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Chatham Lodging Completes Inland American Acquisitions: Expands NorthStar Relationship with 48-Hotel, $1.1 Billion Joint Venture, Acquires Four Strategic Hotels for $107 Million
Chatham acquired four hotels as part of the sale of the 52-hotel
portfolio for a purchase price of
-
179-room
Hilton Garden Inn Burlington , Mass. -
176-room Courtyard by
Marriott Dallas (Addison),Texas -
120-room
Residence Inn by Marriott West UniversityHouston, Texas -
100-room Courtyard by Marriott West University
Houston, Texas
“These top-tier branded hotels expand our presence in some of the country’s best hotel markets and match our strategy of targeting specific high growth markets based on growing corporate demand tied to the technology, medical and oil and gas industries,” said Jeffrey H. Fisher, Chatham’s chief executive officer and president. “Given our confidence in the health of the hotel industry, we will continue to be net buyers of high-quality hotels.”
The remaining 48 upscale extended-stay hotels and premium-branded,
select-service hotels were purchased by a joint venture comprised of
Chatham financed the investments with available cash and borrowings
under its revolving credit facility of
All four of the Chatham wholly-owned hotels and 34 of the 48 hotels owned by the joint venture will be managed by Island Hospitality Management, a hotel management company that currently is 90 percent owned by Fisher.
About
This press release may contain “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
about
Source:
(Media)
Daly Gray Public Relations
Chris Daly, 703-435-6293
chris@dalygray.com
or
(Company)
Chatham
Lodging Trust
Dennis Craven, 561-227-1386
dcraven@cl-trust.com