EXHIBIT 21.1
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SUBSIDIARIES
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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 is the sole general partner. 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. The Company also
has a taxable REIT subsidiary which leases one of the Company's hotels.
