Innkeepers USA Trust and Apollo Investment Corporation Announce Acquisition Closings
PALM BEACH, Fla. & NEw YORK, NY, June 29, 2007
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.
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.