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Innkeepers Pays $1M for 25 More Leases

PALM BEACH, FL-The hotel REIT, based here, has acquired 59 leases since December from its main lessee, Innkeepers Hospitality, for close to $5.3 million. One lease remains to be acquired; the deal is expected to be completed this quarter.

By Melissa Bogdany | Updated on February 26, 2004

PALM BEACH-Innkeepers USA Trust, a locally based hotel REIT and owner of upscale, extended-stay hotel properties in the US, has acquired 25 more hotel leases from its main lessee, Innkeepers Hospitality, for nearly $1.4 million.

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.

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