Three years after teaming up to advise on the $1.1 billion bankruptcy sale of a portfolio of hotel properties from Innkeepers USA Trust, Schulte Roth & Zabel and Wachtell, Lipton, Rosen & Katz have grabbed lead advisory roles on a $1.3 billion joint venture restructuring deal for some of those same assets.
Private equity giant Cerberus Capital Management and Chatham Lodging Trust announced on May 9 that they will sell 47 properties they purchased from bankrupt Innkeepers USA to Chatham and fellow real estate investment trust NorthStar Realty Finance Corp., according to sibling publication GlobeSt, which notes that the assets were put up for sale in January.
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