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Chatham, Cerberus Complete Hotels Deal

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.

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.

Click here for the release from Business Wire.

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