The 51-hotel portfolio has a $950m interest-only loan in place according to a statement from Chatham, which said the business had estimated EBITDA of about $101m in 2013.
Cerberus and Chatham bought the company in 2011 following an extended sale process which saw Innkeepers sue the two firms after they pulled out of an earlier deal.
Chatham CEO Jeffrey Fisher said, “Having owned or operated the portfolio for quite some time, we know these hotels very well, its results are very strong, and with industry experts projecting attractive growth in the future, we would expect the portfolio to continue to produce great results.
“The joint venture has already returned 92 per cent of our original capital investment, so if a sale occurs, the potential value that may accrue to Chatham because of our promote interest could be meaningful.
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