Innkeepers, Cerberus Reach $1B Deal Over 64 Hotels

Law360, New York (October 19, 2011, 3:37 PM EDT) -- Innkeepers USA Trust agreed Wednesday in New York to sell 64 hotels to a unit of Cerberus Capital Management LP for a lowered price of $1.02 billion, averting a trial over the transaction and putting the hotel chain operator a major step closer to exiting bankruptcy.

The transaction previously carried a $1.12 billion price tag, and was part of Innkeepers' approved reorganization plan. Innkeepers sued the purchasers, Cerberus Series Four Holdings LLC and Chatham Lodging Trust, after they torpedoed the deal on Aug. 19, in part...
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