Innkeepers USA Trust, a real-estate investment trust that owns more than 70 hotels, is shopping for investors or outright buyers to take the firm out of bankruptcy-court protection, said people familiar with the matter.
Innkeepers bankers have contacted some 70 potential investors and are readying for a prolonged auction to pick a bidder to finance the company's bankruptcy exit, the people said.
Innkeepers is likely to attract investors who work with creditors to restructure the hotel company's debt, the people said. But Innkeepers is also essentially putting itself up for sale, looking for buyers who would take control of the company in an all-cash bid, the people said. Innkeepers runs hotels under brands including Marriott, Hyatt and Hilton in 19 states and the District of Columbia.
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