Innkeepers USA Trust, a real estate investment trust based in Palm Beach, Fla., has announced an increase in its revolving unsecured line of credit from $135 million to $205 million.The hotel REIT said the line of credit has also been amended to extend the maturity to September 2008 and to reduce the interest rate from a range of 140-225 basis points over the London interbank offered rate to a range of 115-175 bps over LIBOR. In addition, the facility can be expanded to $275 million under certain circumstances, Innkeepers USA said. The REIT can be found on the Web at http://www.innkeepersusa.com.
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