TRANSACTIONS

Highland Hospitality Corp.

JER Partners Acquisitions IV, LLC is acquiring Highland Hospitality Corp. for $2 billion in cash. Counsel in the deal, which also includes JER's assumption of about $260 million in Highland debt, is Venable LLP, its attorneys James Hanks Jr. and Jeffrey M. Keehn.

Hilton Hotels

Hilton Hotels Corp. will sell up to 10 hotels representing up to 3,300 rooms to a fund managed by Morgan Stanley Real Estate. The value of the deal is about 556 million Euros, or $770 million. Net proceeds will be used to pay down debt.

Innkeepers USA Trust

Apollo Investment Corp. entered into an agreement to buy Innkeepers USA Trust, a real estate investment trust focused on brands such as Residence Inns, Summerfield Suites and Hampton Inns. The purchase price is $1.5 billion in cash, representing $17.75 per share, plus assumption of Innkeepers' indebtedness.

Microtel Syracuse

The Mumford Company represented Essex Microtel Carrier Circle, LP in the recent $2.925-million sale of the 99-unit Microtel Inn in Syracuse to Proximity Holdings. David Mumford, Lance Potter and Tom Sommer facilitated the deal, the first hotel purchase for Proximity Holdings. The Microtel affiliation will remain.

Red Roof Inns

Accor sold Red Roof Inns for $1.32 billion to a consortium comprised of Citi's Global Special Situations Group and Westbridge Hospitality Fund, LP. The sale covers 326 properties representing 35,238 rooms. It aims to reduce Accor's debt by 830 million Euros, or $1.908 billion, and allow Accor to focus on a single brand, economy segment leader Motel 6.

Sheraton Oklahoma City

Neptune Hospitality Advisors arranged senior financing in the form of a fixed-rate, interest-only loan to American Property Management Corp. so it could buy the 395-room Sheraton Oklahoma City Hotel in Oklahoma City, OK. Neptune negotiated the $32 million loan with a global investment bank. The hotel will remain a Sheraton.

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