Monday, August 22, 2011

Cerberus uses MAC clause to back out of $1.1 billion Innkeepers USA

From Bloomberg:
Cerberus Capital Management LP and Chatham Lodging Trust terminated their agreement to buy 64 hotels from Innkeepers USA Trust for $1.1 billion, citing a possible adverse change in the business.


crabsofsteel said...

yow, the servicer is being asked for 1.6 million in legal fees on top of the 40+ they've already advanced.

Concrete Jungle said...

Sounds like it might be back in play with Five Mile Capital according to BarCap's report earlier today.