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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