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Innkeepers USA Trust Declares Dividends

PALM BEACH, FL-The locally based hotel REIT declared a regular common share dividend of 3 cents a share for the second quarter and a dividend of 50 cents per series C cumulative preferred share for April 28 to July 27.

By Melissa Bogdany | Updated on May 28, 2004

PALM BEACH, FL-Innkeepers USA Trust, a locally based hotel REIT, has declared a 3 cents-per-share regular common share dividend for the second quarter and a dividend of 50 cents per series C cumulative preferred share for April 28 to July 27. The common and series C dividends are payable on July 27 to shareholders of record June 25.Innkeepers USA Trust owns upscale, extended-stay hotel properties across the US. At press time, the company owned 66 hotels with a combined 8,185 suites or rooms in 21 states. Innkeepers acquires and/or develops Residence Inns by Marriott and other upscale, extended-stay hotels, and also rebrands and repositions other hotel properties.The company recently expanded into the San Antonio, TX, market, with its agreement to purchase a 146-suite Homewood Suites by Hilton in a deal expected to close this month. Also, the company recently completed the acquisition of 59 hotel leases from its main lessee, Innkeepers Hospitality, and six hotel leases from affiliates of Wyndham International Inc.

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