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Chatham Lodging Trust Acquires High-Quality Extended-Stay Hotels in Austin, Texas
Invests in One of the Strongest Real Estate Markets in the Country
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“Having actively managed our way through the worst era in the history of the hotel industry, our actions have enabled us to emerge from the pandemic with a stronger balance sheet and more liquidity,” highlighted
The Domain is a rapidly growing mixed-use development known as Austin’s “second downtown” with over 4.2 million square feet of office space, 1.8 million square feet of retail space, plus another 2.8 million additional square feet of office space expected to be delivered over the next two years and another 3.8 million square feet of office space planned thereafter. Companies with large offices located at The Domain include IBM, Amazon, Facebook, Indeed, Expedia / VRBO and Trend Micro Companies. Apple currently is constructing a 2 million square foot office campus approximately 5 miles from the Austin Acquisitions that will cost over
Other key
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Austin receives over 27 million visitors annually -
Austin is considered one of the nation’s dominant tech hubs afterSilicon Valley -
Austin is the third fastest growing city inthe United States over the last decade -
Austin was ranked the most desirable real estate investment market in the country in CBRE’s 2021 Investor Intentions survey -
#1 real estate market in 2020 according to the
Urban Land Institute and PwC -
In its 2019 rankings,
Business Insider rankedAustin the best place to live, and Travel and Leisure rankedAustin a top 10 city to visit -
The
Austin office market ranks fourth nationally in terms of rent per square foot at$49 (only behindNew York ,San Francisco andSilicon Valley ) and third nationally in percentage of square feet under construction relative to existing square feet at 10% -
The
$260 million Austin FC Stadium recently opened up within a short walking distance of both hotels
“Austin is unique in that it benefits from strong corporate, group and leisure demand as evidenced by many of these market attributes, and the Domain is an absolutely booming market within
Chatham funded the purchase using a portion of the proceeds from the recently completed Series A Preferred Share offering. The hotels will be managed by
About
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
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
(561) 227-1386
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