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Five Mile To Buy Innkeepers USA Trust
Stamford-based Five Mile Capital Partners is seeking to acquire Innkeepers USA Trust for more than $1 billion.
Stamford-basedFive Mile Capital Partnersis seeking to acquireInnkeepers USA Trustfor more than $1 billion,The Wall Street Journalreports. The deal, which will take Innkeepers out of bankruptcy protection, consists of assumed debt and converting debt to equity.
The private equity firm will make cash payments to creditors with the help of investment partners, such asStarwood Capital GroupandHersha Hospitality Management. Five Mile is joining hands on the deal with another Innkeepers creditor,Lehman Brothers Holdings’ bankruptcy estate. Hersha will be managing the properties.
Click here for the story fromThe Wall Street Journal.