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MORRISTOWN, NJ-Innkeepers USA Trust has acquired the newly renovated Westin Governor Morris hotel here, paying $35.1 million for the 224-room property. The Palm Beach, FL-based hotel REIT funded the acquisition by borrowing on the company’s unsecured line of credit. The identity of the seller was not disclosed.

“This acquisition is an example of our strategy to grow opportunistically and diversify,” says Jeffrey H. Fisher, CEO and president of Innkeepers USA Trust. “We acquired this like-new asset at a price significantly below replacement cost,” Fisher says. “While our primary acquisition target remains upscale extended stay, the economics of this deal were compelling, especially in today’s competitive real estate market.”

The recent refurbishment added 10,000 sf of meeting, breakout and event space, for a total of 25,000 sf, as well as a new restaurant and lounge and other amenities. The project also included an upgrading of the existing spaces and the building’s mechanicals. The property will be managed by Innkeepers Hospitality Management Inc., a company owned by Fisher.

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