Innkeepers USA Trust (INKPQ.PK) on Monday sued Cerberus Capital Management LP and Chatham Lodging Trust (CLDT.N) over their decision to abandon a $1.12 billion purchase of 64 hotels from Innkeepers. In a complaint filed in the U.S. bankruptcy court in Manhattan, Innkeepers said the defendants should perform their obligations, or else pay "substantial" monetary damages. Cerberus and Chatham on Aug. 19 ended their agreement to purchase the hotels, citing a "material adverse" change at Innkeepers that allowed them to back out. In its lawsuit, Innkeepers said no such change had taken place.
Chatham Lodging Trust is a hotel investment company. Shares of CLDT traded higher by 0.2% or $0.02/share to $10.02. In the past year, the shares have traded as low as $9.38 and as high as $19.46. On average, 79382 shares of CLDT exchange hands on a given day and today's volume is recorded at 82263.
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