UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK ------------------------------------------------------------In re: INNKEEPERS USA TRUST, et al., Debtors.

-------------------------------------------------------------

X : : Chapter 11 : : Case No. 10-13800 (SCC) : : (Jointly Administered) : X

NOTICE OF FEE STATEMENT OF JEFFERIES & COMPANY, INC. FOR THE PERIOD FROM NOVEMBER 1, 2010 THROUGH NOVEMBER 30, 2010

Name of applicant: Authorized to provide professional services to: Date of retention: Period for which compensation and reimbursement is sought: Amount of compensation sought as actual, reasonable, necessary:

Jefferies & Company, Inc. (Jefferies) The Official Committee of Unsecured Creditors October 1, 2010 (nunc pro tunc to July 30, 2010) November 1, 2010 through November 30, 2010

$125,000.00

Amount of expense reimbursement sought as actual, reasonable, necessary: $20,283.22 This is a(n): Monthly Application

This is Jefferies & Company, Inc.s (Jefferies) third monthly application for compensation and reimbursement of expenses (the Application) as financial advisor to the Official Committee of Unsecured Creditors (the Committee), for the period from November 1, 2010 through and including November 30, 2010.

This Application is filed pursuant to the Order Authorizing the Establishment of Procedures for Interim Compensation and Reimbursement of Expenses for Professionals and Official Committee Members, dated August 12, 2010 (the Interim Compensation Order). By this Application, which covers the period from November 1, 2010 through and including November 30, 2010, Jefferies requests compensation for fees of $125,000.00, subject to the 20% holdback required by the Interim Compensation Order, and reimbursement of expenses totaling $20,283.22. Notice of this Application will be provided to: (i) the Debtors; (ii) Counsel to the Debtors; (iii) Counsel to the Official Committee of Unsecured Creditors; (iv) Counsel to Midland Loan Services, Inc.; (v) Counsel to Certain Prepetition Lenders (each as defined in the Interim Compensation Order); and (vi) the Office of the United States Trustee for the purpose of reviewing fees and expenses.

Dated:

January 13,2011 Jefferies & Company, Inc. 1

7

zmg r Managing Direct Jefferies & Com any, Inc. 520 Madison Avenue, ih Floor New York, NY 10022 Tel: (212) 323-3918

In re Innkeepers USA Trust 10-13800 (SCC) Service List Innkeepers USA Trust 340 Poinciana Way, Suite 306 Palm Beach, Florida 33480 Attn: Mark Murphy Kirkland & Ellis LLP Counsel to the Debtors 601 Lexington Avenue New York, NY 10022 Attn: Jennifer Marines, Esq. Kirkland & Ellis LLP Counsel to the Debtors 300 North LaSalle Street Chicago, IL 60654 Attn: Marc J. Carmel, Esq. Morrison & Foerster LLP Counsel to the Official Committee of Unsecured Creditors 1290 Avenue of the Americas New York, NY 10104 Attn: Jordan Wishnew, Esq. Haynes & Boone, LLP Counsel to Midland Loan Service, Inc. 1221 Avenue of the Americas New York, NY 10020 Attn: Lenard M. Parkins, Esq. and John D. Penn, Esq. Bryan Cave LLP Counsel to Certain Prepetition Lenders 1290 Avenue of the Americas New York, NY 10104 Attn: Lawrence P. Gottesman, Esq. Duane Morris LLP One Market Plaza, Spear Tower, Suite 2200 San Francisco, CA 94105 Attn: Phillip K. Wang, Esq. The Office of the U.S. Trustee 33 Whitehall St., Suite 2100, New York, New York 10044 Attn: Paul Schwartzberg, Esq.

