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Innkeepers Completes $135M Revolving Unsecured Credit Line

PALM BEACH, FL-The line replaces its existing $135-million line, which was set to mature July 31. Participating lenders include Wells Fargo NA, the New York branch of Calyon, Wachovia Bank NA and PNC Bank.

By Melissa Bogdany | Updated on July 29, 2004

PALM BEACH, FL-Innkeepers USA Trust, a locally based hotel REIT based, has replaced its existing $135-million revolving unsecured line of credit with a majority of its lenders.The new revolving unsecured line of credit matures July 23, 2007. Among the participating lenders are Wells Fargo NA, the New York branch of Calyon, Wachovia Bank NA and PNC Bank. The terms and conditions of the new facility are very similar to the replaced facility. The change was made because the existing line was set to mature July 31.Publicly traded Innkeepers USA Trust owns upscale, extended-stay hotel properties nationwide. The company owns 69 hotels with 8,729 suites or rooms total in 21 states. The company focuses on acquiring and/or developing Residence Inns by Marriott and other hotels, as well as rebranding and repositioning hotel properties. The company looks to acquire hotels in areas that have high barriers to entry and healthy underlying demand growth.

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