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NEW YORK CITY-Five Mile Capital, a private equity firm, has reached a conditional deal to purchase a $465-million troubled loan on 79 Red Roof Inns. The firm has decided to pay about 55 cents on the dollar for the hotel portfolio to mortgage holders.

The debt holders are represented by C-III Asset Management. The venture, which includes Citigroup Inc. and Westmont Hospitality Group, owns Red Roof Inn. Jones Lang LaSalle Hotels is selling a third portfolio in Red Roof Inn debt.For the full story, go to Wall Street Journal.


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