in an all-cash transaction for $21.3 million, or approximately $172,000 per key. The hotel represents the 11th hotel either acquired or under contract to purchase by Chatham since its April 21, 2010 initial public offering.
Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium-branded select-service hotels, announced that it has completed its acquisition of the Residence Inn by Marriott® – Long Island Holtsville, N.Y.
"This is a very well-located property with superb visibility and accessibility off of the Long Island Expressway," said Jeffrey H. Fisher, Chatham's chief executive officer. "The Long Island market is extremely attractive for a number of reasons, including its high barriers to new competition and multiple demand generators. This hotel is proximate to a large number of major businesses, as well as to such nearby tourist attractions as Fire Island and the Hamptons, which appeals to both business and leisure travelers.
"We have an aggressive appetite for properties and continue to work our extensive contacts and relationships to source transactions both on and off the market," Fisher said. "This acquisition continues our focus on acquiring upscale extended-stay hotels and premium-branded select-service properties, either as multi-property portfolios or individual hotels, located in major markets with high barriers to entry near strong demand generators."
Located at 25 Middle Ave. in Holtsville, the upscale extended-stay Residence Inn by Marriott® hotel features 124 suites, complimentary high speed Internet access and fully equipped kitchens. The hotel offers an on-site fitness center, indoor swimming pool and whirlpool, as well as an outdoor Sport Court.
The six-year-old hotel will be managed by Island Hospitality Management, a hotel management company 90 percent-owned by Fisher.
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