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Innkeepers Acquires 11 More Hotel Leases

PALM BEACH, FL-This brings to 34 the total leases the hotel REIT, based here, has acquired so far from Innkeepers Hospitality, its main lessee. The REIT plans to acquire a total of 60 leases for $5.3 million.

By Melissa Bogdany | Updated on January 09, 2004

PALM BEACH, FL-Innkeepers USA Trust, a publicly traded hotel REIT based here, has completed its acquisition of an additional 11 hotel leases from Innkeepers Hospitality, its main lessee. The leases are part of the 60 hotel leases the company plans to acquire from Innkeepers Hospitality, as the REIT Modernization Act allows. Early in December, the REIT completed the first 23 hotel leases from Innkeepers Hospitality.

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.

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