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Cerberus & Innkeepers reach agreement

1 min reading time

Published on 11/10/11 - Updated on 17/03/22

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The two companies reportedly agree to a lower purchasing price, according to Bloomberg.

Cerberus Capital Management LP refused a $1.12 billion deal from last August to purchase USA Trust hotels out of bankruptcy. Cerberus states that a forecasted downturn in the economy is reason enough to refuse the deal, even though the event remains theoretical.Bloomberg reported on Monday that the companies have tentatively agreed to go ahead with the purchase of the portfolio for a reduced price. The Innkeepers USA bankruptcy trial is scheduled to resume today. Innkeepers is trying to convince a judge to force the closing of the purchase.According to the Bloomberg, Innkeepers USA Trust and Cerberus Capital Management have reached a settlement on their disputed $1.1 billion hotel purchase deal. The portfolio consists of 64 hotels.Bloomberg reported on Monday that the companies have tentatively agreed to go ahead with the purchase of the portfolio for a reduced price. The Innkeepers USA bankruptcy trial is scheduled to resume today. Innkeepers is trying to convince a judge to force the closing of the purchase.

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