Jeffrey H. Fisher, who has a controlling interest in and is president of Innkeepers Hospitality, says in a statement that the transaction has been structured to be economically neutral to Innkeepers Hospitality and Marriott. "Innkeepers Hospitality will pay a termination fee to Marriott over time and will enter into long-term franchise agreements," said Fisher, who is also president and CEO of Innkeepers USA Trust, a publicly traded hotel REIT and owner of upscale, extended-stay hotels.
"This completes our long-term strategy to consolidate the management of our hotels under a single umbrella," Fisher states.
The transaction will be implemented over several months and will enable the lessee and Innkeepers USA Trust to have more control over the assets and to benefit from a business travel and economic recovery. The deal also has other benefits, including economies of scale.
"We will continue to have a strong relationship with Marriott as a franchise partner and intend to leverage that relationship in a variety of ways going forward, including future acquisitions when market conditions allow," he says. Marriott is franchisor of 48 of the 67 hotels Innkeepers USA Trust owns.
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