commission Expires: 6/30/03
                                                            --------------------

<PAGE>

STATE OF VIRGINIA

CITY OF RICHMOND

                  THIS INSTRUMENT was  acknowledged  before me on the 2nd.day of
May,  2000,  by Glade M. Knight,  President & Chairman of Apple Suites  Services
General,  Inc.,  a  Virginia  corporation,  as general  partner of Apple  Suites
Services Limited  Partnership,  on behalf of said Apple Suites Services General,
Inc., as general partner of Apple Suites Services Limited Partnership.

                                        /s/ Jacquelyn B. Owens
                                        ----------------------------------------
                                        Notary Public, State of Virginia

                                        Printed Name: Jacquelyn B. Owens
                                                      --------------------------

                                        Commission Expires: 6/30/03
                                                            --------------------

<PAGE>

STATE OF TEXAS

COUNTY OF DALLAS

                  THIS INSTRUMENT was  acknowledged  before me on the 1st day of
May, 2000, by David Long, an individual.

                                        /s/ John Keith Pettiette
                                        ----------------------------------------
                                        Notary Public, State of Texas

                                        Printed Name: John Keith Pettiette
                                                      --------------------------

                                        Commission Expires: February 22, 2004
                                                            --------------------

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