Innkeepers reveals bid details

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08 February 2011
By Shawn A. Turner
Finance Editor
Shawn@HotelNewsNow.com
Story Highlights
  • The bid’s inclusion of US$790.5 million of debt marks a 46.5% drop from Innkeepers’ US$1.478 billion of debt when it entered Chapter 11 bankruptcy on 17 July 2010.
  • Much of the debt decline is reflected in the removal of a floating pool loan of US$352.6 million.
  • Some of the hotel debt in Innkeepers’ portfolio would see a modification of loan terms.

Approximately 70% of Five Mile Capital Pooling REIT LLC/Lehman Ali’s bid for Innkeepers USA Trust is comprised of debt.
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