Cerberus offloads 51 hotel properties for $1.3b
Cerberus Capital Management has completed the sale of the 51-property, 6,847-room Innkeepers portfolio. The firm announced the sale in January 2014 with its joint venture partner Chatham Lodging Trust. The deal is expected to be completed by the end of the second quarter, according to a statement from the company.
NorthStar Realty Finance will acquire Cerberus’ 89.7 percent interest in the joint venture, and Chatham will retain its 10.3 percent ownership stake.