EXHIBIT A

INVOICE

Jefferies & Company, Inc. 520 Madison Avenue 12th Floor New York, NY 10022

Invoice Number: 8231 Invoice Date: 01/13/2011 Reference #: INN04100IB Terms: Immediate Official Committee of Unsecured Creditors of Innkeepers USA Trust, et al. c/o Morrison & Foerster, LLP 1290 Avenue of the Americas New York, NY 10104-0050 Attention: Keith Venezie Co-Chairman

For services rendered in accordance with our engagement letter dated September 8, 2010

Monthly Fee: November 1, 2010 - November 30, 2010 (Less 20% Holdback) Total Fee: Expenses: Legal Services Meals Research Reports Phone/Fax Transportation - Ground Total Out-of-Pocket Expenses:

$125,000.00 ($25,000.00) $100,000.00

$18,622.99 $859.83 $400.00 $25.98 $374.42 $20,283.22

TOTAL DUE
Payment Details Wire Instructions Bank of New York ABA #021000018 A/C: Jefferies & Company, Inc. A/C: #890-065-2772 Reference: INN04100IB_8231 Innkeepers Check Payment Instructions Jefferies & Company, Inc. 11100 Santa Monica Blvd. 12th Floor Los Angeles, CA 90025

$120,283.22

EXHIBIT B

Jefferies & Company, Inc.

Summary of Hours Worked
November 1, 2010 - November 30, 2010

Name Leon Szlezinger Frank Merola

Position Managing Director, Recapitalization and Restructuring Group Managing Director, Recapitalization and Restructuring Group

Hours Worked 49.5 17.5 53.5 119.5 77.5 105.5 Total 423.0

Alexander Rohan Senior Vice President, Recapitalization and Restructuring Group John D'Amico Sunil Suri Patrick Morrow Associate, Recapitalization and Restructuring Group Associate, Generalist Analyst, Recapitalization and Restructuring Group

Other Jefferies professionals who participated but do not keep hours: Justin Despirito Legal Counsel

EXHIBIT C

Jefferies & Company, Inc.

Breakdown of Expenses November 1, 2010 November 30, 2010 Exhibit C

EXPENSES: Legal Services Meals Research Reports Phone/Fax Transportation Ground TOTAL $18,622.99 $859.83 $400.00 $25.98 $374.42 $20,283.22

BANKER
PATRICK T. MORROW JOHN D'AMICO PATRICK T. MORROW SUNIL SURI JOHN D'AMICO JOHN D'AMICO PATRICK T. MORROW SUNIL SURI SUNIL SURI JOHN D'AMICO SUNIL SURI PATRICK T. MORROW JOHN D'AMICO ALEXANDER V ROHAN JOHN D'AMICO PATRICK T. MORROW SUNIL SURI SUNIL SURI PATRICK T. MORROW SUNIL SURI JOHN D'AMICO SUNIL SURI PATRICK T. MORROW JOHN D'AMICO SUNIL SURI PATRICK T. MORROW PATRICK T. MORROW JOHN D'AMICO LEON SZLEZINGER PATRICK T. MORROW PATRICK T. MORROW DAVID BRACKUS DAVID BRACKUS PATRICK T. MORROW SUNIL SURI JOHN D'AMICO PATRICK T. MORROW SUNIL SURI SUNIL SURI SUNIL SURI PATRICK T. MORROW PATRICK T. MORROW PATRICK T. MORROW PATRICK T. MORROW JOHN D'AMICO PATRICK T. MORROW JOHN D'AMICO PATRICK T. MORROW PATRICK T. MORROW SNR DENTON US LLP PATRICK T. MORROW JOHN D'AMICO

CATEGORY
Meals Meals Meals Meals Meals Meals Meals Meals Meals Meals Meals Meals Meals Transportation - Ground Meals Meals Meals Meals Meals Meals Meals Meals Meals Meals Meals Transportation - Ground Meals Meals Transportation - Ground Transportation - Ground Meals Other Other Transportation - Ground Meals Meals Meals Meals Meals Meals Transportation - Ground Meals Transportation - Ground Meals Meals Meals Meals Meals Transportation - Ground Legal Services Transportation - Ground Meals

