(Mark your calendars: RealShare HOTELS 2011, Sept. 15 at the Hilton New York, and don't forget RealShare New York takes place Oct. 12 at the Marriott Marquis.)

NEW YORK CITY-A joint venture of hotel REIT Chatham Lodging Trust and New York City-based Cerberus Capital Management decided to pull the plug on an agreement to acquire interests in the 64-hotel Innkeepers portfolio, a deal valued at $1.125 billion. The JV established the agreement on May 16 after winning over the Innkeepers USA Trust portfolio in a bankruptcy auction, making it one of the largest hotel transactions of the year-to-date, GlobeSt.com previously reported.

While Chatham could not be immediately reached for comment, both Chatham and Cerberus jointly determined to terminate the agreement “as a result of the occurrence of a condition, change or development that could reasonably be expected to have a material adverse effect on Innkeepers' business, assets, liabilities, operations, condition or prospects,” according to a joint statement from both companies.