The Wall Street Journal has reported that Innkeepers USA Trust is preparing to file for Chapter 11 bankruptcy protection.
The real-estate investment trust owns more than 70 midmarket hotels. It is believed to have more than $1bn in debt. It holds interests in 73 extended-stay hotels and other properties operated under brands such as Hampton Inns, Courtyard by Marriott and Embassy Suites. The hotels are spread across 19 states and Washington DC. Innkeepers has not commented on the matter.