Chatham Lodging Trust (NYSE: CLDT) today announced that it has acquired in an all-cash transaction six Homewood Suites by Hilton® hotels from RLJ Development, LLC for $73.5 million, or approximately $90,406 per suite.
The six hotels are the first properties to be acquired by Chatham since it completed its initial public offering on April 21, 2010. The hotels will continue to be managed by Hilton Worldwide.
"These hotels are typical of the type of properties we seek to acquire -- upscale extended-stay hotels and premium-branded select-service properties that are located in major markets with high barriers to entry near strong demand generators for both business and leisure guests," said Jeffrey H. Fisher, Chatham chief executive officer. "We intend to invest approximately $11 million over the next two years at these hotels to upgrade guest rooms and common areas to enhance the guest experience and to meet brand requirements."
The six hotels are:
Chatham Lodging Trust is a self-advised real estate investment trust that was organized to invest in upscale extended-stay hotels and premium-branded select service hotels. The company currently owns six hotels with an aggregate of 813 rooms/suites.
Logos, product and company names mentioned are the property of their respective owners.
