Document:

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                                                                     EXHIBIT 4.8

                       ASSIGNMENT AND ASSUMPTION AGREEMENT
                       -----------------------------------
                             (Leases and Agreements)
                            (Chesterfield, Missouri)

          THIS ASSIGNMENT AND ASSUMPTION AGREEMENT, made and entered into as of
this 15 day of June 2001, between CHESTERFIELD VILLAGE HOTEL, LLC, a Missouri
     --        ----
limited liability company, having an office c/o Promus Hotels, Inc., 9336 Civic
Center Drive, Beverly Hills, California 90210 ("Assignor") and APPLE SUITES
MANAGEMENT, INC., a Virginia corporation, having an address at 9 North Third
Street, Richmond, Virginia 23219 ("Assignee").

                              W I T N E S S E T H:
                              - - - - - - - - - -

          That Assignor for ten dollars and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged,
hereby conveys, grants, bargains, sells, transfers, sets over, assigns,
releases, delivers and confirms to Assignee all of Assignor's right, title and
interest in and to (w) the leases and occupancy agreements identified on Exhibit
                                                                         -------
A hereto (the "Existing Leases"), (x) the agreements, documents and instruments
-
identified on Exhibit B hereto (the "Assigned Existing Agreements"), which shall
              ---------
include, without limitation, the Service Contracts, and (y) the leases of any
FF&E and other contracts permitting the use of any FF&E at the Improvements
identified on Exhibit C hereto (the "FF&E Leases").
              ---------

          Assignee hereby (i) expressly assumes the obligation for the
performance of any and all of the obligations of Assignor under the Existing
Leases, the Assigned Existing Agreements and the FF&E Leases in respect of the
period on or after the date hereof (the "Indemnified Matters") and (ii)
indemnifies, defends and holds harmless Assignor from and against any and all
claims, actions, demands, liabilities, suits, causes of action, damages, costs
or expenses (including, without limitation, attorneys' fees and disbursements)
relating to the Indemnified Matters. Assignor hereby agrees to indemnify, defend
and hold Assignee harmless from and against claims, actions, demands,
liabilities, suits, causes of action, damages, costs or expenses (including,
without limitation, attorneys' fees and disbursements) relating to the
obligations of Assignor under the Existing Leases, the Assigned Existing
Agreements and the FF&E Leases in respect of the period prior to the date
hereof.

          Terms not defined herein shall have the meanings ascribed thereto in
the Agreement of Sale dated June 7, 2001, between Hilton Hospitality, Inc.,
Chesterfield Village Hotel, LLC, and Apple Suites, Inc. ("Agreement of Sale").

          This Assignment and Assumption shall inure to the benefit of all
parties hereto and their respective heirs, successors and assigns.

          THIS ASSIGNMENT IS MADE WITHOUT RECOURSE AND WITHOUT ANY
REPRESENTATION OR WARRANTY (EXPRESS OR IMPLIED)

<PAGE>

WHATSOEVER EXCEPT AS MAY EXPRESSLY BE SET FORTH IN THE AGREEMENT OF SALE.

          IN WITNESS WHEREOF, the parties have executed this Assignment and
Assumption as of the day and year first above written.

                                       ASSIGNOR:
                                       --------

                                       CHESTERFIELD VILLAGE HOTEL,
                                       LLC, a Missouri limited liability company

                                             By:   Promus Hotels, Inc.,
                                                     Its Sole Member

                                             By  /s/ Mariel C. Albrecht
                                               ---------------------------------
                                                     Mariel C. Albrecht
                                                     Senior Vice President

                                       ASSIGNEE:
                                       --------

                                       APPLE SUITES MANAGEMENT, INC., a
                                       Virginia corporation

                                       By  /s/ Glade M. Knight
                                         ---------------------------------------
                                            Glade M. Knight, President

Exhibit A - Existing Leases
---------
Exhibit B - Assigned Existing Agreements
---------
Exhibit C - FF&E Leases
---------

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                           Exhibit A - Existing Leases
                           ---------   ---------------

                                      NONE

                    Exhibit B - Assigned Existing Agreements
                    ---------   ----------------------------

1.   Elevator Service Agreement, dated June 1, 2000, with Long Elevator and
     Machine Co., Inc.

2.   Grounds maintenance Agreement, dated January 1, 2001, with Top Care, Inc.

3.   Alarm System Monitoring Agreement, dated January 20, 2000, with Central
     District Alarm, Inc.

4.   Pest Elimination Agreement, dated January 19, 2000, with ECOLAB, Pest
     Elimination Division.

5.   Inspection, Testing and Maintenance of Fire Sprinkler Systems Agreement,
     dated September 6, 2000, with National Fire Sprinkler Association, Inc.

