Since June 1997, Wyndham International affiliates have leased and managed the six properties. Under the restructured agreement, Innkeepers will end the Wyndham leases with no cash consideration and enter into new leases, with the same financial terms as the existing leases, with Innkeepers' taxable REIT subsidiaries. The taxable REIT subsidiaries then will enter into franchise agreements with Wyndham for the five Summerfield Suites by Wyndham. These five leases are anticipated to be terminated April 1.

The Sunrise Suites lease was terminated March 1. Under the new agreement, it will stay in Wyndham's central reservations system.

"The lease restructuring with Innkeepers allows us to continue our strong partnership through a mutually beneficial financial structure, while maintaining the five Summerfield Suites properties in our brand portfolio," Fred J. Kleisner, chairman and CEO of Wyndham, says in a statement.