Innkeepers USA Trust Announces Fourth-Quarter and Full-Year 2006 Earnings

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Innkeepers Usa Tr	NYSE:KPA	NYSE	Ordinary Share

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PALM BEACH, Fla., Feb. 22 /PRNewswire-FirstCall/ -- Innkeepers USA Trust (NYSE:KPA), a hotel real estate investment trust (REIT) and a leading owner of upscale extended-stay hotel properties throughout the United States, today announced results for the three and 12 month periods ended December 31, 2006. % YTD YTD % Q4 2006 Q4 2005 Change* 2006 2005 Change* -------------------------------------------------------------------------- Total revenue $75,870 $60,917 25% $286,713 $247,181 16% -------------------------------------------------------------------------- Net income (loss) applicable to common shareholders $189 $(126) 250% $18,962 $11,059 71% -------------------------------------------------------------------------- Diluted income (loss) per share $0.00 $(0.00) -% $0.42 $0.26 62% -------------------------------------------------------------------------- Funds from operations (FFO) $11,198 $9,002 24% $60,195 $49,380 22% -------------------------------------------------------------------------- Adjusted FFO $11,198 $9,010 24% $59,749 $52,565 14% -------------------------------------------------------------------------- Diluted FFO per share $0.23 $0.21 10% $1.26 $1.05 20% -------------------------------------------------------------------------- Adjusted FFO per share $0.23 $0.21 10% $1.25 $1.12 12% -------------------------------------------------------------------------- Earnings before interest, taxes, depreciation and amortization (EBITDA) $23,397 $18,819 24% $100,153 $84,645 18% -------------------------------------------------------------------------- Adjusted EBITDA $23,397 $18,827 24% $99,631 $86,329 15% -------------------------------------------------------------------------- * In thousands, except per share and percentage change data FFO, Adjusted FFO, FFO per share, Adjusted FFO per share, EBITDA and Adjusted EBITDA are not generally accepted accounting principles (GAAP) financial measures and are discussed in further detail and reconciled to net income applicable to common shareholders later in this press release. Adjusted FFO, Adjusted FFO per chare and Adjusted EBITDA exclude other charges and discontinued operations. Operating Results Revenue per available room (RevPAR) for the 2006 fourth quarter at the company's 67 comparable hotels improved 7.4 percent to $78.45, led by a 7.7 percent increase in average daily rate (ADR) to $112.77, slightly offset by a 20-basis-point decline in occupancy to 69.6 percent. The 2006 fourth quarter comparable hotels exclude the Boston Bulfinch, which was acquired in the fourth quarter of 2005, two hotels in Montvale and Atlantic City, N.J. currently closed and being converted to the Courtyard by Marriott brand, and five hotels acquired in the 2006 fourth quarter and another hotel acquired through an unconsolidated joint venture. For the full year, at the company's 65 comparable hotels (also excludes the Westin Morristown, N.J. and the Hampton Inn in Louisville, Ky.), Innkeepers reported a 6.9 percent increase in RevPAR to $83.45, with ADR improving 7.4 percent to $111.54, offset by a decline in occupancy of approximately 40 basis points to 74.8 percent. Gross operating profit (GOP) margins (hotel revenue less hotel expenses, before property taxes and insurance) for the company's comparable hotels improved 220 basis points in the 2006 fourth quarter to 40.3 percent. For the full year, GOP margins advanced 80 basis points to 44.9 percent from 44.1 percent. For the fourth quarter and full year, GOP flowthrough (increase in GOP compared to the increase in revenue) was 72 percent and 56 percent, respectively. "We had a strong fourth quarter and full year of organic growth," said Jeffrey H. Fisher, chief executive officer and president. "Fourth quarter and full year margin growth rebounded nicely from a decline in third quarter margins, reflecting higher profits in our room and food and beverage departments. Our margins jumped 220 basis points in the fourth quarter and were a robust 44.9 percent for the year. Although high insurance costs and energy costs remain unpredictable, we believe they have stabilized and see continued margin growth opportunities in 2007. FFO was in line with consensus analyst expectations even though FFO was negatively impacted by nearly $0.02 per share for write-offs associated with foregone development deals. "For the twelfth consecutive quarter, our Silicon Valley properties have experienced positive RevPAR increases, with the last five consecutive quarters of RevPAR gains at the double-digit level," he said. "These hotels continue as one of our lead growth markets." RevPAR at the company's eight Silicon Valley, Calif. hotels improved 16.0 percent in the 2006 fourth quarter, reflecting a 2.6 percentage point rise in occupancy to 75.2 percent and an 11.9 percent advance in ADR to $125.32. For the full year, the Silicon Valley properties experienced a 19.3 percent increase in RevPAR, driven by a 6.3 percentage point increase in occupancy to 80.6 percent and a 9.8 percent rise in ADR to $121.50. Excluding Silicon Valley, RevPAR for the company's comparable hotels increased 5.7 percent in the 2006 fourth quarter and 4.6 percent for the full year 2006. "We continue to see significant upside in Silicon Valley, both from current local market conditions and because results remain well below the last historical peak," he said. "Other strong performing markets include Seattle and Chicago, where we have four hotels each in those markets. RevPAR at our hotels in these markets increased 16.8 percent and 12.8 percent, respectively, in the quarter and 11.0 percent and 12.4 percent, respectively, for the year. We look for these markets to continue to outperform the industry in 2007. Acquisitions/Development Update The company acquired interests in six hotels with 1,441 rooms for a total of $259 million in the 2006 fourth quarter in three separate transactions. Four hotels in Southern California -- two Residence Inns and two Hilton hotels -- aggregating 931 rooms were purchased for $215 million. The 155-room Sheraton Rockville in Maryland was acquired for approximately $23.5 million. The 355-room Sheraton Capital Center Hotel in Raleigh, N.C., of which the company owns 49 percent, was purchased in a joint venture with