News for the Hospitality Executive
Innkeepers USA Trust Discontinues Debt Service on
its Hilton Hotel in Ontario, California
May Transfer Ownership of the 309-room Hotel Back to the Lender
Innkeepers USA Trust Provides Business Update
PALM BEACH, Fla., January 21, 2010 Ė 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 hotelís cash flow and adjust the hotelís 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.
Hilton Ontario Airport
700 North Haven Ave
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.
Innkeepers USA Trust
|Also See:||Innkeepers USA Trust Acquiring from an Affiliate of RLJ Development Four California Hotels for $215 million, or $231,000 per room / July 2006|