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EXHIBIT 21.1
SUBSIDIARIES
Innkeepers USA Trust, a Maryland real estate investment trust (the
"Company"), operates principally through two entities, (i) Innkeepers Financial
Corporation, a Virginia corporation ("IFC"), which is a wholly-owned subsidiary
of the Company, and (ii) Innkeepers USA Limited Partnership, a Virginia limited
partnership (the "Partnership"), of which IFC owns an approximately 82.1%
interest. All of the Company's hotels are owned by the Partnership or
subsidiary limited partnerships which are owned 99% by the Partnership and 1%
by either the Company directly or corporations which are wholly-owned by the
Company.