Gencom Group, a private, Miami-based hospitality investment firm, for approximately $42.0 million, which includes $5 million for renovations that are under way. Innkeepers currently has two hotels closed and undergoing renovation and one new property under construction. The company expects to open the renovated Montvale, N.J. property as a Courtyard by Marriott on May 1, 2007 and its Atlantic City hotel as a Courtyard by Marriott on July 1, 2007. The under-construction, 150-suite Embassy Suites in Valencia, California also is expected to open in July 2007. "Hotel real estate prices remain at historical highs, which makes development more attractive," Fisher said. "We have the expertise to acquire and develop and have active pipelines in both arenas. Our core products will continue to be premium brands in the upscale extended-stay sectors, as well as select-service and full-service properties in urban markets with multiple demand generators and high barriers to new competition. "The three hotels that will open in 2007 and potential new development projects will give us substantial embedded growth for the next two to three years as they ramp up," he said. Fisher noted that the company is considering the divestiture of certain hotels in the its portfolio. "The active acquisition and development pipeline as well as any potential divestitures are a continuation of our stated long-term strategy to transform the overall quality of our portfolio by deploying our capital into newer, more profitable assets that will position us for strong future growth and improve the overall operating margins of our portfolio." Renovations and Hyatt Summerfield Suites Investment "We invested approximately $22 million in renovations in 2006 to keep our properties fresh and competitive and expect to invest approximately $36 million in 2007," Fisher commented. "Included in the $36 million is approximately $11 million to substantially upgrade our five Hyatt Summerfield Suites properties," he noted. "We have been sitting on the sidelines regarding upgrading the hotels until the Hyatt plans were unveiled. We have great confidence in the Hyatt brand and believe these hotels, which are in high-barrier-to-new-competition markets, will enjoy higher revenues and profits upon completion of the renovation program and will benefit significantly from the expansion and marketing of the brand by Hyatt, its reservation system and the Hyatt Gold Passport guest reward program." Capital Structure Innkeepers added $237 million in debt associated with the five hotels it acquired in the 2006 fourth quarter as well as the 49 percent equity interest in the unconsolidated joint venture, including $133.7 million in mortgage debt and $104.4 million on the company's line of credit. At year-end 2006, the company's average interest rate on its fixed-rate debt interest was 6.84 percent with an average maturity of 6.3 years. The company's debt to investment in hotels at cost ratio was approximately 39 percent with 77 percent at fixed rates. The company has $87 million available on its unsecured line of credit. "During 2006, we executed key financing transactions that will support our continued growth," said Dennis Craven, chief financial officer. "We secured $208.7 million in mortgage debt at an average interest rate of 5.96 percent and a remaining maturity of 9.4 years, and we amended our line of credit to increase our borrowing capacity to $205 million from $135 million and extend its maturity to September 2008." Craven noted that the company has a $22.0 million term loan maturing in October 2007 that will be repaid with borrowings under the line of credit or possibly new long-term debt. Dividend The company raised its quarterly dividend twice in 2006 to $0.23 per common share in the fourth quarter. "We have raised our dividend four times since May 2005," Fisher said. "We will continue to evaluate the dividend each quarter based on projections for continued sustainable growth and our confidence in the economy, the hotel industry and the quality of our portfolio. Based on current projections, we anticipate a slight increase in the quarterly dividend later in the year barring unforeseen economic or political issues." Earnings Guidance "Innkeepers enjoyed its third consecutive year of significant organic hotel growth, acquisitions and development," Fisher noted. "Forecasts by industry experts point to continued robust growth in 2007 and 2008. Our operators currently see nothing in our markets that would dampen the outlook for our portfolio over the foreseeable future. We will continue to aggressively pursue our multi-faceted strategy of internal growth, opportunistic acquisitions and development." The company provides the following range of estimates for the first quarter and full-year 2007, based on assumed RevPAR growth of 5 percent to 7 percent for the first quarter and 6 percent to 8 percent for the full year. Forecasted financial results do not include any assumptions of future acquisitions, developments, dispositions or capital markets transactions: * Net income applicable to common shareholders of $2.1 million to $3.1 million for the first quarter and $26.6 million to $30.0 million for the full year; * Diluted income per share of $0.05 to $0.07 for the first quarter and $0.56 to $0.64 for the full year; * FFO per share of $0.27 to $0.29 for the first quarter and $1.45 to $1.53 for the full year; * EBITDA of $25.5 million to $27.0 million for the first quarter and $123.5 million to $127.0 million for the full year; * Incentive management fees to Innkeepers Hospitality of $1.0 to $1.5 million for the full year (none in the first quarter); * Capital expenditures of $36 million, excluding conversions and developments See reconciliations of net income applicable to common shareholders to FFO per share, Adjusted FFO per share and Adjusted EBITDA included in the tables of this press release. FFO per share, Adjusted FFO per share, and Adjusted EBITDA are not GAAP financial measures and are discussed in further detail in this press release. The company will hold a web cast of its fourth quarter 2006 conference call today, February 22, 2007, at 10 a.m. Eastern time. Interested parties may go to the company's Web site and click on Conference Calls. They also may listen to an archived web cast of the conference call on the Web site, or may dial (800) 405-2236, pass code 11082877, to hear a telephone replay. The archived web cast and telephone replay will be available