Hotel Industry News :: Hotel News Resource: "'At a price of approximately $118,000 per key including approximately $5 million in upgrades required by Starwood as a result of the acquisition, we felt it was a very attractive opportunity "
Innkeepers USA Trust, a publicly traded hotel REIT, announced today that it has acquired a 49% interest in the 355-room Sheraton Capital Hotel in Raleigh.
Deal highlights include:
$8.5M cash funded from an unsecured line of credit
$33.5M in debt at LIBOR plus 285 basis points that matures in Nov 09
I love Raleigh.
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