Chatham Lodging Trust and affiliates of Cerberus Capital Management, a private equity investment firm, have completed the purchase of 64 hotels from affiliates of Innkeepers USA Trust. The partners paid a gross price of about $1.02 billion for the hotels. Chatham Lodging is a hotel real estate investment trust (REIT).

The purchase price also includes the assumption of about $675 million of mortgage debt on 45 of the hotels. The debt is due to mature in 2017. Chatham has an about 10.3 percent stake in the joint venture.

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