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October 10, 2011

Innkeepers, Cerberus set for bankruptcy trial

"Innkeepers USA Trust will try to persuade a judge to force would-be buyers to proceed with their planned $1.12 billion acquisition of some of its hotels as a trial begins on Monday in a U.S. bankruptcy court.

Innkeepers, the bankrupt operator of 72 hotels under Hilton, Marriott and other brands, sued Cerberus Capital ManagementChatham Lodging Trust in August. Earlier that month, Cerberus and Chatham backed out of a joint venture agreement to buy 64 of Innkeepers' properties."

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October 10, 2011 in Current Affairs | Permalink

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