WEST PALM BEACH, FL-In what is the first—and what could be the largest—such deal in 2011, Innkeepers USA, a real estate investment trust and owner of upscale extended-stay hotel properties, is looking for a buyer to take it out of Chapter 11 bankruptcy.
The company filed a motion on Jan. 14 asking the court for permission to accept a stalking horse bid submitted by Five Mile Capital II Pooling REIT/Lehman ALI. The bidder would purchase Innkeepers’ entire portfolio, valued at $1.4 billion.
"The company's performance continues to improve with the overall sector,” Marc Beilinson, Innkeepers Chief Restructuring Officer, tells GlobeSt.com. “Innkeepers offers a large scale investment opportunity with expansion and platform potential. We expect a high degree of interest in the marketing process."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
