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Embassy Suites Valencia sold in auction

Posted: June 10, 2011 1:11 p.m.
Updated: June 10, 2011 1:11 p.m.

The local Embassy Suites Valencia hotel was included in an auction sale of 64 hotels owned by Innkeepers USA Trust. The group of hotels had been in bankruptcy.

In a joint venture, Cerberus Capital Management LP and Chatham Lodging Trust placed the winning bid of about $1.13 billion. The bankruptcy court is expected to make its final ruling on the offer June 23.

Guests should not notice any changes in the operations of the hotel as management will remain the same as it has since 2007.

The hotels will continue to be managed by Island Hospitality Management, a third party hotel management company. Island Hospitality 90 percent owned by Chatham, a hotel real estate investment company.\

Innkeepers hotels were founded in 1994 by Jeffery Fisher, who is now CEO and president of Chatham. Investors made 316 percent on their money in the years before real estate prices tumbled.

"Our ability to work with Innkeepers founder and former CEO Jeff Fisher, now CEO at Chatham, is great news for the company and for its employees," said Tim Price, managing director at Cerberus.



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