Red Roof Inn has defaulted on $332 million of mortgage debt. the defaults Tuesday.
All told, Red Roof's properties carry at least $1 billion in debt, including mortgages, mezzanine loans and other notes.
Occupancy at Red Roof's properties, which averaged 62% when the mortgages were originated in 2007, sank to 50.7% in the first four months of this year.
In 2007, Red Roof was acquired from Accor SA for $1.3 billion by a group led by Citigroup Inc.'s Global Special Situations Unit...