Cerberus, Chatham Buy Innkeepers Assets For $1.1B

Law360, New York (May 3, 2011, 9:43 PM EDT) -- Investment firms Cerberus Capital Management LP and Chatham Lodging Trust made the winning bid for the assets of bankrupt Innkeepers USA Inc., purchasing 64 hotels for $1.1 billion including debt, the joint venture announced Tuesday.

Chatham also bought five other hotels — Residence Inns in San Diego, Garden Grove, Calif., and Tysons Corner, Va.; a Doubletree in Washington; and a Homewood Suites in San Antonio — that Innkeepers was selling separately for $195 million over the two-day auction, according to Innkeepers.

Innkeepers, which owns and operates...
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