Tuesday, September 1, 2009

Innkeepers USA Trust suspends Payment of Third Quarter 2009 Dividend

PALM BEACH, FL, Sept. 1, 2009 – Innkeepers USA Trust (OTC: INKPP) today announced that it has suspended payment of its 2009 third quarter dividend on its 8% Series C Cumulative Redeemable Preferred Shares.
Innkeepers’ board of trustees will continue to review future quarterly dividends on the 8% Series C Cumulative Redeemable Preferred Shares based on financial and economic conditions and other appropriate factors.

A description of the 8% Series C Cumulative Redeemable Preferred Shares, is available in the Amended and Restated Declaration of Trust of Innkeepers USA Trust and the Articles Supplementary to the Declaration of Trust. Certain information regarding the 8% Series C Cumulative Redeemable Preferred Shares may be found on the company’s website at http://www.innkeepersusa.com/.

Innkeepers USA Trust is a real estate investment trust (REIT) and a leading owner of upscale and extended-stay hotel properties throughout the United States. The company currently owns interests in 74 hotels with approximately 10,100 rooms in 20 states and the District of Columbia.

Contact: Dennis Craven, CFOInnkeepers USA Trust, (561) 227-1302

CB Richard Ellis Orlando Executes Lease With Woods Laser Tag and Cafe

ORLANDO, FL, Sept. 1, 2009 – The Orlando office of CB Richard Ellis (CBRE), the world's leading commercial real estate services provider, is pleased to announce Bobby Palta, Senior Associate in Retail Properties, has executed a lease representing the landlord, Village Marketplace Investors, at the Village Marketplace.

This center is anchored by Planet Fitness, Floors Direct, Pizza Hut and Twistee Treat; and is located at 10930 West Colonial Drive and Maguire Road in Ocoee, Florida.

The lease for the tenant, Woods Laser Tag, totaling 8,496 sq.-ft. on the eastern endcap is for a term of 10 years, and was completed with J.J. Jennings of Help-U-Sell Better Value Realty representing the tenant.

This is the tenant's second location – their first location is The Tree Laser Tag in Clermont, Florida. The facility is currently under construction with the opening scheduled for the end of September.

Contact: Angelique Greven, 407.839.3158, angelique.greven@cbre.com

Capital Crunch End Not in Sight for Possibly 2 Years, Says RECI Advisory Member

CHICAGO, IL, Sept. 1, 2009 -The Real Estate Capital Scoreboard (r) for September 2009 notes:

Declining property values prices reset investment yield boundaries for all types of income-producing properties. No asset classes are immune - ranging the entire spectrum from institutional-quality, credit net lease deals to distress hotel ventures.

With limited exceptions, new construction developments grind to a halt as investors rethink risk/reward because of ever-eroding market fundamentals.

The "Defi Refi," takes front stage among lenders with legacy loans, whereby debt terms are defensively renegotiated. All parties try to avoid foreclosures as long as the collateral is reasonably maintained at occupancy levels within the given submarket.

Defi Refi loan sizing is further outlined as follows:

* Other than senior housing in select markets, few properties see any rental growth; protecting existing cash flow remains a top priority in contrast to any increases.

* Pro forma projections are reviewed downward, as owners expect stable or declining rents/occupancies. For instance, multifamily properties with rental decreases of 3% or more are underwritten and trended downward vs. trailing operating history figures.

* Markets are strained with a special emphasis providing some form of debt relief in key markets (e.g., Florida, the Inland Empire, Phoenix, Austin, Las Vegas, Atlanta, the Upper Midwest).

* Voluntary conversion of debt to partial equity is offered as anadditional solution to eroding debt balances, increasing 2% or more on vacancy rates for apartments.

* Roll-in of the prepayment penalty deemed to be a cash-out - defined as an optional cost to "better" their financing - hard line by FNMA - small penalty (e.g., 2%) not a big issue if a couple of 2% on LTV but NOT 75% to 80% jump, for instance.

* Standard provisions include lengthening amortization schedules andloan term, offering interest-only payments, reducing (or removing) non-monetary default provisions such as debt service coverage and loan-to-value covenants and partial forgiveness of debt.

The Real Estate Capital Institute's Advisory Board Member, Harold "Skip"Perry, executive managing director, Real Globe Advisors LLC, Chicago (top right photo) laments, "The volume of foreclosures and restructuring leads me to believe the end is not in sight for at least one to perhaps two years."
Skip suggests, "Defensive investment tactics are the norm rather than the exception until more trades occur and properties are marked-to-market based on current conditions."


Nat Zvislo, Research Director, The Real Estate Capital Institute, Chicago, IL. Toll Free 800-994-RECI (7324), director@reci.com

Le Meridien Brand Signs Le Meridien Saigon

SINGAPORE, Sept. 1, 2009– Le Méridien Hotels & Resorts continues its expansion momentum in Asia-Pacific, announcing the signing of its first hotel in Vietnam : Le Méridien Saigon. (top right photo).

Owned by Tien Phuoc & 990 Company Limited, Le Méridien Saigon will offer a European flair, and sophisticated, environment designed to appeal to the creative guest in Ho Chi Minh City’s bustling central business district.

"We are thrilled to announce the signing of Le Méridien Saigon as this marks the entry of Le Méridien brand into Vietnam and further strengthens the position of Starwood as one of the largest international upscale hotel chains in the Indochina and Thailand region,” said Miguel Ko, Chairman and President of Starwood Hotels & Resorts, Asia Pacific.

“Vietnam is amongst the fastest growing nations in Southeast Asia and in the world and has been experiencing strong leisure and business travel within and into the country. The growing demand presents us with tremendous opportunities to better serve the needs of travelers,” Ko added.

Contact: Hwee-Peng Yeo, Tel : +65 6335 4837; Cell : +65 9768 6087; +65 9248 0424
Fax : +65 6335 4820

Grubb & Ellis Company Adds Thomas Horvath to Investment Team in San Jose

SAN JOSE, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that Thomas Horvath (top right photo) has joined the company as vice president, Investment Group, specializing in property sales throughout the Silicon Valley.

“We are very glad that a professional of Tom’s caliber has joined our investment team,” said Dick Scott, managing director of Grubb & Ellis’ San Jose office. “His experience and knowledge will provide our clients with the insight necessary to meets their investment needs.”

With 30 years of commercial real estate experience, Horvath began his commercial real estate career in Cushman & Wakefield’s San Francisco office in 1980, where he worked for one year. He spent the next five years as a broker for Fuller Commercial Brokerage Company, which was later acquired by Colliers International, where he was a top producer in 1983 and 1984.

He served as vice president and resident manager of Charter Commercial Brokerage in San Francisco in 1985 and 1986, managing the company’s flagship leasing office.

Contact: Julia McCartney, 714.975.2230, julia.mccartney@grubb-ellis.com