>Appollo’s Innkeepers USA Seeks Bankruptcy Protection

Share Button

>July 19 (Bloomberg) — Innkeepers USA Trust, a hotel investment company Leon Black’s Apollo Investment Corp. bought three years ago, filed for bankruptcy protection after room revenue fell and debt payments rose.

The Palm Beach, Florida-based company with a stake in 72 U.S. hotels owes more than $1 billion, according to Chapter 11 documents filed today in U.S. Bankruptcy Court in Manhattan. A prearranged plan supported by franchisor Marriott International Inc. will let Innkeeper’s retain its properties as it reorganizes, Innkeeper’s Chief Financial Officer Dennis Craven said.

Read More:

About the Author