Apollo to Buy Innkeepers USA

Innkeepers USA Trust, a Palm Beach, Fla.-based hotel real estate investment trust, is being acquired by an associate of New York-based Apollo Investment Corp. for $1.5 billion.The purchase price includes $17.75 per Innkeepers share in cash and the assumption of the REIT's debt, the companies said. James Zelter, Apollo's president and chief executive officer, said he sees Innkeepers as providing "stable, long-term cash flow." Innkeepers owns 74 hotels with a total of 9,808 rooms, according to the REIT. Its properties include hotels branded as Residence Inns, Summerfield Suites, and Hampton Inns. The transaction is expected to close in the second quarter. The REIT be found on the Web at http://www.innkeepersusa.com.