Innkeepers preps for possible bankruptcy: sources

By IBTimes Staff Reporter | April 20 2010 10:40 PM

Innkeepers USA Trust , a U.S. real estate investment trust with interests in about 73 hotels, is getting ready for a possible bankruptcy filing after missing debt payments earlier this month, according to four people familiar with the matter.

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The firm, which was bought out by Apollo Investment Corp in 2007 in a $1.5 billion deal, has hired law firm Kirkland & Ellis and investment bankers Moelis & Co to advise it on restructuring, these people said.

The Palm Beach, Florida-based trust is preparing for all restructuring contingencies, including a possible bankruptcy, these people said, asking not to be named because the information is not public.

Innkeepers did not return several calls seeking comment on Tuesday.

(Reporting by Emily Chasan; Editing by Gary Hill)

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