through March 1, 2007. Innkeepers USA Trust owns 75 hotels with a total of 9,904 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. For more information about Innkeepers USA Trust, visit the company's web site at http://www.innkeepersusa.com/. Included in this press release are certain "non-GAAP financial measures," within the meaning of Securities and Exchange Commission (SEC) rules and regulations, that are different from measures calculated and presented in accordance with GAAP (generally accepted accounting principles). These non- GAAP financial measures are (i) funds from operations (FFO), (ii) FFO per share, (iii) Adjusted FFO, (iv) Adjusted FFO per share, (v) net income (loss) (computed in accordance with GAAP) before interest, taxes, depreciation and amortization, common and preferred minority interests and preferred dividends (EBITDA), and (vi) Adjusted EBITDA. The following explains why we believe these measures, when considered along with earnings per share, calculated in accordance with GAAP, help provide investors with a more complete understanding of our financial and operating performance. FFO As Defined by NAREIT and Adjusted FFO The National Association of Real Estate Investment Trusts (NAREIT) adopted the definition of FFO in order to promote an industry standard measure of REIT financial and operating performance. Management believes that the presentation of FFO, FFO per share, Adjusted FFO (defined below) and Adjusted FFO per share provide useful supplemental information to investors regarding the company's financial condition and results of operations, particularly in reference to the company's ability to service debt, fund capital expenditures and pay cash dividends. Many other real estate investment trusts use FFO as a measure of their financial and operating performance, and therefore provides another basis of comparison for management. FFO, as defined, adds back historical cost depreciation. Historical cost depreciation assumes the value of real estate assets diminishes predictably over a certain period of time. In fact, real estate asset values historically have increased or decreased with market conditions. Consequently, FFO and Adjusted FFO may be useful supplemental measures in evaluating financial and operating performance by disregarding, or adding back, historical cost depreciation in the calculation of FFO and Adjusted FFO. Additionally, FFO per share and Adjusted FFO per share targets have historically been used to determine a significant portion of the incentive compensation of the company's senior management. NAREIT defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. The company calculates FFO in compliance with the NAREIT definition. The company defines Adjusted FFO as FFO (as defined by NAREIT), adjusted for non-recurring and/or non-cash items, including discontinued operations and impairment losses. FFO, Adjusted FFO, FFO per share, Adjusted FFO per share are reconciled to net income (loss) applicable to common shareholders determined in accordance with GAAP in the accompanying schedules. EBITDA and Adjusted EBITDA EBITDA is defined as net income (loss) (computed in accordance with GAAP) before interest, taxes, depreciation and amortization, common and preferred minority interests and preferred dividends. The company defines Adjusted EBITDA as EBITDA adjusted for non-recurring and/or non-cash items, including gains (losses) from sales of property, discontinued operations and impairment losses. Management believes that the presentation of EBITDA and Adjusted EBITDA provides useful supplemental information to investors regarding the company's financial condition and results of operations, particularly in reference to the company's ability to service debt, fund capital expenditures and pay cash dividends. Many other businesses measure their performance, in part, by their EBITDA results, which provide another basis for comparison between companies. EBITDA and Adjusted EBITDA are also factors in management's evaluation of the financial and operating performance of the company, hotel level performance, investment opportunities, dispositions and financing transactions. EBITDA and Adjusted EBITDA are reconciled to net income (loss) applicable to common shareholders determined in accordance with GAAP in the accompanying schedules. FFO, FFO per share, Adjusted FFO, Adjusted FFO per share, EBITDA and Adjusted EBITDA, as presented, may not be comparable to FFO, FFO per share, Adjusted FFO, Adjusted FFO per share, EBITDA and Adjusted EBITDA as calculated by other real estate companies. These measures do not reflect certain expenses that the company incurred and will incur, such as depreciation and interest (although we show such expenses in the reconciliation of these measures to their most directly comparable GAAP measures). None of these measures should be considered as an alternative to net income, net cash provided by operating activities, or any other financial and operating performance measure prescribed by GAAP. These measures should only be used in conjunction with GAAP measures. Forward-Looking Statement Safe Harbor This press release, and other publicly available information on the company, includes forward-looking statements within the meaning of federal securities law. These statements include terms such as "should", "may", "believe" and "estimate," or assumptions, estimates or forecasts about future hotel and company performance and results, and the company's future need for capital. Such statements should not be relied on because they involve risks that could cause actual results to differ materially from the company's expectations when such statements are made. Some of these risks are set forth in reports filed from time to time with the SEC and include, without limitation, (i) the company engages in a number of related party transactions that create conflicts of interest, (ii) the operational risks of the hotel business (including decreasing hotel revenues and increasing hotel expenses), (iii) risks that war, terrorism or similar activities, widespread health alerts, disruption in oil imports or higher oil prices, or changes in domestic or international political environments negatively affect the travel industry and the company, (iv) risk of declines in the performance and prospects of businesses and industries (e.g., technology, automotive, aerospace, pharmaceuticals) that are important hotel demand generators in the company's key markets (e.g. the