For the first 34 leases, Innkeepers USA Trust paid Innkeepers Hospitality about $3.9 million; in all, the leases will cost $5.3 million. The company anticipates completing its acquisition of the other 26 leases Innkeepers Hospitality holds in the first quarter of this year.

Also at the time of the closing, company taxable REIT subsidiaries entered into management agreements with an Innkeepers Hospitality affiliate to manage these 11 hotels. The affiliate needs to get additional management contracts with owners who are not affiliated with the REIT to qualify as an eligible independent contractor, with regards to the hotels in the final 26 leases.

Innkeepers USA Trust owns upscale, extended-stay hotel properties across the country. Innkeepers Hospitality is controlled by Jeffrey H. Fisher, chairman of the board of trustees, president and CEO of Innkeepers USA Trust.