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Cerberus Defers $1.12B Innkeepers Buy

Cerberus Capital Management has delayed the acquisition of Innkeepers USA Trust hotels due to market turmoil.

Cerberus Capital Management has delayed the acquisition of Innkeepers USA Trust hotels due to market turmoil, The Wall Street Journal reports. The deal is expected to close on September 15. Cerberus joined hands with real-estate investment trust Chatham Lodging Trust in May to acquire 64 of Innkeepers’ hotels for $1.12 billion.

The group is paying $400.5 million in cash and will assume about $723.8 million in mortgage debt for the hotels, operating under brands such as Hilton, Marriott and Hyatt. Cerberus will pay $363.5 million of the cash portion and take a 91% ownership stake in Innkeepers.

Click here for the story from The Wall Street Journal.

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