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Innkeepers USA Seeks $1B Hotel Bidders

WEST PALM BEACH, FL-Moelis & Co.'s Bill Derrough tells GlobeSt.com he expects the Innkeepers transaction will set a positive tone for 2011 lodging M&A.

By Jennifer LeClaire | Updated on January 24, 2011

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.

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