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                                                                   EXHIBIT 10.23

                                 PROMISSORY NOTE

$30,000,000                                                      October 6, 1995
                                                              New York, New York

          FOR VALUE RECEIVED, INNKEEPERS FINANCING PARTNERSHIP II, L.P., a
Virginia limited partnership (the "Borrower"), hereby promises to pay to NOMURA
ASSET CAPITAL CORPORATION, a Delaware corporation (the "Lender"), at the account
of the Lender maintained with the Administrative Agent, the principal sum of
THIRTY MILLION DOLLARS (or such lesser amount as shall equal the aggregate
unpaid principal amount of the Loan made by the Lender to the Borrower under the
Loan Agreement), in lawful money of the United States of America and in
immediately available funds, on the dates and in the principal amounts provided
in the Loan Agreement, and to pay interest on the unpaid principal amount of the
Loan, at such office, in like money and funds, for the period commencing on the
date of such Loan until the Loan shall be paid in full, at the rates per annum
and on the dates provided in the Loan Agreement.

          The date, amount and interest rate of the Loan made by the Lender to
the Borrower, and each payment made on account of the principal thereof, shall
be recorded by the Lender on its books and, prior to any transfer of this Note,
endorsed by the Lender on the schedule attached hereto or any continuation
thereof.

          This Note is the Note referred to in the Loan Agreement (as modified
and supplemented and in effect from time to time, the "Loan Agreement") dated as
of October 6, 1995 between the Borrower and the Lender and evidences the Loan
made by the Lender thereunder. Capitalized terms used in this Note have the
respective meanings assigned to them in the Loan Agreement.

          The obligations of the Borrower hereunder are limited recourse
obligations as set forth in each of the Mortgages.

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          The Loan Agreement provides for the acceleration of the maturity of
this Note upon the occurrence of certain events and for prepayments of the Loan
upon the terms and conditions specified therein.

          To the extent permitted by applicable Legal Requirements, Borrower
hereby waives all benefit that might accrue to Borrower by virtue of any present
or future moratorium laws exempting the Collateral Properties, or any other
property, real or personal, or any part of the proceeds arising from any sale of
any such property, from attachment, levy, or sale under execution, or providing
for any stay of execution to be issued on any judgment recovered on this Note or
in any actions to foreclose the Mortgages, exemption from civil process, or
extension of time for payment. Further, Borrower hereby waives all benefits or
advantages of or from any law now or hereafter enforced providing for the
valuation or appraisement of the Collateral Properties or any part thereof,
prior to any sale or sales thereof to be made pursuant to any provisions
contained herein or in the Loan Agreement.

          BORROWER HEREBY WAIVES PRESENTMENT, DEMAND, DILIGENCE, PROTEST AND
NOTICE OF PROTEST, NOTICE OF INTENT TO ACCELERATE, NOTICE OF ACCELERATION,
DEMAND, DISHONOR AND NONPAYMENT OF THIS NOTE OR ANY OTHER NOTICE OF ANY KIND
WHATSOEVER (EXCEPT AS REQUIRED UNDER THE BASIC DOCUMENTS). THE NONEXERCISE BY
LENDER OF ANY OF ITS RIGHTS HEREUNDER IN ANY PARTICULAR INSTANCE SHALL NOT
CONSTITUTE A WAIVER THEREOF IN THAT OR ANY SUBSEQUENT INSTANCE.

          THIS NOTE SHALL IN ALL RESPECTS BE GOVERNED BY, AND BE CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT
GIVING EFFECT TO THE CONFLICT OF LAWS RULES AND PRINCIPLES THEREOF.

                                    INNKEEPERS FINANCING
                                    PARTNERSHIP II, L.P.


                                    By:  Innkeepers Financial Corporation II,
                                         a Virginia corporation,
                                         General Partner


                                         By: /JEFFREY FISHER/
                                             -----------------------------------
                                             Name: Jeffrey Fisher
                                             Title: President

CORPORATE SEAL

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