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Innkeepers USA Trust Acquires the 216-room Four Points
by Sheraton in Ft. Walton Beach, Florida,
for $30 million

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PALM BEACH, Fla., May 19, 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 it had closed on the acquisition of the 216-room Four Points by Sheraton in Ft. Walton Beach, Florida, for $30 million. 
 
The purchase was funded by borrowing on the company’s unsecured line of credit.  Dimension Development Company, Inc. will manage the property. 

“After Orlando, Ft. Walton Beach is the most popular drive-to market in Florida, with 92 percent of visitors to Okaloosa County traveling by car,” said Jeffrey H. Fisher, Innkeepers chief executive officer and president.  “In addition,  the hotel is located within eight miles of Eglin Air Force Base, one of the largest military bases in the United 


Four Points by Sheraton
1325 Miracle Strip Parkway
Ft. Walton Beach, FL 32548
States.  The dual impact of the military and tourism on Okaloosa County has led to a stable and growing economy and, by extension, a strong hotel market.”

Fisher noted that the hotel was the company’s first beachfront property.  “The hotel is situated directly on the Gulf of Mexico on a nine-acre tract,” he said.  “The property enjoys strong current cash flows, high barriers to entry for competition and is surrounded by a diversified mix of demand generators.

“This acquisition is part of a strategic relationship we have formed with Dimension Development for the purpose of acquiring and developing hotels through the United States,” he added.  “Dimension is a premier developer/operator and is highly regarded within our industry.  Among other accolades, they have been awarded Hilton’s (NYSE: HLT) prestigious “Developer of the Year” award for the Homewood Suites brand.  We look forward to expanding our relationship with them.”

Peter M. Willis, Innkeeper’s vice president of business development, said that the company has an aggressive appetite for hotel acquisitions, including upscale extended stay and premium limited service brands, the core of the company’s portfolio, selected full-service properties, turn-around opportunities and hotels that are affiliated with, or have the potential to be converted to, the industry’s top brands. 

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 67 hotels with a total of 8,401 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
Peter M. Willis
VP, Business Development
(305) 865-1010
pwillis@innkeepersusa.com
www.innkeepersusa.com
Also See: Okaloosa County Moves Up to No. 2 in Florida; Beating Out Miami, St. Pete, Daytona, Jacksonville & Panama City / September 2003
The 146-suite Homewood Suites on San Antonio’s Riverwalk Acquired by Innkeepers USA Trust for $21 million / May 2004


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