M&A Deal Summary

NorthStar Realty Finance Acquires Innkeepers USA

On May 12, 2014, NorthStar Realty Finance acquired real estate company Innkeepers USA from Cerberus Capital Management

Acquisition Highlights
  • This is NorthStar Realty Finance’s 1st transaction in the Real Estate sector.
  • This is NorthStar Realty Finance’s 1st transaction in the United States.
  • This is NorthStar Realty Finance’s 1st transaction in Florida.

M&A Deal Summary

Date 2014-05-12
Target Innkeepers USA
Sector Real Estate
Buyer(s) NorthStar Realty Finance
Sellers(s) Cerberus Capital Management
Deal Type Add-on Acquisition

Target

Innkeepers USA

Palm Beach, Florida, United States
Innkeepers USA is an owner of upscale and extended-stay hotel properties throughout the U.S. Innkeepers USA owns seventy-six hotels with 10,259 rooms in the United States.

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Buyer(S) 1

Buyer

NorthStar Realty Finance

New York, New York, United States

Category Company
Founded 2004
Sector Real Estate
Revenue 1.8B USD (2015)
DESCRIPTION

NorthStar Realty Finance Corp. (NorthStar) is a publicly-traded, diversified commercial real estate company that is organized as a REIT. NorthStar is based in New York . Company primary business objectives are to make diversified real estate-related investments that produce attractive risk-adjusted returns, generate stable cash flows for distribution to stockholders and build long-term franchise value.


DEAL STATS #
Overall 1 of 1
Sector: Real Estate M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 1
State: Florida M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2014 M&A 1 of 1

Seller(S) 1

SELLER

Cerberus Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1992
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Cerberus Capital Management is a private investment firm that targets a wide range of global investments. Cerberus primarily looks for undervalued or distressed situations. Industry sectors of interest include aerospace and defense, apparel, automotive and industrial, building products, commercial services, consumer and retail, financial services, healthcare, manufacturing and distribution, paper, packaging, and printing, real estate, technology, telecommunications, transportation, and travel. In addition to private equity investing, Cerberus also provides corporate credit and acquires real estate. Cerberus was formed in 1992 by Steve Feinberg and is based in New York City.


DEAL STATS #
Overall 25 of 57
Sector: Real Estate M&A 1 of 1
Type: Add-on Acquisition M&A Deals 12 of 29
State: Florida M&A 1 of 3
Country: United States M&A 18 of 39
Year: 2014 M&A 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-10 Ally

Detroit, Michigan, United States

Ally is an automotive financial services company. Ally's automotive services business offers a full suite of financing products and services, including new and used vehicle inventory and consumer financing, leasing, inventory insurance, commercial loans and vehicle remarketing services. Ally was incorporated 1919 and is headquartered in Detroit, Michigan.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-04 Deb Shops

Philadelphia, Pennsylvania, United States

Deb Shops is a mall-based, specialty retailer of fashionable, value-priced apparel and accessories for junior females in both regular and plus sizes. Headquartered in Philadelphia, PA, the Company operates over 340 stores in the U.S. principally under two store formats: junior only and junior / plus combination.

Sell -