Bloomberg News

Cerberus, Chatham Hire CBRE to Sell 11 Innkeepers USA Hotels

November 17, 2011

Nov. 16 (Bloomberg) -- Cerberus Capital Management LP and Chatham Lodging Trust plan to sell 11 hotels from the Innkeepers USA Trust portfolio they bought last month.

The companies hired CBRE Group Inc. to market the properties, the real estate services firm said in a statement today. The hotels comprise 1,246 rooms in Maryland, Massachusetts, Illinois, Indiana, Michigan and New York.

Cerberus, a New York-based private-equity firm, and Chatham of Palm Beach, Florida, paid $1.02 billion in October for 64 Innkeepers hotels. The price was less than the $1.12 billion the companies previously offered after a dispute over whether the deal could be called off because of signs of a slowing economy.

The properties up for sale include former Hampton Inns and Residence Inns that now operate under the Stay Inn and Guesthouse Suites name, while some retain the Hampton Inn flag, Los Angeles-based CBRE said.

Chatham owns properties under Hilton Worldwide Inc. brands including DoubleTree and Hampton Inn, and Marriott International Inc. brands Courtyard and Residence Inn, according to its website.

--Editors: Kara Wetzel, Daniel Taub

To contact the reporter on this story: Nadja Brandt in Los Angeles at nbrandt@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net


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