The company acquired 34 other leases from Innkeepers Hospitality--23 on Dec. 1, 2003 and 11 on Dec. 31, 2003. For the first 34 leases, Innkeepers USA Trust paid Innkeepers Hospitality about $3.9 million. For the 59 leases acquired thus far, the company paid Innkeepers Hospitality nearly $5.3 million. Taxable REIT company subsidiaries entered into management agreements with an Innkeepers Hospitality affiliate to manage these 59 hotels.

The company expects to acquire the last lease held by Innkeepers Hospitality later this quarter. Innkeepers Hospitality will receive no additional compensation upon the acquisition of the final lease.

Jeffrey H. Fisher, chairman of the board of trustees, president and CEO of Innkeepers USA Trust, controls Innkeepers Hospitality. Publicly traded Innkeepers USA Trust owns 66 hotels with 8,185 suites or rooms combined in 21 states. The REIT focuses on acquiring and/or developing Residence Inns by Marriott and other upscale extended-stay hotels, as well as rebranding and repositioning other hotel properties.