March 12, 2012
Five Mile Capital Real Estate Advisors LLC and Apollo Investment Corp., special servicer and equity holder in the Innkeepers USA Trust bankruptcy, reached an agreement with the trustee Friday to allow Five Mile's $83.9 million claim against Innkeepers parent company Grand Prix Holdings LLC.
October 21, 2011
A New York bankruptcy judge signed off Friday on Innkeepers USA Trust's hard-fought $1.02 billion deal to sell 64 hotels to a unit of Cerberus Capital Management LP, which had been hit with a lawsuit after it backed out of the transaction.
October 19, 2011
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.
October 12, 2011
A trial over a scuttled $1.12 billion property deal between bankrupt hotel operator Innkeepers USA Trust and a Cerberus Capital Management LP unit was put on hold again Wednesday after already being twice delayed earlier this week for settlement talks.
October 11, 2011
The trial over Innkeepers USA Trust's scuttled $1.12 billion property deal was postponed for a second day Tuesday in New York bankruptcy court after the company and the private equity fund it sued apparently continued negotiating a settlement agreement.
October 06, 2011
A bankruptcy judge ruled Wednesday that creditors of Innkeepers USA Trust could participate in an upcoming trial over whether a Cerberus Capital Management LP unit and Chatham Lodging Trust improperly reneged on their deal to buy 64 hotels for $1.12 billion.
September 14, 2011
A New York bankruptcy judge on Wednesday gave Innkeepers USA Trust more time to continue contract litigation against a Cerberus Capital-led investment group that reneged on a $1.1 billion deal to buy 64 hotels from the bankrupt property owner.
August 29, 2011
Upscale hotel operator Innkeepers USA Trust sued a Cerberus Capital Management LP unit and Chatham Lodging Trust in New York bankruptcy court on Monday over the funds' decision to break a deal to buy 64 properties.
August 02, 2011
A New York bankruptcy judge on Tuesday rejected Five Mile Capital Partners LLC's request for additional fees and expenses connected to the bankruptcy auction of Innkeepers USA Trust, disagreeing that the hedge fund's role in the company's successful $1.2 billion sale entitled it to more money.
June 23, 2011
A New York bankruptcy judge on Thursday gave her tentative blessing to hotel operator Innkeepers USA Trust's four reorganization plans, which include the $1.1 billion sale of most of its hotels to Cerberus Capital Management LP and Chatham Lodging Trust.