Cerberus Capital Management LP's deal to purchase 64 hotels from bankrupt Innkeepers USA Trust (INKPQ.PK) could still go forward, but at a lower price, two sources familiar with the situation told Reuters. Cerberus and joint venture partner Chatham Lodging Trust (CLDT.N), which on Friday terminated a deal to buy the hotels for $1.12 billion, could still be interested in the properties if Innkeepers and its creditors renegotiated, the sources, who are close to the insolvent hotel operator and its creditors, said. The sources requested anonymity because they are not authorized to discuss negotiations. A spokesman for Chatham declined to comment, while a representative for Cerberus did not return a voice message Wednesday.
Chatham Lodging Trust is a hotel investment company. Shares of CLDT traded higher by 1.17% or $0.12/share to $10.36. In the past year, the shares have traded as low as $9.84 and as high as $19.46. On average, 78345 shares of CLDT exchange hands on a given day and today's volume is recorded at 22600.
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