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Chatham Lodging Trust Announces Sale of Four Hotels
Sales Enhance Portfolio Quality, Provide Ample Liquidity for Growth
Including near term capital expenditure requirements, the aggregate sales proceeds would equate to an approximate 2 and 6 percent capitalization rate on net operating income for 2021 and 2019, respectively. The four hotels comprise the following:
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180-room
Hilton Garden Inn ,Burlington, Massachusetts -
100-room Courtyard by
Marriott Houston West University -
120-room
Residence Inn byMarriott Houston West University -
137-room Homewood Suites by
Hilton Dallas Market Center
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CY West U |
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RI West U |
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HW Dallas |
Year Built |
1975 |
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2004 |
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2004 |
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1998 |
2021 RevPAR |
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2019 RevPAR |
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CAPEX (2022-2023) |
~$7mm |
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~$4mm |
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<$1mm |
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<$1mm |
“We want to recycle capital out of older assets into newer hotels with higher growth prospects. The sale of these four hotels is a giant step towards reducing the average age of our portfolio and providing ample liquidity for future growth,” highlighted
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Statements about the company's business that are not historical facts are "forward-looking statements." Forward-looking statements are based on current expectations. You should not rely on our forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the company's future results, performance, or achievements to differ significantly from the results, performance, or achievements expressed or implied by such statements. Such risks are set forth under the captions "Item 1A. Risk Factors" and "Forward-Looking Statements" in our annual report on Form 10-K and under the caption "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" (or similar captions) in our quarterly reports on Form 10-Q, and as described in our other filings with the
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Chief Operating Officer
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