Stamford-based Five Mile Capital Partners is seeking to acquire Innkeepers USA Trust for more than $1 billion, The Wall Street Journal reports. The deal, which will take Innkeepers out of bankruptcy protection, consists of assumed debt and converting debt to equity. The private equity firm will make cash payments to creditors with the help of investment partners, such as Starwood Capital Group and Hersha Hospitality Management. Five Mile is joining hands on the deal with another Innkeepers creditor, Lehman Brothers Holdings’ bankruptcy estate. Hersha will be managing the properties.
Click here for the story from The Wall Street Journal.