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PE Firms Drop Innkeepers Deal

Chatham Lodging Trust and Cerberus Capital Management have called off an acquisition deal.

Chatham Lodging Trust and Cerberus Capital Management have called off an acquisition deal. The firms were to buy stakes in 64 hotels owned by Innkeepers USA Trust and its affiliates.

The private equity buyers have taken the decision citing a change in Palm Beach, Florida-based Innkeeper’s business as the reason, adds Bloomberg. A material adverse effect clause has been exercised to cancel the contract.

Click here for the release from PR Newswire.

Click here for additional coverage from Bloomberg.

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