Silicon Valley, CA, Northern NJ, Washington, DC, etc.), (v) risk that poor, declining and/or uncertain international, national, regional and/or local economic conditions will, among other things, negatively affect demand for the company's hotel rooms and the availability and terms of financing, (vi) risk that the company's ability to maintain its properties in competitive condition becomes prohibitively expensive, (vii) risk that pricing in the hotel acquisition market becomes prohibitively expensive or non- financeable and that potential acquisitions or developments do not perform in accordance with expectations, (viii) risk that the company may invest in hotels of a size or nature (e.g., upscale full service or resort) different than those it has focused on historically (e.g., upscale extended-stay, and mid-scale limited service); (ix) risks that the company may be uninsured or underinsured against property, casualty or other risks that may negatively affect its properties, or business, including but not limited to earthquakes or hurricanes; (x) risks related to an increasing focus on development, including permitting risks, increasing the proportion of company assets not producing revenue at a given time and risks that projects cost more, take longer to complete or do not perform as anticipated; (xi) changes in travel patterns or the prevailing means of commerce (i.e., e-commerce) may reduce demand for hotels in general or the company's hotels in particular, (xii) the complex tax rules that the company must satisfy to qualify as a REIT and the potentially severe consequences of failing to satisfy such requirements, and (xiii) governmental regulation that may increase the company's cost of doing business or otherwise negatively effect its business or its attractiveness as an investment and create risk of liability for non-compliance (e.g., changes in laws affecting wages, taxes or dividends, compliance with building codes, compliance with the Americans with Disabilities Act, workers compensation law changes, the Sarbanes-Oxley law, etc.). The company undertakes no obligation to update any forward-looking statement to reflect actual results, changes in the company's expectation, or for any other reason. INNKEEPERS USA TRUST CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) Three Months Ended Twelve Months Ended December 31, December 31, -------------------- -------------------- 2006 2005 2006 2005 -------------------------------------------------------------------------- Revenue: Hotel operating Rooms 68,856 56,297 266,231 232,489 Food and beverage 4,225 2,354 11,242 6,254 Telephone 382 390 1,448 1,756 Other 2,125 1,746 7,100 6,156 Corporate Other 282 130 692 526 -------------------------------------------------------------------------- Total revenue 75,870 60,917 286,713 247,181 -------------------------------------------------------------------------- Expenses: Hotel operating Rooms 14,405 12,714 54,016 49,382 Food and beverage 3,048 1,997 8,430 4,947 Telephone 892 794 3,159 2,938 Other 929 663 3,214 2,643 General and administrative 7,995 6,365 28,365 23,797 Franchise and marketing fees 4,432 3,948 18,115 16,210 Amortization of deferred franchise conversion 292 292 1,169 1,240 Advertising and promotions 3,072 2,371 9,933 8,323 Utilities 3,511 3,038 13,548 11,610 Repairs and maintenance 4,097 3,352 13,778 12,584 Management fees 2,266 1,812 8,596 7,381 Amortization of deferred lease acquisition 131 131 523 523 Insurance 403 405 1,705 1,541 Corporate Depreciation 10,908 9,130 38,909 35,356 Amortization of franchise fees 25 17 92 68 Ground rent 148 144 567 535 Interest 8,499 4,981 23,930 18,817 Amortization of loan origination fees 238 219 887 870 Property taxes and insurance 4,236 2,698 13,865 11,264 General and administrative 3,135 1,999 11,455 8,343 Other charges -- -- (446) 3,053 -------------------------------------------------------------------------- Total expenses 72,662 57,069 253,810 221,425 -------------------------------------------------------------------------- Income before minority interest and loss of unconsolidated entity 3,209 3,848 32,903 25,756 Minority interest, common 26 2 (222) (193) Minority interest, preferred -- (1,068) (2,049) (4,273) Equity in loss of unconsolidated entity (145) -- (145) -- -------------------------------------------------------------------------- Income from continuing operations 3,089 2,782 30,487 21,290 Income (loss) from discontinued operations -- (8) -- (132) Gain on sale of assets from discontinued operations -- -- 75 1,501 -------------------------------------------------------------------------- Net income 3,089 2,774 30,562 22,659 Preferred share dividends (2,900) (2,900) (11,600) (11,600) -------------------------------------------------------------------------- Net income (loss) applicable to common shareholders $189 ($126) $18,962 $11,059 -------------------------------------------------------------------------- Earnings per share data: Basic - - continuing operations $0.00 $0.00 $0.43 $0.23 -------------------------------------------------------------------------- Basic $0.00 $0.00 $0.43 $0.26 -------------------------------------------------------------------------- Basic - - weighted average shares 45,152,152 42,730,979 44,211,475 41,962,899 -------------------------------------------------------------------------- Diluted - - continuing operations $0.00 $0.00 $0.42 $0.23 -------------------------------------------------------------------------- Diluted $0.00 $0.00 $0.42 $0.26 -------------------------------------------------------------------------- Diluted - - weighted average shares 47,226,082 43,125,786 45,453,173 42,266,403 -------------------------------------------------------------------------- INNKEEPERS USA TRUST CALCULATION OF FFO, ADJUSTED FFO, EBITDA, ADJUSTED EBITDA AND RECONCILIATION TO NET INCOME APPLICABLE TO COMMON SHAREHOLDERS (in thousands, except share and per share data) Three Months Ended Twelve Months Ended December 31, December 31, 2006 2005 2006 2005 ---------------------- ---------------------- CALCULATION OF FFO Net income (loss) applicable to common shareholders $188 ($126) $18,962 $11,059 Depreciation 10,908 9,130 38,909 35,356 Depreciation in unconsolidated entity 128 -- 128 -- Gain on sale of assets from discontinued operations -- -- (75) (1,501) Minority interest, preferred -- -- 2,049 4,273 Minority interest, common (26) (2) 222 193 ---------------------- ---------------------- Diluted FFO $11,198 $9,002 $60,195 $49,380 ---------------------- ---------------------- Weighted average number of common shares and common share equivalents 47,841,212 43,125,786 47,800,218 46,911,391 ---------------------- ---------------------- FFO per share $0.23 $0.21 $1.26 $1.05 ---------------------- ---------------------- FFO 11,198 9,002 60,195 49,380 Other charges -- -- (446) 3,053 Discontinued operations -- 8 -- 132 ---------------------- ---------------------- Adjusted FFO $11,198 $9,010 $59,749 $52,565 ---------------------- ---------------------- Adjusted FFO per share $0.23 $0.21 $1.25 $1.12 ---------------------- ---------------------- Three Months Ended Twelve Months Ended December 31, December 31, 2006 2005 2006 2005 ------------------ ------------------- CALCULATION OF EBITDA Net income applicable to common shareholders $188 ($126) $18,962 $11,059 Interest 8,499 4,981 23,930 18,817 Depreciation and amortization 11,708 9,998 43,261 38,703 Depreciation in unconsolidated entity 128 -- 128 -- Minority interest, common (26) (2) 222 193 Minority interest, preferred -- 1,068 2,049 4,273 Preferred share dividends 2,900 2,900 11,600 11,600 --------------- ---------------- EBITDA $23,397 $18,819 $100,152 $84,645 --------------- ---------------- Other charges -- -- (446) 3,053 Discontinued operations -- 8 -- 132 Gain on sale of hotels included in discontinued operations -- -- (75) (1,501) --------------- ---------------- Adjusted EBITDA $23,397 $18,827 $99,631 $86,329 --------------- ---------------- INNKEEPERS USA TRUST CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) December 31, December 31, 2006 2005 ------------------------------------------------------------------------- ASSETS Investment in hotels: Land and improvements $183,132 $150,375 Buildings and improvements 963,997 754,131 Furniture and equipment 125,030 106,944 Renovations in process 25,971 4,534 Hotels under development 16,562 4,413 ------------------------------------------------------------------------- 1,314,692 1,020,397 Accumulated depreciation (265,453) (230,139) ------------------------------------------------------------------------- Net investment in hotels 1,049,239 790,258 Cash and cash equivalents 10,485 11,897 Restricted cash and cash equivalents 7,064 6,675 Investment in unconsolidated entity 4,132 -- Accounts receivable, net 5,991 6,124 Prepaid 4,249 2,478 Deferred and other 20,846 19,546 ------------------------------------------------------------------------- Total assets $1,102,006 $836,978 ------------------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY Debt $515,290 $269,426 Accounts payable and accrued expenses 26,987 15,956 Payable to manager 176 236 Franchise conversion fee obligations 9,660 10,714 Distributions payable 13,110 9,645 ------------------------------------------------------------------------- Total liabilities 565,223 305,977 Minority interest in Partnership 19,112 47,982 Shareholders' equity: Preferred shares, $0.01 par value, 20,000,000 shares authorized, 5,800,000 shares issued and outstanding 145,000 145,000 Common shares, $0.01 par value, 100,000,000 shares authorized, 45,732,800 and 42,939,086 issued and outstanding 457 429 Additional paid-in capital 507,384 460,873 Unearned compensation -- (1,939) Distributions in excess of earnings (135,170) (121,344) ------------------------------------------------------------------------- Total shareholders' equity 517,671 483,019 ------------------------------------------------------------------------- Total liabilities and shareholders' equity $1,102,006 $836,978 ------------------------------------------------------------------------- INNKEEPERS USA TRUST DEBT COMPOSITION As of December 31, 2006 (outstanding balance in thousands) Stated Outstanding Interest Maturity Encumbered DEBT Balance Rate Date Properties -------------------------------------------------------------------------- Unsecured Line of Credit(1) $107,000 6.85% September 2008 -- Industrial Revenue Bonds(1) 10,000 3.70% December 2014 -- Term Loan #1 21,962 8.17% October 2007 8 Term Loan #2 33,484 8.15% March 2009 8 Term Loan #3 27,486 7.02% April 2010 7 Term Loan #4 44,403 7.16% October 2009 6 Term Loan #5 48,749 7.75% January 2011 6 Mortgage Loan 12,310 10.35% June 2010 1 Mortgage Loan 75,000 6.03% September 2016 3 Mortgage Loan 13,700 5.41% July 2010 1 Mortgage Loan 120,000 5.98% October 2016 3 Adjustments (4) 1,196 -- -- -- TOTAL $515,290 6.78%(2) 6.3 years(3) 43(5) (1) Variable rated debt. The stated interest rate of the industrial revenue bonds includes an annual letter of credit fee of 1.25% (2) Weighted average calculated using the stated interest rate (3) Weighted average maturity of debt, excluding the unsecured line of credit (4) Adjustment to record $13 million mortgage at a fair market interest rate of 7% (the stated interest rate is 10.35%) (5) Does not include the Sheraton Raleigh, of which we own a 49% interest, which is encumbered but not consolidated INNKEEPERS USA TRUST OTHER DATA (in thousands, except shares data) December 31, December 31, 2006 2005 ------------------------------ CAPITALIZATION Common share market capitalization $746,000 $698,000 ------------------------------ Total equity market capitalization $891,000 $1,097,000 ------------------------------ Common share closing price $15.50 $16.00 ------------------------------ Common share dividend(1) $0.73 $0.46 ------------------------------ Common share dividend yield(1) 4.7% 2.9% ------------------------------ Preferred share closing price $25.22 $24.43 ------------------------------ Preferred share dividend(2) $2.00 $2.00 ------------------------------ Preferred share dividend yield(2) 7.9% 8.2% ------------------------------ DEBT COVERAGE Debt weighted average interest rate 6.8% 7.2% ------------------------------ Debt to investment in hotel properties, at cost 39% 26% ------------------------------ Debt and preferred shares to investment in hotel properties 50% 41% ------------------------------ LIQUIDITY/FLEXIBILITY Debt due 2006 -- $6,000 ------------------------------ Debt due 2007 $27,000 $91,000 ------------------------------ Debt due 2008 and thereafter $113,000 $5,000 ------------------------------ Debt due 2009 and thereafter $375,290 $167,426 ------------------------------ Unencumbered hotel assets(3) 57% 48% ------------------------------ Unsecured Line of Credit outstanding balance $107,000 $64,074 ------------------------------ Unsecured Line of Credit available balance(4) $86,500 $59,426 ------------------------------ SHARES AND UNITS OUTSTANDING Common Shares 45,732,800 42,939,086 ------------------------------ Common Partnership Units 2,415,248 666,891 ------------------------------ Preferred Partnership Units - 3,884,469 ------------------------------ Preferred Shares 5,800,000 5,800,000 ------------------------------ (1) Regular common share dividends declared for the trailing twelve months ended December 31, 2006 and 2005 (2) Regular annual preferred share dividends (3) Based upon the number of hotels, excluding the Sheraton Raleigh (4) The actual amount that may be borrowed is contingent upon many factors, such as compliance with unsecured line of credit covenants and the use of proceeds from borrowings. The $205 million unsecured line of credit available balance has been reduced by $11.5 million in letters of credit. INNKEEPERS USA TRUST HOTEL OPERATING RESULTS (UNAUDITED) Three Months Ended December 31, % December 31, 2006 2006 2005 Inc(dec) PORTFOLIO(1) ----------------------------- Average Daily Rate $112.77 $104.73 7.68% -------------------------- Occupancy 69.57% 69.77% -0.29% -------------------------- RevPAR $78.45 $73.07 7.36% -------------------------- Number of hotel properties 65 ------ Percent of total rooms 100.0% ------ Percent of room revenue 100.0% ------ BY INDUSTRY CLASSIFICATION ----------------------------- Upscale Extended Stay Average Daily Rate $113.48 $103.91 9.20% -------------------------- Occupancy 73.17% 73.74% -0.78% -------------------------- RevPAR $83.03 $76.63 8.35% -------------------------- Number of hotel properties 49 ------ Percent of total rooms 74.7% ------ Percent of room revenue 78.2% ------ Upscale(1) Average Daily Rate $142.31 $128.42 10.82% -------------------------- Occupancy 56.46% 62.32% -9.41% -------------------------- RevPAR $80.34 $80.03 0.39% -------------------------- Number of hotel properties 3 ------ Percent of total rooms 5.8% ------ Percent of room revenue 6.3% ------ Mid Priced(1) Average Daily Rate $99.35 $98.35 1.02% -------------------------- Occupancy 62.35% 59.06% 5.57% -------------------------- RevPAR $61.94 $58.08 6.64% -------------------------- Number of hotel properties 13 ------ Percent of total rooms 19.6% ------ Percent of room revenue 15.5% ------ BY FRANCHISE AFFILIATION ----------------------------- Residence Inn Average Daily Rate $113.46 $104.06 9.04% -------------------------- Occupancy 72.62% 73.26% -0.88% -------------------------- RevPAR $82.39 $76.23 8.08% -------------------------- Number of hotel properties 42 ------ Percent of total rooms 63.5% ------ Percent of room revenue 66.4% ------ Summerfield Suites(2) Average Daily Rate $105.91 $98.66 7.36% -------------------------- Occupancy 75.96% 76.38% -54.00% -------------------------- RevPAR $80.45 $75.35 6.77% -------------------------- Number of hotel properties 6 ------ Percent of total rooms 9.4% ------ Percent of room revenue 9.3% ------ Hampton Inn Average Daily Rate $102.05 $98.34 3.78% -------------------------- Occupancy 62.32% 57.37% 8.64% -------------------------- RevPAR $63.60 $56.41 12.74% -------------------------- Number of hotel properties 11 ------ Percent of total rooms 16.7% ------ Percent of room revenue 13.4% ------ BY MANAGEMENT COMPANY ----------------------------- Innkeepers Hospitality Management Average Daily Rate $113.07 $105.18 7.50% -------------------------- Occupancy 70.29% 70.05% 0.34% -------------------------- RevPAR $79.47 $73.68 7.86% -------------------------- Number of hotel properties 64 ------ Percent of total rooms 97.3% ------ Percent of room revenue 97.5% ------ Third Party Managed Average Daily Rate $93.87 $84.63 10.92% -------------------------- Occupancy 42.31% 59.13% -28.46% -------------------------- RevPAR $39.71 $50.04 -20.65% -------------------------- Number of hotel properties 1 ------ Percent of total rooms 2.7% ------ Percent of room revenue 2.5% ------ BY GEOGRAPHIC REGION ----------------------------- New England [ME, NH, VT, MA, CT, RI] Average Daily Rate $109.29 $106.92 2.22% -------------------------- Occupancy 68.48% 65.15% 5.11% -------------------------- RevPAR $74.84 $69.65 7.45% -------------------------- Number of hotel properties 4 ------ Percent of total rooms 4.6% ------ Percent of room revenue 4.4% ------ Middle Atlantic [NY, NJ, PA] Average Daily Rate $120.65 $116.34 3.71% -------------------------- Occupancy 71.65% 67.17% 6.68% -------------------------- RevPAR $86.45 $78.14 10.63% -------------------------- Number of hotel properties 10 ------ Percent of total rooms 14.2% ------ Percent of room revenue 14.1% ------ South Atlantic [DE, MD, WV, DC, VA, NC, SC, GA, FL] Average Daily Rate $112.53 $108.07 4.13% -------------------------- Occupancy 61.85% 67.66% -8.58% -------------------------- RevPAR $69.60 $73.12 -4.81% -------------------------- Number of hotel properties 15 ------ Percent of total rooms 23.9% ------ Percent of room revenue 23.5% ------ East North Central [OH, MI, IN, IL, WI] Average Daily Rate $98.24 $90.03 9.12% -------------------------- Occupancy 65.92% 68.00% -3.05% -------------------------- RevPAR $64.76 $61.22 5.79% -------------------------- Number of hotel properties 12 ------ Percent of total rooms 16.7% ------ Percent of room revenue 13.9% ------ East South Central(1) [KY, TN, AL, MS] Average Daily Rate $96.58 $94.34 2.37% -------------------------- Occupancy 69.97% 54.79% 27.72% -------------------------- RevPAR $67.58 $51.68 30.75% -------------------------- Number of hotel properties 2 ------ Percent of total rooms 2.2% ------ Percent of room revenue 1.9% ------ West North Central [MN, IA, MO, KS, NE, SD, ND] Average Daily Rate $84.90 $81.04 4.76% -------------------------- Occupancy 81.30% 77.16% 5.37% -------------------------- RevPAR $69.02 $62.53 10.39% -------------------------- Number of hotel properties 1 ------ Percent of total rooms 0.8% ------ Percent of room revenue 0.7% ------ West South Central [AR, LA, OK, TX] Average Daily Rate $108.17 $95.41 13.37% -------------------------- Occupancy 74.48% 78.02% -4.54% -------------------------- RevPAR $80.56 $74.44 8.22% -------------------------- Number of hotel properties 5 ------ Percent of total rooms 8.7% ------ Percent of room revenue 8.5% ------ Mountain [MT, ID, WY, CO, UT, NM, AZ, NV] Average Daily Rate $101.40 $89.03 13.90% -------------------------- Occupancy 71.52% 73.56% -2.78% -------------------------- RevPAR $72.52 $65.49 10.73% -------------------------- Number of hotel