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.
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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.
