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New Jersey for $6.4 million, or $66,000 per Key |
 PALM
BEACH, Fla., April 13, 2007�Innkeepers USA Trust (NYSE: KPA), a hotel real
estate investment trust (REIT) and a leading owner of upscale properties
throughout the United States, today announced that it has sold the 96-suite
Sunrise Suites - Tinton Falls, 3 Centre Plaza, Tinton Falls, New
Jersey for $6.4 million, or $66,000 per key, to an undisclosed buyer.
The sales price represents a capitalization rate of approximately 4.5 percent
based upon the property�s trailing 12 months net operating income.
Proceeds from the sale will be used to pay down a portion of the company�s
unsecured line of credit.
�After exploring several different alternatives for this independent hotel, we determined it was in our best interests to divest the hotel,� said Jeffrey H. Fisher, Innkeepers chief executive officer and president. �It was an excellent investment for Innkeepers, generating a 14 percent annual return since we acquired the property 10 years ago. As we previously announced during our fourth quarter conference call and earnings release, we will seek to selectively divest certain hotels from our portfolio in 2007 as a continuation of our long-term strategy to transform the overall quality of our portfolio by redeploying capital into newer, more profitable assets with excellent long-term growth potential.� Innkeepers USA Trust owns 74 hotels with a total of 9,808 rooms or suites and one 355-room hotel in which it owns a 49 percent equity interest in 21 states and Washington, D.C., and focuses on acquiring or developing premium-branded upscale extended-stay and select-service hotels, the core of the company�s portfolio; selected full-service hotels; and turn-around opportunities for hotels that operate under or can be converted to the industry�s leading brands. For more information about Innkeepers USA Trust, visit the company�s web site at www.innkeepersusa.com. This press release, and other publicly available information on the company, includes forward-looking statements within the meaning of federal securities law. |
| Contact:
Dennis Craven
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