Chatham and Cerberus complete Innkeepers acquisition

30th October 2011 (Last Updated October 30th, 2011 18:30)

Chatham Lodging Trust and Cerberus Capital Management have completed the previously announced acquisition of 64 hotels from Innkeepers USA Trust affiliates for $1.02bn.

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.