Innkeepers Seeking Bidders

According to this Reuters article, Innkeepers USA Trust, the bankrupt owner of 72 hotels, is seeking bids for all or part of the company as it seeks to repay its creditors. Innkeepers, which operates under brands such as Marriott MAR, Hilton and Hyatt, has reached an agreement with affiliates of Five Mile Capital and Lehman Brothers Holding Inc for an initial bid worth $1.14 billion. The company has asked a a bankruptcy court judge to approve the initial bid. A hearing is scheduled to be held in a Manhattan's bankruptcy court on March 8.