PALM BEACH, FL— Yet another hotel REIT is on the verge of being acquired by a private equity investor. This time around, Innkeepers USA Trust is the candidate, as it has entered into a definitive agreement to be purchased by Apollo Investment Corp. for $17.75 per share or $1.5 billion in an all-cash deal. The transaction, which would involve Innkeepers’ 75 mostly select-service and extended-stay hotels, is now subject to Innkeepers’ common shareholder approval, but is expected to be finalized in the second quarter. Upon the completion, the properties will be managed by an affiliate of Jeffrey Fisher, the CEO and president of Palm Beach, FL-based Innkeepers.
