Officials with the locally based hotel REIT could not be reached for comment. Under the agreement, Apollo will assume Innkeepers indebtedness. Innkeepers owns extended-stay hotel properties throughout the US including Residence Inns, Summerfield Suites and Hampton Inns. It owns 74 hotels with a total of 9,808 rooms or suites and one 355-room hotel in which it owns a 49% equity interest. Following completion of the transaction, the properties will be managed by an affiliate of Jeffrey Fisher, chairman of the board, CEO and president of Innkeepers. Innkeepers will maintain its REIT tax status.
Lehman Brothers and UBS Investment Bank served as financial advisors to Innkeepers and Wachtell, Lipton, Rosen & Katz is serving as its legal counsel. JF Capital Advisors served as financial advisor to Apollo Investment Corp. and Skadden, Arps, Slate, Meagher & Flom LLP is serving as its legal counsel.
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