Cerberus Capital’s reported delay of its purchase of some Innkeepers USA assets is a sign of uncertainty in the market, Standard & Poor's said this morning. This is viewed as a negative for CMBS credit.
The U.S. Bankruptcy Court approved both the restructuring and sale of the Innkeepers portfolio in late June. This was done after a consortium of Cerberus and Chatham Lodging Trust won a bankruptcy auction in May to purchase 64 of Inkeepers' hotels worth $1.12 billion. The deal comprised $400.5 million in cash and an assumed $723.8 million in mortgage debt, published reports indicated.