Innkeepers USA Trust, a real-estate investment trust that owns more than 70 midmarket hotels, is planning to file for Chapter 11 bankruptcy protection in the coming days, according to a report.
The report stated that the hotel company, laboring under more than US$1 bn in debt, holds interests in 73 extended-stay hotels and other properties operated under brands such as Hampton Inns, Courtyard by Marriott and Embassy Suites.
Innkeepers, based in Palm Beach, Fla., took on hundreds of millions in debt in a US$1.5 bn buyout by Apollo Investment Corp, says report.