Innkeepers Sells Sunrise Suites Property
APRIL 13, 2007. Innkeepers USA Trust (NYSE: KPA), a hotel real estate investment trust (REIT) and a leading owner of upscale properties throughout the United States, today announced that it has sold the 96-suite Sunrise Suites in Tinton Falls, N.J. for $6.4 million, or $66,000 per key, to an undisclosed buyer. The sales price represents a capitalization rate of approximately 4.5 percent based upon the property's trailing 12 months net operating income. Proceeds from the sale will be used to pay down a portion of the company's unsecured line of credit.
"After exploring several different alternatives for this independent hotel, we determined it was in our best interests to divest the hotel," said Jeffrey H. Fisher, Innkeepers chief executive officer and president. "It was an excellent investment for Innkeepers, generating a 14 percent annual return since we acquired the property 10 years ago. As we previously announced during our fourth quarter conference call and earnings release, we will seek to selectively divest certain hotels from our portfolio in 2007 as a continuation of our long-term strategy to transform the overall quality of our portfolio by redeploying capital into newer, more profitable assets with excellent long-term growth potential."
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