PALM BEACH, Fla., January 21, 2010 - Innkeepers USA Trust (OTC: INKPP) today announced that in its continuing effort to enhance profitability, it is renegotiating its nonrecourse debt on a limited number of hotels.
In this regard, the company discontinued debt service on its Hilton hotel in Ontario, Calif. and is in the process of seeking loan amendments that would share the hotel's cash flow and adjust the hotel's loan-to-value ratio. During this process, the company expects it will stipulate to the appointment of a receiver for the Ontario Hilton. In the event the parties do not agree on the terms of any amendments, the company may transfer ownership of the hotel to the lender in satisfaction of its obligation to the lender.
Innkeepers USA Trust is a real-estate investment trust (REIT) and a leading owner of upscale and extended-stay hotel properties throughout the United States. The company currently owns interests in 73 hotels with approximately 10,000 rooms in 19 states and the District of Columbia.
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