Innkeepers USA and Apollo Announce Acquisition Closing
JULY 2, 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.
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