PALM BEACH, FL— In a significant move for them, Innkeepers USA Trust , a hotel real estate investment trust (REIT) and a major owner of upscale extended-stay hotel properties, announced that it has acquired the newly renovated 224-room Westin Governor Morris hotel in Morristown, NJ for approximately $35.1 million. The acquisition will be funded by borrowing on the companys unsecured line of credit and is their first move into upscale full service. Innkeepers Hospitality Management, Inc. will manage the property. Jeffrey H. Fisher, CEO and president of Innkeepers USA Trust, owns Innkeepers Hospitality Management.