DESCRIPTION
Overtime Meal Overtime Meal Overtime Meal Overtime Meal Overtime Meal Overtime Meal Overtime Meal Overtime Meal Overtime Meal Overtime Meal Overtime Meal Overtime Meal Overtime Meal OT Car Service- Office to Home Overtime Meal Overtime Meal Overtime Meal Overtime Meal Overtime Meal Weekend Lunch Overtime Meal Weekend Dinner Overtime Meal Overtime Meal Overtime Meal OT Taxi- Office to Home Overtime Meal Overtime Meal Subway Ticket - Office to Court OT Taxi- Office to Home Overtime Meal Market Research Reports Market Research Reports OT Taxi- Office to Home Overtime Meal Overtime Meal Overtime Meal Overtime Meal Weekend Lunch Weekend Dinner Weekend Taxi- Home to Office Overtime Meal OT Taxi- Office to Home Overtime Meal Overtime Meal Overtime Meal Overtime Meal Overtime Meal OT Taxi- Office to Home Outside Counsel Fees Weekend Taxi- Office to Home Overtime Meal

DATE
10/25/2010 10/26/2010 10/27/2010 10/28/2010 10/28/2010 10/29/2010 10/29/2010 10/29/2010 11/1/2010 11/2/2010 11/2/2010 11/2/2010 11/3/2010 11/4/2010 11/5/2010 11/5/2010 11/5/2010 11/6/2010 11/7/2010 11/7/2010 11/7/2010 11/7/2010 11/8/2010 11/8/2010 11/8/2010 11/9/2010 11/9/2010 11/9/2010 11/10/2010 11/10/2010 11/10/2010 11/11/2010 11/11/2010 11/11/2010 11/11/2010 11/11/2010 11/12/2010 11/12/2010 11/13/2010 11/13/2010 11/14/2010 11/14/2010 11/15/2010 11/15/2010 11/15/2010 11/16/2010 11/16/2010 11/16/2010 11/17/2010 11/18/2010 11/19/2010 11/19/2010

AMOUNT
$20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $9.48 $20.00 $109.40 $20.00 $20.00 $20.00 $20.00 $18.11 $15.07 $16.86 $20.00 $20.00 $20.00 $20.00 $35.00 $10.20 $20.00 $2.25 $10.70 $10.25 $200.00 $200.00 $11.90 $20.00 $20.00 $20.00 $20.00 $15.31 $20.00 $11.00 $18.11 $11.10 $16.83 $20.00 $5.00 $20.00 $20.00 $10.70 $18,622.99 $11.00 $20.00

BANKER
SUNIL SURI PATRICK T. MORROW PATRICK T. MORROW PATRICK T. MORROW PATRICK T. MORROW PATRICK T. MORROW PATRICK T. MORROW PATRICK T. MORROW PATRICK T. MORROW PATRICK T. MORROW JOHN D'AMICO PATRICK T. MORROW PATRICK T. MORROW PATRICK T. MORROW PATRICK T. MORROW PATRICK T. MORROW

CATEGORY
Meals Phone/Fax Transportation - Ground Meals Transportation - Ground Transportation - Ground Meals Meals Transportation - Ground Meals Meals Meals Transportation - Ground Transportation - Ground Transportation - Ground Transportation - Ground

DESCRIPTION
Overtime Meal Internet Access Fees OT Taxi- Airport to Office Overtime Meal OT Taxi- Office to Home OT Taxi- Office to Home Overtime Meal Overtime Meal OT Taxi- Office to Home Overtime Meal Overtime Meal Overtime Meal Weekend Taxi- Office to Home Weekend Taxi- Home to Office OT Taxi- Office to Home OT Taxi- Office to Home

DATE
11/21/2010 11/22/2010 11/27/2010 11/28/2010 11/29/2010 11/30/2010 11/30/2010 12/1/2010 12/2/2010 12/2/2010 12/3/2010 12/3/2010 12/4/2010 12/5/2010 12/14/2010 12/18/2010

AMOUNT
$20.00 $25.98 $59.07 $20.00 $10.30 $14.90 $20.00 $16.13 $8.70 $20.00 $18.11 $10.37 $7.40 $9.50 $11.50 $40.00

Total:

20,283.22

EXHIBIT D

Jefferies & Company, Inc.

