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$23M Plus Turning Keys to 155-Room Hotel

ROCKVILLE, MD-Innkeepers USA Trust strikes its first deal with Starwood, inking a contract to buy the under-construction Sheraton Rockville.

By Erika Morphy | Updated on August 07, 2006

ROCKVILLE, MD–Innkeepers USA Trust, a Palm Beach, FL-based hotel REIT, has entered into an agreement to acquire the 155-room Sheraton Rockville in Maryland from Starwood Hotels & Resorts Worldwide Inc. for $23.3 million or $150,000 per key.

The hotel, which is still under construction, is expected to open in October. The transaction, which Innkeepers negotiated directly with Starwood, is expected to close in the fourth quarter.

This is the company’s first acquisition from Starwood, according to its CEO Jeffrey H. Fisher. “This is a strong lodging market, where half the current supply is more than 10 years old, which we believe will give us an added competitive advantage,” he says in this morning’s press release.

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