Innkeepers USA Trust and Apollo Investment Corporation Announce Acquisition Closing

Jun 29, 2007, 01:00 ET from Innkeepers USA Trust

    PALM BEACH, Fla., and NEW YORK, June 29 /PRNewswire-FirstCall/ --
 Innkeepers USA Trust ("Innkeepers") (NYSE:   KPA), a hotel real estate
 investment trust (REIT) and Apollo Investment Corporation ("AIC") (Nasdaq:  
 AINV) today announced the closing of the previously announced acquisition
 of Innkeepers by Grand Prix Holdings LLC, an affiliate of AIC ("Grand
 Prix"). The Agreement and Plan of Merger was approved at a special meeting
 of the common shareholders on June 26, 2007. Under the terms of the
 agreement, Grand Prix will acquire Innkeepers for $17.75 per common share
 in cash, plus the assumption of Innkeepers' indebtedness.
     ABOUT INNKEEPERS USA TRUST
     Innkeepers USA Trust owns 74 hotels with a total of 9,808 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, visit the
 company's website at www.innkeepersusa.com.
     ABOUT APOLLO INVESTMENT CORPORATION
     Apollo Investment Corporation, or AIC, is a closed-end investment
 company that has elected to be treated as a business development company
 under the Investment Company Act of 1940. AIC's investment portfolio is
 principally in middle-market private companies. AIC invests primarily in
 mezzanine loans and senior secured loans in furtherance of its business
 plan and also invests in the equity of portfolio companies. AIC is managed
 by Apollo Investment Management, L.P., an affiliate of Apollo Management,
 L.P., a leading private equity investor.
     Forward-Looking Statements
     This press release contains "forward-looking statements" within the
 meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
 Securities Exchange Act of 1934. All statements other than statements of
 historical facts included in this press release are forward-looking
 statements. All forward-looking statements speak only as of the date of
 this press release. Such forward-looking statements involve known and
 unknown risks, uncertainties and other factors that may cause the actual
 results, performance, achievements or transactions of Innkeepers or AIC and
 their respective affiliates or industry results or the benefits of the
 proposed transaction to be materially different from any future results,
 performance, achievements or transactions expressed or implied by such
 forward-looking statements.
     Additional information or factors which could impact the company and
 the forward-looking statements contained herein are included in Innkeepers'
 and AIC's filings with the Securities and Exchange Commission. Neither
 Innkeepers nor AIC assumes any obligation to update or supplement
 forward-looking statements that become untrue because of subsequent events.
     Contact:
     Innkeepers USA Trust
     Dennis Craven, 561-227-1302
     Chief Financial Officer
     or
     Mark Murphy, 561-227-1336
     General Counsel and Secretary
 
     or
 
     Apollo Investment Corporation
     Richard L. Peteka, 212-515-3488
     or
     Sard Verbinnen & Co
     Anna Cordasco/Jonathan Gasthalter, 212-687-8080
 
 

SOURCE Innkeepers USA Trust
    PALM BEACH, Fla., and NEW YORK, June 29 /PRNewswire-FirstCall/ --
 Innkeepers USA Trust ("Innkeepers") (NYSE:   KPA), a hotel real estate
 investment trust (REIT) and Apollo Investment Corporation ("AIC") (Nasdaq:  
 AINV) today announced the closing of the previously announced acquisition
 of Innkeepers by Grand Prix Holdings LLC, an affiliate of AIC ("Grand
 Prix"). The Agreement and Plan of Merger was approved at a special meeting
 of the common shareholders on June 26, 2007. Under the terms of the
 agreement, Grand Prix will acquire Innkeepers for $17.75 per common share
 in cash, plus the assumption of Innkeepers' indebtedness.
     ABOUT INNKEEPERS USA TRUST
     Innkeepers USA Trust owns 74 hotels with a total of 9,808 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, visit the
 company's website at www.innkeepersusa.com.
     ABOUT APOLLO INVESTMENT CORPORATION
     Apollo Investment Corporation, or AIC, is a closed-end investment
 company that has elected to be treated as a business development company
 under the Investment Company Act of 1940. AIC's investment portfolio is
 principally in middle-market private companies. AIC invests primarily in
 mezzanine loans and senior secured loans in furtherance of its business
 plan and also invests in the equity of portfolio companies. AIC is managed
 by Apollo Investment Management, L.P., an affiliate of Apollo Management,
 L.P., a leading private equity investor.
     Forward-Looking Statements
     This press release contains "forward-looking statements" within the
 meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
 Securities Exchange Act of 1934. All statements other than statements of
 historical facts included in this press release are forward-looking
 statements. All forward-looking statements speak only as of the date of
 this press release. Such forward-looking statements involve known and
 unknown risks, uncertainties and other factors that may cause the actual
 results, performance, achievements or transactions of Innkeepers or AIC and
 their respective affiliates or industry results or the benefits of the
 proposed transaction to be materially different from any future results,
 performance, achievements or transactions expressed or implied by such
 forward-looking statements.
     Additional information or factors which could impact the company and
 the forward-looking statements contained herein are included in Innkeepers'
 and AIC's filings with the Securities and Exchange Commission. Neither
 Innkeepers nor AIC assumes any obligation to update or supplement
 forward-looking statements that become untrue because of subsequent events.
     Contact:
     Innkeepers USA Trust
     Dennis Craven, 561-227-1302
     Chief Financial Officer
     or
     Mark Murphy, 561-227-1336
     General Counsel and Secretary
 
     or
 
     Apollo Investment Corporation
     Richard L. Peteka, 212-515-3488
     or
     Sard Verbinnen & Co
     Anna Cordasco/Jonathan Gasthalter, 212-687-8080
 
 SOURCE Innkeepers USA Trust

RELATED LINKS

http://www.innkeepersusa.com