July 19 (Bloomberg) -- Innkeepers USA Trust, a hotel investment company Leon Black’s Apollo Investment Corp. bought three years ago, filed for bankruptcy protection after room revenue fell and debt payments rose.
The Palm Beach, Florida-based company with a stake in 72 U.S. hotels owes more than $1 billion, according to Chapter 11 documents filed today in U.S. Bankruptcy Court in Manhattan. A prearranged plan supported by franchisor Marriott International Inc. will let Innkeeper’s retain its properties as it reorganizes, Innkeeper’s Chief Financial Officer Dennis Craven said.
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