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5 things to know: 20 October 2011
Hotel News Now, 10/20/2011

If at first you don’t succeed … Innkeepers USA Trust, Cerberus Capital Management and Chatham Lodging Trust have agreed to a new US$1 billion deal for a portfolio of 64 bankrupt Innkeepers hotels, reports HotelNewsNow.com’s Shawn A. Turner.

The transaction announced Wednesday reflects a sales price nearly 10% lower than the original US$1.13-billion deal that was announced earlier this year before it was torpedoed by chaos in the capital markets. In a news release, officials noted the transaction poses an increase in value of US$75 million from the initial baseline bid for the Innkeepers assets in May.

If approved, the sale would clear the way for Innkeepers to emerge from Chapter 11 bankruptcy. Innkeepers, which owns 73 hotels comprising approximately 10,000 rooms, filed for bankruptcy in July 2010.

“We are very pleased with this outcome,” Innkeepers’ chief restructuring officer, Marc A. Beilinson, said in a statement. “The updated agreement provides a significant cash premium to the original stalking horse bid and a meaningful return to our creditors, and it allows us to move ahead with a timely exit from Chapter 11.”