Misappropriation Delays REIT's 1Q Results

Innkeepers USA Trust, a real estate investment trust based in Palm Beach, Fla., has postponed the release of its first-quarter financial results, citing the discovery of a potential loss from the misappropriation of funds at one of its hotels.The hotel REIT said it expects to record a charge of approximately $430,000 against its first-quarter earnings as a result of the possible misappropriation of accounts receivable by a hotel general manager. "An investigation is continuing with respect to this matter; however, the company believes that it has quantified the probable maximum potential loss and believes that the potential misappropriation is limited to one hotel," Innkeepers USA said. The REIT can be found on the Web at http://www.innkeepersusa.com.