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NEW YORK, NY, April 18, 2007 — Innkeepers USA Trust announced that it has entered into a definitive agreement to be acquired by Apollo Investment Corporation for $1.5 billion or $17.75 per share in cash. Covington & Burling LLP advised UBS Investment Bank, financial advisor to Innkeepers, on the transaction, which is expected to close in the second quarter of 2007. Innkeepers USA Trust is a real estate investment trust (REIT) and a leading owner of upscale and extended-stay hotel properties throughout the United States. Apollo Investment Corporation is a closed-end, non-diversified management investment company, managed by an affiliate of Apollo Management, L.P., a leading private equity investor. UBS provides investment banking and securities, wealth management, asset management, and retail and corporate banking services worldwide.
The Covington team included New York corporate partner Stephen Infante and corporate associate Marcus Weiss.