Five Mile to Buy $700M in Red Roof Debt to Take Over 143 Inns
From Bloomberg
Five Mile to Buy $700M in Red Roof Debt to Take Over 143 Inns
A joint venture led by Five Mile Capital Partners LLC gained control of 143 hotels by acquiring $700 million of Red Roof Inns Inc. debt, according to a person familiar with the transaction. Five Mile and Westmont Hospitality Group bought the loans on Aug. 25, said Andrew Alexander, president of Columbus, Ohio-based Red Roof Inns. The debt was purchased for 50 cents on the dollar, said the person familiar with the deal, who declined to be identified because the transaction’s private. Click here for the full story.
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