November 1, 2010 - November 30, 2010
November 1, 2009 - November 31, 2009 Banker Date Hours 5.50 2.50 1.50 2.00 1.50 2.50 2.50 7.00 1.00 2.50 2.00 1.50 5.50 3.00 4.50 1.00 1.50 1.00 1.00 49.50 Description Professionals' Call; Committee call; review filings; discussions regarding exclusivity Constituent calls / discussions; review of weekly presentation Weekly Committee call; discussions re: exclusivity Review binder and related documents re: transaction Call with MoFo, internal discussions and meeting re: investigation status Committee call; internal discussions Review documents to omnibus hearing and related discussions Omnibus hearing and related discussions Review model and internal discussions re: same Review transaction documents; internal discussions and various correspondence re: same Review materials for meeting Discussions re: transaction documents; review of materials for meeting Call with Moelis re: updated Company forecast; internal discussions re: same; prepare weekly presentation Meeting with Kirkland & Ellis and other professionals Weekly Committee call; meeting with MoFo to discuss investigation status and next steps; internal discussions Due diligence review Various correspondence and review of transaction documents Internal discussions Review court filings Leon Szlezinger Leon Szlezinger 11/1/2010 Leon Szlezinger 11/2/2010 Leon Szlezinger 11/3/2010 Leon Szlezinger 11/4/2010 Leon Szlezinger 11/5/2010 Leon Szlezinger 11/8/2010 Leon Szlezinger 11/9/2010 Leon Szlezinger 11/10/2010 Leon Szlezinger 11/11/2010 Leon Szlezinger 11/12/2010 Leon Szlezinger 11/13/2010 Leon Szlezinger 11/14/2010 Leon Szlezinger 11/15/2010 Leon Szlezinger 11/16/2010 Leon Szlezinger 11/17/2010 Leon Szlezinger 11/18/2010 Leon Szlezinger 11/19/2010 Leon Szlezinger 11/29/2010 Leon Szlezinger 11/30/2010 November 1, 2010 - November 30, 2010 Summary Hours for Leon Szlezinger Frank Merola Frank Merola 11/1/2010 Frank Merola 11/3/2010 Frank Merola 11/5/2010 Frank Merola 11/8/2010 Frank Merola 11/15/2010 Frank Merola 11/16/2010 Frank Merola 11/29/2010 Frank Merola 11/30/2010 November 1, 2010 - November 30, 2010 Summary Hours for Frank Merola Alexander Rohan Alexander Rohan Alexander Rohan Alexander Rohan Alexander Rohan Alexander Rohan Alexander Rohan Alexander Rohan Alexander Rohan Alexander Rohan Alexander Rohan Alexander Rohan Alexander Rohan Alexander Rohan Alexander Rohan Alexander Rohan Alexander Rohan Alexander Rohan Alexander Rohan

2.00 1.50 1.50 2.50 5.50 3.00 1.00 0.50 17.50

Professionals' Call; Committee call; review filings Weekly Committee call; discussions re: exclusivity Call with MoFo, internal discussions and meeting re: investigation status Committee call; internal discussions and analysis re: interim forecast model filings Call with Moelis re: updated Company forecast; internal discussions re: same; prepare weekly presentation Meeting with Kirkland & Ellis and other professionals Review case related documents and filings Various correspondence and discussions

11/1/2010 11/2/2010 11/3/2010 11/4/2010 11/5/2010 11/8/2010 11/9/2010 11/10/2010 11/11/2010 11/12/2010 11/15/2010 11/16/2010 11/17/2010 11/18/2010 11/19/2010 11/20/2010 11/29/2010 11/30/2010

