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 Randall A. Churchey, Former President of RFS Hotel
Investors, Inc., Elected to Innkeepers USA
Trust’s Board of Trustees
PALM BEACH, Fla., February 25, 2004 — Innkeepers USA Trust (NYSE: KPA), a hotel real estate investment trust (REIT) and a leading owner of upscale, extended-stay hotel properties throughout the United States, today announced that Randall A. Churchey, formerly president and chief operating officer of RFS Hotel Investors, Inc., a Memphis-based hotel REIT, has been elected to Innkeepers’ board of trustees, effective February 11.  Churchey, 43, also will chair the company’s Audit Committee.
 
RFS Hotel Investors was acquired in July 2003 by CNL Hospitality Properties. Prior to Churchey’s tenure with RFS, where he also served as a director, he was senior vice president and chief financial officer of FelCor Lodging Trust, Inc. (NYSE: FCH), a Dallas-based hotel REIT.  Before joining FelCor, he held various positions of increasing scope and responsibility over 15 years with Coopers & Lybrand (now PricewaterhouseCoopers), rising to partner and chairman of Coopers & Lybrand’s hospitality and real estate practice for the southwestern United States.

“Randy’s previous experience with two top-tier, public hotel REITs and with Coopers & Lybrand, an international hotel real estate consulting firm, adds significant depth to our board,” said Jeffrey H. Fisher, Innkeepers’ chief executive officer, president and chairman of the board.  “We also will benefit from his substantial background in accounting and hotel operations.”

February 25, 2004 — Innkeepers USA Trust today announced that it had completed the acquisition of 25 additional hotel leases from its principal lessee, Innkeepers Hospitality.  On December 1, 2003, the company acquired the first 23 leases from Innkeepers Hospitality, and it acquired another 11 leases as of December 31, 2003.  The company has acquired an additional 25 hotel leases as of February 1, 2004.

The company has paid Innkeepers Hospitality $5.25 million in connection with the acquisition of the 59 leases.  Taxable REIT subsidiaries of the company entered into management agreements with an Innkeepers Hospitality affiliate for the management of the 59 hotels.  Innkeepers Hospitality is controlled by Jeffrey H. Fisher, who also is the chief executive officer, president and chairman of the board of trustees of Innkeepers USA Trust. 

The company said that it currently expects to complete the acquisition of the remaining lease held by Innkeepers Hospitality later in the first quarter of 2004.  The Innkeepers Hospitality affiliate that will manage the hotel covered by the remaining lease is in the final stage of obtaining additional management contracts with owners not affiliated with the company so as to qualify as an ‘eligible independent contractor’ with respect to the hotel.  No additional consideration will be paid to Innkeepers Hospitality upon the acquisition of the remaining lease.

Churchey holds a bachelor’s degree in accounting from the University of Alabama and is a Certified Public Accountant.

Innkeepers USA Trust is a hotel real estate investment trust (REIT) and a leading owner of upscale, extended-stay hotel properties throughout the United States.  The company owns 66 hotels with a total of 8,185 suites or rooms in 21 states and focuses on acquiring and/or developing Residence Inns by Marriott and other upscale extended-stay hotels and the rebranding and repositioning of other hotel properties. 

Cautionary statements set forth in reports filed by the company from time to time with the Securities and Exchange Commission discuss important factors impacting, or that could impact, the company and its results or forecasted results. 


 
Contact:
Innkeepers USA Trust
David Bulger
CFO, Treasurer and EVP
(561) 835-1800 x302
www.innkeepersusa.com


 
Also See: Randy Churchey Named President and COO at RFS Hotel Investors, Inc / Oct 1999
Leading Extended Stay Management Company Creatively Uses Business Intelligence to Direct 85% Growth / January 2004


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