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Chatham Lodging Trust Announces Multiple Hotel Investments
Expands Western Presence with Acquisition of
Announces Agreement to Purchase
Inland American Portfolio Joint Venture Acquisition
The joint venture will be a 90/10 joint venture between NorthStar and
Chatham. Island Hospitality, which is 90 percent owned by Jeffrey H.
Fisher, Chatham’s president and chief executive officer, is expected to
manage 38 of the 52 hotels and
- 52 upscale extended-stay and select-service hotels with 6,976 rooms.
- Financing expected to be approximately 70-75 percent of the purchase price (including costs).
-
Predominately affiliated with the
Marriott (63 percent) and Hilton (32 percent) brands. -
Geographically diverse and located across 21 states, including
Texas (19 percent),New Jersey (13 percent),New York (10 percent) andNorth Carolina (10 percent).
"We are excited about expanding our relationship with NorthStar through the joint acquisition of another billion dollar portfolio of quality, extended-stay and limited-service hotels,” Fisher highlighted. “The joint venture allows Chatham to leverage its investment dollars into a high yielding off-balance sheet investment and if we can acquire four hotels outright for Chatham, the relationship works very well for all parties and their shareholders.”
Hyatt Place Denver /Cherry Creek Acquisition
Chatham has acquired the 194-room
“We are delighted to add another high quality hotel in one of the best
performing lodging markets in the country, further expanding our
presence out west in a city that is expected to see favorable job growth
and economic expansion for the foreseeable future,” said
According to
The hotel represents Chatham’s second wholly-owned hotel in the
The hotel is located along
Acquisition/Investment Funding
Chatham funded the purchase of the
About
This press release may contain “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
about
Source:
Daly Gray Public Relations
Chris Daly, 703-435-6293
chris@dalygray.com
or
Chatham
Lodging Trust
Dennis Craven, 561-227-1386
Chief Financial
Officer
dcraven@cl-trust.com