Chatham Lodging Trust and Cerberus Capital Management have completed the previously announced acquisition of 64 hotels from Innkeepers USA Trust affiliates for $1.02bn.
Island Hospitality Management will continue to manage all but one of the 64 acquired hotels.
Chatham owns 10.3% interest in the joint venture (JV) with Cerberus and has funded its $37m investment in the JV with loans under its senior-secured revolving credit facility.
