NEW YORK CITY-The $1.13 billion acquisition of 64 hotels from Innkeepers USA Trust, which fell apart in August and started making its way to the courts, may be headed for a different resolution.
According to the Wall Street Journal, Cerberus Capital Management and joint venture partner Chatham Lodging Trust may be close to working out an agreement to move forward with the acquisition at a lower price.
Though Innkeepers chief restructuring officer Marc Beilinson said in a statement that “no settlement had been reached yet,” and that “Innkeepers will be fully prepared to proceed with litigation if a settlement is not reached before” 4 p.m. Tuesday, the Journal reports that negotiations over a lower price for the deal progressed over the weekend.
Any agreement is separate from an earlier auction of five Innkeepers hotels that Chatham won earlier this year. Those hotels, including San Antonio’s Homewood Suites, sold for $195 million.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