properties 2 ------ Percent of total rooms 3.6% ------ Percent of room revenue 3.3% ------ Pacific [WA, OR, CA, AK, HI] Average Daily Rate $123.44 $110.94 11.27% -------------------------- Occupancy 75.62% 74.51% 1.49% -------------------------- RevPAR $93.34 $82.66 12.92% -------------------------- Number of hotel properties 14 ------ Percent of total rooms 25.4% ------ Percent of room revenue 29.7% ------ BY SELECTED MSA ----------------------------- Atlanta Average Daily Rate $107.61 $105.08 2.41% -------------------------- Occupancy 68.30% 70.85% -3.60% -------------------------- RevPAR $73.50 $74.45 -1.28% -------------------------- Number of hotel properties 2 ------ Percent of total rooms 3.5% ------ Percent of room revenue 3.4% ------ Boston Average Daily Rate $103.97 $98.14 5.94% -------------------------- Occupancy 59.88% 54.53% 9.80% -------------------------- RevPAR $62.26 $53.52 16.33% -------------------------- Number of hotel properties 1 ------ Percent of total rooms 1.3% ------ Percent of room revenue 0.9% ------ Chicago Average Daily Rate $105.49 $92.09 14.55% -------------------------- Occupancy 65.61% 66.64% -1.56% -------------------------- RevPAR $69.21 $61.37 12.77% -------------------------- Number of hotel properties 4 ------ Percent of total rooms 7.1% ------ Percent of room revenue 6.1% ------ Dallas/Ft. Worth Average Daily Rate $95.82 $87.37 9.68% -------------------------- Occupancy 73.53% 78.34% -6.14% -------------------------- RevPAR $70.46 $68.45 2.94% -------------------------- Number of hotel properties 4 ------ Percent of total rooms 6.8% ------ Percent of room revenue 6.0% ------ Denver Average Daily Rate $101.40 $89.03 13.90% -------------------------- Occupancy 71.52% 73.56% -2.78% -------------------------- RevPAR $72.52 $65.49 10.73% -------------------------- Number of hotel properties 2 ------ Percent of total rooms 3.6% ------ Percent of room revenue 3.3% ------ Detroit Average Daily Rate $95.93 $90.23 6.32% -------------------------- Occupancy 65.01% 72.26% -10.03% -------------------------- RevPAR $62.36 $65.20 -4.35% -------------------------- Number of hotel properties 3 ------ Percent of total rooms 4.5% ------ Percent of room revenue 3.7% ------ Hartford Average Daily Rate $112.40 $112.40 0.00% -------------------------- Occupancy 73.83% 72.83% 1.38% -------------------------- RevPAR $82.99 $81.85 1.38% -------------------------- Number of hotel properties 2 ------ Percent of total rooms 2.4% ------ Percent of room revenue 2.5% ------ Philadelphia Average Daily Rate $107.24 $101.96 5.18% -------------------------- Occupancy 79.52% 74.46% 6.80% -------------------------- RevPAR $85.28 $75.92 12.33% -------------------------- Number of hotel properties 4 ------ Percent of total rooms 5.8% ------ Percent of room revenue 5.7% ------ Richmond Average Daily Rate $100.94 $94.84 6.42% -------------------------- Occupancy 76.04% 74.23% 2.44% -------------------------- RevPAR $76.75 $70.40 9.02% -------------------------- Number of hotel properties 2 ------ Percent of total rooms 2.3% ------ Percent of room revenue 2.3% ------ San Francisco/San Jose/Oakland (Silicon valley) Average Daily Rate $125.32 $111.99 11.91% -------------------------- Occupancy 75.20% 72.57% 3.63% -------------------------- RevPAR $94.24 $81.27 15.97% -------------------------- Number of hotel properties 8 ------ Percent of total rooms 15.0% ------ Percent of room revenue 17.6% ------ Seattle/Portland Average Daily Rate $123.71 $109.34 13.14% -------------------------- Occupancy 77.26% 74.83% 3.25% -------------------------- RevPAR $95.58 $81.83 16.81% -------------------------- Number of hotel properties 4 ------ Percent of total rooms 6.3% ------ Percent of room revenue 7.6% ------ Washington, D.C. Average Daily Rate $146.87 $135.88 8.09% -------------------------- Occupancy 64.83% 67.50% -3.96% -------------------------- RevPAR $95.21 $91.71 3.81% -------------------------- Number of hotel properties 4 ------ Percent of total rooms 6.7% ------ Percent of room revenue 8.3% ------ Twelve Months Ended December 31, % 2006 2005 Inc(dec) --------------------------------- PORTFOLIO(1) ----------------------------- Average Daily Rate $111.54 $103.82 7.44% --------------------------------- Occupancy 74.82% 75.18% -0.48% --------------------------------- RevPAR $83.45 $78.05 6.92% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue BY INDUSTRY CLASSIFICATION ----------------------------- Upscale Extended Stay Average Daily Rate $112.38 $103.84 8.22% --------------------------------- Occupancy 77.74% 78.18% -0.56% --------------------------------- RevPAR $87.36 $81.18 7.61% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue Upscale(1) Average Daily Rate $135.10 $123.57 9.33% --------------------------------- Occupancy 67.75% 68.54% -1.16% --------------------------------- RevPAR $91.52 $84.70 8.06% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue Mid Priced(1) Average Daily Rate $100.61 $97.66 3.02% --------------------------------- Occupancy 65.73% 65.68% 0.08% --------------------------------- RevPAR $66.13 $64.14 3.10% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue BY FRANCHISE AFFILIATION ----------------------------- Residence Inn Average Daily Rate $112.63 $103.98 8.31% --------------------------------- Occupancy 77.50% 77.62% -0.15% --------------------------------- RevPAR $87.29 $80.71 8.15% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue Summerfield Suites(2) Average Daily Rate $105.00 $103.98 8.31% --------------------------------- Occupancy 78.87% 77.62% -15.00% --------------------------------- RevPAR $82.81 $80.71 8.15% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue Hampton Inn Average Daily Rate $102.68 $97.81 4.97% --------------------------------- Occupancy 65.44% 64.42% 1.59% --------------------------------- RevPAR $67.19 $63.01 6.64% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue BY MANAGEMENT COMPANY ----------------------------- Innkeepers Hospitality Management Average Daily Rate $111.16 $103.67 7.22% --------------------------------- Occupancy 75.21% 75.58% -0.49% --------------------------------- RevPAR $83.60 $78.35 6.70% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue Third Party Managed Average Daily Rate $128.61 $110.53 16.36% --------------------------------- Occupancy 60.80% 61.02% -0.36% --------------------------------- RevPAR $78.19 $67.44 15.94% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue BY GEOGRAPHIC