Cerberus, Chatham To Buy Hotels For $1B

Cerberus Capital Management and Chatham Lodging Trust have agreed to acquire 64 hotels of Innkeepers USA Trust.

Cerberus Capital Management and Chatham Lodging Trust have agreed to acquire 64 hotels of Innkeepers USA Trust, Reuters reports. The partners, who were sued for withdrawing from a previous deal, will pay a total of $1.02 billion for the hotels.

This deal finally settles a two-month dispute between the parties. Innkeepers sued Cerberus and Chatham in August for withdrawing from a May 16 agreement to pay $1.12 billion for the hotels, including debt of $700 million.

Click here for the story from Reuters.

Chatham Lodging Trust hotels Cerberus Capital Management Innkeepers USA Trust Reuters