Five Mile, Innkeepers reportedly talking

Five Mile Capital Partners is talking with Innkeepers USA Trust about buying 64 hotels after a deal with Cerberus Capital Management and Chatham Lodging Trust to buy the properties for US$1.12 billion was terminated earlier this week.

Bloomberg reported on Wednesday that people familiar with the matter said that although Five Mile lost to Cerberus at a May auction of the properties, it is still interested in the portfolio, although discussions are only in initial stages.

Meanwhile, Five Mile, an asset management company based in Stamford, Connecticut, is near completion of a separate deal to purchase up to 140 Red Roof Inns from Innkeepers USA.