PALM BEACH, FL-A joint venture between Chatham Lodging Trust and Cerberus Capital Management has won 64 hotels for $1.125 billion in a bankruptcy auction. Innkeepers USA Trust owned the properties. The JV partners will assume the debt through a reorganization plan.

"We are excited to acquire these premium-branded select-service hotels early in the recovery of the lodging industry,” says Jeff Fisher, CEO of Chatham. “With a new capital structure in place, a committed partner in Cerberus and strong franchisor affiliation, our joint venture is well positioned to create value for our shareholders and Cerberus."

Together with its affiliates, Cerberus has about $23 billion under management. Tim Price, managing director at Cerberus, is pleased to take over most of Innkeepers’ hotels.