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NorthStar, Chatham Forge $1.3B Innkeepers JV

NEW YORK CITY—Chatham and Cerberus Capital Management had acquired the portfolio, which consists of extended-stay and select-service properties mainly on the East and West coasts, out of bankruptcy in October 2011.

By Paul Bubny | Updated on May 09, 2014

NEW YORK CITY—NorthStar Realty Finance, headquartered here, and Chatham Lodging Trust have entered a $1.3-billion joint venture on the 51-property Innkeepers portfolio, the two REITs announced Friday as part of their respective quarterly earnings reports. Headquartered in Palm Beach, FL, Chatham and its previous JV partner, Cerberus Capital Management, put the portfolio up for sale this past January.

Under terms of the new JV, NorthStar and Chatham will pair up on ownership of 47 of the 51 upscale extended-stay and select-service properties, totaling about 6,100 keys mainly on the East and West coasts and mainly affiliated with Marriott or Hilton brands. The 89.7/10.3 JV is valued at $958.5 million, with NorthStar acquiring Cerberus’ stake.

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