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.
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