Hotel News Resource - Innkeepers USA Hotel Industry News

Innkeepers USA Trust and its affiliates today announced that they have reached an updated agreement with Cerberus Series Four Holdings, LLC, Chatham Lodging Trust and other related parties that is supported by Innkeepers' constituents and clears the way for the sale of 64 Innkeepers hotels to a Cerberus-Chatham joint venture for approximately $1.02 billion.

Innkeepers USA Trust (Pink Sheets: INKPP) today announced that it did not make certain scheduled monthly interest payments on certain of its debt obligations and may not make future payments on certain of its debt and franchisor obligations.

Innkeepers USA Trust (OTC:INKPP) today announced that it will not declare a 2008 fourth quarter dividend on its 8% Series C Cumulative Redeemable Preferred Shares.

Revenue per available room (RevPAR) for the 2006 fourth quarter at the company's 67 comparable hotels improved 7.4 percent to $78.45

Innkeepers USA Trust (NYSE:KPA) , a hotel real estate investment trust (REIT), today announced that it has acquired a 49 percent interest in the 355-room Sheraton Capital Center Hotel in Raleigh, N.C.

Innkeepers USA Trust (NYSE:KPA) , a hotel real estate investment trust (REIT) and a leading owner of upscale properties throughout the United States, today announced results for the three months and nine months ended September 30, 2006.

Innkeepers USA Trust (NYSE:KPA) today announced that it has completed the acquisition of four hotels in Southern California aggregating 931 rooms from Bethesda, Md.-based RLJ Urban Lodging Fund, L.P., an affiliate of RLJ Development, LLC, for a total cost of $215 million, or $231,000 per room.

Hotel Scheduled to Open in October 2006

Innkeepers USA Trust (NYSE:KPA) , a hotel real estate investment trust (REIT), today announced that it has entered into an agreement to acquire from Bethesda, Md.-based RLJ Urban Lodging Fund, L.P., an affiliate of RLJ Development, LLC, four hotel properties with 931 rooms in Southern California for a total cost of $215 million, or $231,000 per room.

Innkeepers USA Trust (NYSE:KPA) today announced that Dennis M. Craven will join the company as chief financial officer, effective March 31, 2006. Craven will succeed Bruce Riggins who resigned, effective March 31.