REGION ----------------------------- New England [ME, NH, VT, MA, CT, RI] Average Daily Rate $110.80 $106.57 3.96% --------------------------------- Occupancy 71.20% 70.39% 1.15% --------------------------------- RevPAR $78.89 $75.02 5.16% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue Middle Atlantic [NY, NJ, PA] Average Daily Rate $111.55 $108.88 2.45% --------------------------------- Occupancy 74.58% 74.36% 0.29% --------------------------------- RevPAR $83.19 $80.97 2.74% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue South Atlantic [DE, MD, WV, DC, VA, NC, SC, GA, FL] Average Daily Rate $117.82 $109.35 7.74% --------------------------------- Occupancy 69.67% 72.82% -4.33% --------------------------------- RevPAR $82.09 $79.63 3.08% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue East North Central [OH, MI, IN, IL, WI] Average Daily Rate $96.94 $91.62 5.81% --------------------------------- Occupancy 71.73% 71.57% 0.23% --------------------------------- RevPAR $69.54 $65.57 6.05% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue East South Central(1) [KY, TN, AL, MS] Average Daily Rate $92.87 $88.18 5.31% --------------------------------- Occupancy 78.10% 79.68% -1.98% --------------------------------- RevPAR $72.53 $70.26 3.23% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue West North Central [MN, IA, MO, KS, NE, SD, ND] Average Daily Rate $84.22 $81.66 3.13% --------------------------------- Occupancy 87.48% 83.89% 4.29% --------------------------------- RevPAR $73.67 $68.51 7.55% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue West South Central [AR, LA, OK, TX] Average Daily Rate $104.67 $93.30 12.19% --------------------------------- Occupancy 78.33% 81.92% -4.38% --------------------------------- RevPAR $81.99 $76.43 7.27% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue Mountain [MT, ID, WY, CO, UT, NM, AZ, NV] Average Daily Rate $100.46 $92.58 8.51% --------------------------------- Occupancy 76.26% 76.00% 0.35% --------------------------------- RevPAR $76.61 $70.36 8.89% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue Pacific [WA, OR, CA, AK, HI] Average Daily Rate $121.38 $110.63 9.72% --------------------------------- Occupancy 80.37% 78.01% 3.03% --------------------------------- RevPAR $97.56 $86.30 13.05% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue BY SELECTED MSA ----------------------------- Atlanta Average Daily Rate $107.93 $99.18 8.82% --------------------------------- Occupancy 74.33% 73.67% 0.90% --------------------------------- RevPAR $80.23 $73.07 9.80% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue Boston Average Daily Rate $103.10 $95.35 8.13% --------------------------------- Occupancy 60.44% 57.59% 4.96% --------------------------------- RevPAR $62.32 $54.91 13.49% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue Chicago Average Daily Rate $101.61 $93.10 9.14% --------------------------------- Occupancy 71.24% 69.20% 2.94% --------------------------------- RevPAR $72.38 $64.43 12.35% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue Dallas/Ft. Worth Average Daily Rate $94.57 $84.33 12.14% --------------------------------- Occupancy 77.83% 82.44% -5.59% --------------------------------- RevPAR $73.61 $69.53 5.87% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue Denver Average Daily Rate $100.46 $92.58 8.51% --------------------------------- Occupancy 76.26% 76.00% 0.35% --------------------------------- RevPAR $76.61 $70.36 8.89% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue Detroit Average Daily Rate $98.07 $93.58 4.80% --------------------------------- Occupancy 69.06% 74.47% -7.27% --------------------------------- RevPAR $67.73 $69.69 -2.82% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue Hartford Average Daily Rate $114.24 $112.58 1.48% --------------------------------- Occupancy 75.17% 73.79% 1.88% --------------------------------- RevPAR $85.88 $83.07 3.38% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue Philadelphia Average Daily Rate $104.66 $101.64 2.97% --------------------------------- Occupancy 78.72% 78.19% 0.68% --------------------------------- RevPAR $82.39 $79.47 3.67% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue Richmond Average Daily Rate $103.76 $95.40 8.76% --------------------------------- Occupancy 79.29% 80.53% -1.54% --------------------------------- RevPAR $82.27 $76.83 7.08% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue San Francisco/San Jose/Oakland (Silicon valley) Average Daily Rate $121.50 $110.63 9.83% --------------------------------- Occupancy 80.64% 74.25% 8.60% --------------------------------- RevPAR $97.98 $82.14 19.27% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue Seattle/Portland Average Daily Rate $123.33 $109.14 13.00% --------------------------------- Occupancy 81.09% 82.53% -1.74% --------------------------------- RevPAR $100.01 $90.07 11.03% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue Washington, D.C. Average Daily Rate $145.37 $134.05 8.45% --------------------------------- Occupancy 70.72% 71.84% -1.57% --------------------------------- RevPAR $102.80 $96.31 6.75% --------------------------------- Number of hotel properties Percent of total rooms Percent of room revenue (1) Hotel operating results exclude one hotel property acquired in June 2003 which is closed for conversion to a Courtyard hotel, one hotel property acquired in June 2004 which was converted and opened as a Hampton Inn hotel in August 2005, one hotel property acquired in February 2005 which is closed for conversion to a Courtyard hotel, one Westin hotel acquired in May 2005, the Bullfinch hotel acquired in November 2005 and the six hotels acquired during the fourth quarter of 2006. For the quarter, it excludes the two Courtyard conversions, the Bullfinch hotel and the six hotels acquired during the fourth quarter of 2006. The percentage of total rooms and room revenue calculations are based on the 65 comparable hotels for the twelve months ended December 31, 2006. (2) Includes the Sunrise Suites Tinton Falls, NJ. Contact: Dennis Craven (Company) Jerry Daly or Carol McCune Chief Financial Officer Daly Gray (Media) (561) 227-1302 (703) 435-6293 DATASOURCE: Innkeepers USA Trust CONTACT: Dennis Craven, Chief Financial Officer of Innkeepers USA Trust, +1-561-227-1302; or Media: Jerry Daly or Carol McCune of Daly Gray, +1-703-435-6293, for Innkeepers USA Trust

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