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Innkeepers Hospitality to Manage 17 Residence Inns

MIAMI-The company is the primary lessee of Innkeepers USA Trust, a publicly traded hotel real estate investment trust and upscale hotel owner. The Residence Inns are currently managed by Marriott International Inc.

By Melissa Bogdany | Updated on January 20, 2003

MIAMI-Palm Beach, FL-based Innkeepers USA Trust’s primary lessee, Innkeepers Hospitality, plans to enter into long-term franchise agreements and manage 17 Residence Inns that Marriott International Inc. currently manages. After the deal, Innkeepers Hospitality will lease and manage 61 of Innkeepers USA Trust’s hotel properties.

Jeffrey H. Fisher, who has a controlling interest in and is president of Innkeepers Hospitality, says in a statement that the transaction has been structured to be economically neutral to Innkeepers Hospitality and Marriott. “Innkeepers Hospitality will pay a termination fee to Marriott over time and will enter into long-term franchise agreements,” said Fisher, who is also president and CEO of Innkeepers USA Trust, a publicly traded hotel REIT and owner of upscale, extended-stay hotels.

“This completes our long-term strategy to consolidate the management of our hotels under a single umbrella,” Fisher states.

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