2.50 3.50 2.00 3.50 1.50 3.50 4.00 7.00 1.50 2.00 3.50 4.50 4.50 0.50 4.00 2.00 2.50 1.00 53.50

Professionals' Call; Committee call; review filings Prepare for and participate in Company 2010 forecast call; constituent call; review weekly presentation Weekly Committee call; discussions re: exclusivity; review and comment on cash flow information Review documents and court filings; various correspondence and internal discussions Call with MoFo, internal discussions and meeting re: investigation status Committee call; internal discussions and analysis re: interim forecast model; review docket and court filings Review documents for omnibus hearing Omnibus hearing; discussions re: claims Review unsecured claims analysis and internal discussions re: same Internal discussions and various correspondence Review Transaction documents; call with Moelis re: updated Company forecast; review forecast; internal discussions re: same Preparation for meeting; meeting with Kirkland & Ellis and other professionals; internal discussions Weekly Committee call; meeting with MoFo to discuss investigation status and next steps; internal discussions Discussions re: fee procedures Review transaction documents and docket Review / discussion re: document production Various correspondence and review documents re: property-by-property information Review weekly presentation

November 1, 2010 - November 30, 2010 Summary Hours for Alexander Rohan John D'Amico John D'Amico John D'Amico John D'Amico John D'Amico John D'Amico John D'Amico John D'Amico John D'Amico John D'Amico John D'Amico John D'Amico John D'Amico John D'Amico John D'Amico John D'Amico John D'Amico John D'Amico John D'Amico John D'Amico John D'Amico John D'Amico

11/1/2010 11/2/2010 11/3/2010 11/4/2010 11/5/2010 11/8/2010 11/9/2010 11/10/2010 11/11/2010 11/12/2010 11/13/2010 11/13/2010 11/15/2010 11/16/2010 11/17/2010 11/18/2010 11/22/2010 11/23/2010 11/28/2010 11/29/2010 11/30/2010

5.50 6.50 7.00 4.50 5.00 4.50 5.00 4.50 6.50 6.50 7.50 3.50 8.00 8.00 5.50 6.50 3.50 4.50 4.50 8.00 4.50 119.50

Professionals' Call; Committee call; prepare weekly presentation; review of filings Company 2010 forecast call; constituent call; finalize weekly presentation Weekly Committee call; Analysis and related discussions; discussions re: exclusivity Document review Call with MoFo, internal discussions and meeting re: investigation status; document review Committee call; internal discussions and analysis re: interim forecast model; review docket and circulate recent filings Review docket and circulate hearing agenda. Document review. Review of court filings. Prepare binder for omnibus hearing; review of court filing and internal discussions re: same Review of internal model update; analysis and discussions re: same; review of unsecured claims Document review; internal discussions and various correspondence re: same; review of unsecured claims Document review; preparation of materials for meeting Document review; preparation of materials for meeting Call with Moelis re: updated Company forecast; internal discussions re: same; prepare weekly presentation; document review Internal discussions; various correspondence; prepare analysis and documents for MoFo meeting Weekly Committee call; review docket and circulate filings; meeting with MoFo to discuss investigation status and next steps Document review Review of industry research; data room information Review of document production Review property-by-property information; review of financial performance Preparation / review of weekly presentation; Document review; review of cash flow information Preparation / review of weekly presentation; internal discussions and various correspondence

