Innkeepers USA Trust and Apollo Investment Corporation Announce Acquisition Closing
29 Juni 2007 - 11:10PM
PR Newswire (US)
PALM BEACH, Fla., and NEW YORK, June 29 /PRNewswire-FirstCall/ --
Innkeepers USA Trust ("Innkeepers") (NYSE:KPA), a hotel real estate
investment trust (REIT) and Apollo Investment Corporation ("AIC")
(NASDAQ:AINV) today announced the closing of the previously
announced acquisition of Innkeepers by Grand Prix Holdings LLC, an
affiliate of AIC ("Grand Prix"). The Agreement and Plan of Merger
was approved at a special meeting of the common shareholders on
June 26, 2007. Under the terms of the agreement, Grand Prix will
acquire Innkeepers for $17.75 per common share in cash, plus the
assumption of Innkeepers' indebtedness. ABOUT INNKEEPERS USA TRUST
Innkeepers USA Trust owns 74 hotels with a total of 9,808 rooms or
suites and one 355-room hotel in which it owns a 49 percent equity
interest in 21 states and Washington, D.C., and focuses on
acquiring or developing premium- branded upscale extended-stay and
select-service hotels, the core of the company's portfolio;
selected full-service hotels; and turn-around opportunities for
hotels that operate under or can be converted to the industry's
leading brands. For more information about Innkeepers, visit the
company's website at http://www.innkeepersusa.com/. ABOUT APOLLO
INVESTMENT CORPORATION Apollo Investment Corporation, or AIC, is a
closed-end investment company that has elected to be treated as a
business development company under the Investment Company Act of
1940. AIC's investment portfolio is principally in middle-market
private companies. AIC invests primarily in mezzanine loans and
senior secured loans in furtherance of its business plan and also
invests in the equity of portfolio companies. AIC is managed by
Apollo Investment Management, L.P., an affiliate of Apollo
Management, L.P., a leading private equity investor.
Forward-Looking Statements This press release contains
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements other than statements of
historical facts included in this press release are forward-looking
statements. All forward-looking statements speak only as of the
date of this press release. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors that may
cause the actual results, performance, achievements or transactions
of Innkeepers or AIC and their respective affiliates or industry
results or the benefits of the proposed transaction to be
materially different from any future results, performance,
achievements or transactions expressed or implied by such
forward-looking statements. Additional information or factors which
could impact the company and the forward-looking statements
contained herein are included in Innkeepers' and AIC's filings with
the Securities and Exchange Commission. Neither Innkeepers nor AIC
assumes any obligation to update or supplement forward-looking
statements that become untrue because of subsequent events.
Contact: Innkeepers USA Trust Dennis Craven, 561-227-1302 Chief
Financial Officer or Mark Murphy, 561-227-1336 General Counsel and
Secretary or Apollo Investment Corporation Richard L. Peteka,
212-515-3488 or Sard Verbinnen & Co Anna Cordasco/Jonathan
Gasthalter, 212-687-8080 DATASOURCE: Innkeepers USA Trust CONTACT:
Dennis Craven, Chief Financial Officer, +1-561-227-1302, or Mark
Murphy, General Counsel and Secretary, +1-561-227-1336, both of
Innkeepers USA Trust; or Richard L. Peteka of Apollo Investment
Corporation, +1-212-515-3488; or Anna Cordasco and Jonathan
Gasthalter, +1-212-687-8080, both of Sard Verbinnen & Co Web
site: http://www.innkeepersusa.com/
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