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Chatham Lodging Acquires Brand New Residence Inn Charleston Summerville, S.C.
“This is a beautiful, brand new, superior-quality hotel located in
Nexton, a rapidly expanding area just outside of Charleston which sits
in the direct path of metro Charleston’s most energetic growth,” said
“Volvo has completed construction of its first American factory, a
state-of-the-art, 2.3-million-square-foot facility on nearly 3,000 acres
very close to Nexton that is expecting its first cars to come off the
production line in the next few months. Additionally and importantly for
continued economic expansion in the area,
Chatham funded the purchase using available cash and borrowings on its unsecured credit facility. The hotel will be managed by Island Hospitality Management, which is 51 percent owned by Fisher. Chatham estimates it acquired the property at a year two net operating income capitalization rate of approximately eight percent.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20180828005707/en/
Source:
Chatham Lodging Trust
Dennis Craven, 561-227-1386
Chief
Operating Officer