November 1, 2010 - November 30, 2010 Summary Hours for John D'Amico

Sunil Suri Sunil Suri 11/1/2010 Sunil Suri 11/2/2010 Sunil Suri 11/3/2010 Sunil Suri 11/4/2010 Sunil Suri 11/5/2010 Sunil Suri 11/6/2010 Sunil Suri 11/7/2010 Sunil Suri 11/8/2010 Sunil Suri 11/9/2010 Sunil Suri 11/10/2010 Sunil Suri 11/11/2010 Sunil Suri 11/12/2010 Sunil Suri 11/13/2010 Sunil Suri 11/14/2010 Sunil Suri 11/15/2010 Sunil Suri 11/16/2010 Sunil Suri 11/17/2010 Sunil Suri 11/18/2010 Sunil Suri 11/19/2010 Sunil Suri 11/28/2010 Sunil Suri 11/29/2010 Sunil Suri 11/30/2010 November 1, 2010 - November 30, 2010 Summary Hours for Sunil Suri Patrick Morrow Patrick Morrow 11/1/2010 Patrick Morrow 11/2/2010 Patrick Morrow 11/3/2010 Patrick Morrow 11/4/2010 Patrick Morrow 11/5/2010 Patrick Morrow 11/7/2010 Patrick Morrow 11/8/2010 Patrick Morrow 11/9/2010 Patrick Morrow 11/10/2010 Patrick Morrow 11/11/2010 Patrick Morrow 11/12/2010 Patrick Morrow 11/13/2010 Patrick Morrow 11/14/2010 Patrick Morrow 11/15/2010 Patrick Morrow 11/16/2010 Patrick Morrow 11/17/2010 Patrick Morrow 11/18/2010 Patrick Morrow 11/19/2010 Patrick Morrow 11/27/2010 Patrick Morrow 11/28/2010 Patrick Morrow 11/29/2010 Patrick Morrow 11/30/2010 November 1, 2010 - November 30, 2010 Summary Hours for Patrick Morrow

4.00 3.50 4.00 2.00 2.00 3.00 4.00 2.50 1.00 3.00 4.00 3.00 6.50 7.00 5.00 6.50 0.50 3.00 2.00 3.00 6.00 2.00 77.50 6.50 5.50 7.00 5.50 2.50 2.00 2.50 1.50 5.50 6.50 4.50 7.00 8.50 6.50 8.00 1.50 2.50 2.00 2.00 6.50 7.00 4.50 105.50

Professionals' call; committee call; prepare weekly update Company 2010 forecast call; constituent call; review data for weekly update Weekly Committee call; Transaction analysis and related discussions Due diligence and internal discussions Call with MoFo, internal discussions and meeting re: investigation status Review data room documents and related analysis Prepare analysis using industry and company research reports Committee call; internal discussions and analysis re: interim forecast model Review data room documents and related analysis Document review re: transaction Review unsecured claims; analysis and discussions re: same Review transaction documents; internal discussions re: same Review and analysis of Apollo documents; discussions re: same Additional review of document production Call with Moelis re: updated Company forecast; internal discussions re: same; comments to weekly presentation; analysis for MoFo Internal discussions; various correspondence; prepare analysis and documents for MoFo meeting Weekly Committee call Discussions re: fee procedures; review transaction documents; correspondence re: same Review transaction documents Prepare analysis for weekly update Preparation of weekly presentation and related analysis Edit weekly presentation

Professionals' Call; Committee call; prepare weekly presentation; review key hearing dates Company 2010 forecast call; constituent call; finalize weekly presentation Weekly Committee call; transaction analysis and related discussions; discussions re: exclusivity Prepare/review documents and create books for deal team Call with MoFo, internal discussions and meeting re: investigation status Review industry research reports Committee call; internal discussions and analysis re: interim forecast model; review docket and circulate recent filings Review docket and circulate hearing agenda; review data room documents and related analysis Prepare binder for omnibus hearing; procure LNR Complaint and internal discussions re: same; review documents Prepare unsecured claims analysis; analysis and discussions re: same Review documents production; internal discussions and various correspondence re: same Additional review of documents; discussions re: same Additional review of document production Call with Moelis re: updated Company forecast; internal discussions re: same; prepare weekly presentation; analysis for MoFo meeting Internal discussions; various correspondence; prepare analysis and documents for MoFo meeting Weekly Committee call; review docket and circulate filings Discussions re: fee procedures; organize transaction documents for team; document review Document review and related analysis Due diligence Analyze property-by-property information; preparation of weekly update Prepare weekly presentation Finalize weekly presentation; internal discussions and various correspondence