Bloomberg reports (sorry, no link) that the 72-hotel Apollo-owned Innkeepers portfolio has a new bankruptcy proposal filed pushing for control by Five Mile and Lehman. This follows the prior proposal which was ultimately blocked by Midland, one of the Specials because, at least in part, it resulted in the sponsor retaining an equity position.
The current plan focuses on the preferred equity holders retaining an interest in the 5 hotels that are not in CMBS deals and proposes an auction to see if there is a better bid from the market on the portfolio.
Breaking: WeWork Banks on Brokerage Business
3 days ago