RCA in the commercial property press:

Five Mile May Take a Larger Slice As Innkeepers USA Gets Carved Up

Bloomberg reports: After losing out to Cerberus Capital Management LP at an auction for Innkeepers’ USA Trust properties in May, Five Mile Capital partners may have a second chance at 64-hotel package now that Cerberus has dropped out of the deal. Bloomberg recently reported that the Stamford, CT-based investment firm is currently in negotiations with Innkeepers’ for a separate set of 140 limited-service Red Roof Inns, but may arrange to make a move for Cerberus’ additional 64 properties.

Bloomberg contacted Real Capital Analytics’ Ben Carlos Thypin for his outlook on Five Mile now that they have the potential to scoop up a significant portion of Innkeepers, which filed for bankruptcy protection this time last year. Mr Thypin told Bloomberg that, “Bidders who lost the last time may jump at the chance to re-engage with Innkeepers now that the original deal has been terminated . . . As Five Mile closes in on a potential acquisition of Red Roof, they may be more competitive now that they have a chance to significantly grow their footprint in this sector.”

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Posted by: Nina Turner

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