Wyndham couldn't be reached for comment at GlobeSt.com's publication deadline. Innkeepers didn't identify the properties involved.
"Discussions are ongoing with Wyndham about the performance issues, certain capital expenditure and maintenance obligations, the new law on taxable REIT subsidiaries and related matters," the trust reported in an annual report filed this week with the Securities and Exchange Commission.
Of the seven hotels, Wyndham leases six of the Innkeepers properties as Summerfield Suites hotels and one as a Sunrise Suites hotel. Rolf E. Ruhfus, co-founder of the trust and trustee, serves on the Wyndham board of directors.
Although it did not declare any definitive action, Innkeepers advised shareholders the ongoing discussions could lead to a lease termination.
"To the extent that a percentage lease requires Wyndham to fund certain capital expenditures at a hotel in excess of our funding obligation, if the lease terminates we may pay more of the costs of those capital expenditures than we are currently obligated to fund," the trust reported. "In addition, if the company makes a payment to the Summerfield lessee to terminate any lease, the payment would be expensed currently for financial reporting purposes."
As of the year ended Dec. 31, Innkeepers reported ownership interests in 67 hotels throughout the United States and a total of 8,131 rooms and suites.
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