6.   Satellite Digital Television Programming LodgeNet Free-To-Guest Agreement,
     dated November 29, 2000, with LodgeNet Entertainment Corporation.

7.   Directory Advertising Agreement, dated February 6, 2001, with Southwestern
     Bell Yellow Pages.

5.   Snow Removal Contract, dated December 2000, with Vision Lawn Care &
     Landscaping.

6.   Software Service and Maintenance Agreement, dated November 3, 1999, with
     System 21(TM).

7.   Music Service Agreement with Muzak.

                             Exhibit C - FF&E Leases
                             ---------   -----------

1.   Rental/Service Agreement for 2 UVF water coolers, dated January 26, 2000,
     with AquaPure of Missouri, LLC.

2.   Lease of Mail Meters, dated December 16, 1999, with Pitney Bowes Credit
     Corporation.

3.   Storage Unit Lease with Storage Masters Chesterfield.

4.   Dumpster Bin Agreement, dated February 15, 2000, with Waste Management of
     Missouri, Inc.

<PAGE>

8.   Soda Can Vending Machine Agreement, dated February 8, 2000, with Central
     States Cocoa Cola Bottling Company.

9.   Grease Elimination System Lease and Maintenance Agreement, dated October 3,
     2000, with Biologix.

10.  Equipment and Software Lease, dated November 5, 1999, with Comdisco, Inc.<PAGE>

                                                                     EXHIBIT 4.9

                       ASSIGNMENT AND ASSUMPTION AGREEMENT
                       -----------------------------------
                    (Warranties, Licenses, Advance Deposits)
                            (Chesterfield, Missouri)

          THIS ASSIGNMENT AND ASSUMPTION AGREEMENT, made and entered into as of
this 15 day of June 2001, between CHESTERFIELD VILLAGE HOTEL, LLC, a Missouri
     --        ----
limited liability company, having an office c/o Promus Hotels, Inc., 9336 Civic
Center Drive, Beverly Hills, California 90210 ("Assignor") and APPLE SUITES-MO,
LLC, a Virginia limited liability company, having an address at 9 North Third
Street, Richmond, Virginia 23219 ("Assignee").

                              W I T N E S S E T H:
                              - - - - - - - - - -

          That Assignor for ten dollars and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged,
hereby conveys, grants, bargains, sells, transfers, sets over, assigns,
releases, delivers and confirms to Assignee, to the extent assignable, all of
Assignor's right, title and interest in and to the Warranties, Licenses, the
Advance Deposits, if any, and all other Property consisting of personalty not
already included in the Bill of Sale of even date herewith from Assignor to
Assignee, in each case which relate to the Premises being conveyed to Assignee
by Assignor on the date hereof.

          Assignee hereby (i) expressly assumes the obligation for the
performance of any and all of the obligations of Assignor in respect of the
Advance Deposits (the "Indemnified Matters") and (ii) indemnifies, defends and
holds harmless Assignor from and against any and all claims, actions, demands,
liabilities, suits, causes of action, damages, costs or expenses (including,
without limitation, attorneys' fees and disbursements) relating to the
Indemnified Matters. Assignor hereby agrees to indemnify, defend and hold
Assignee harmless from and against claims, actions, demands, liabilities, suits,
causes of action, damages, costs or expenses (including, without limitation,
attorneys' fees and disbursements) relating to the Advance Deposits in respect
of the period prior to the date hereof.

          Terms not defined herein shall have the meanings ascribed thereto in
the Agreement of Sale dated June 7, 2001, between Hilton Hospitality, Inc.,
Chesterfield Village Hotel, LLC, and Apple Suites, Inc. ("Agreement of Sale").

          This Assignment and Assumption shall inure to the benefit of all
parties hereto and their respective heirs, successors and assigns.

          THIS ASSIGNMENT IS MADE WITHOUT RECOURSE AND WITHOUT ANY
REPRESENTATION OR WARRANTY (EXPRESS OR IMPLIED) WHATSOEVER EXCEPT AS MAY
EXPRESSLY BE SET FORTH IN THE AGREEMENT OF SALE.

<PAGE>

          IN WITNESS WHEREOF, the parties have executed this Assignment and
Assumption as of the day and year first above written.

                                       ASSIGNOR:
                                       --------

                                       CHESTERFIELD VILLAGE HOTEL,
                                       LLC, a Missouri limited liability company

                                             By:   Promus Hotels, Inc.,
                                                    Its Sole Member

                                             By  /s/ Mariel C. Albrecht
                                               ---------------------------------
                                                     Mariel C. Albrecht
                                                     Senior Vice President

                                       ASSIGNEE:
                                       --------

                                       APPLE SUITES-MO, LLC, a Virginia limited
                                       liability company

                                       By  /s/ Glade M. Knight
                                         ---------------------------------------
                                         Name:
                                         Title:

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