Wednesday, October 6, 2010
Chatham Lodging Trust Completes Acquisition of Residence Inn New Rochelle in Westchester County, N.Y.
PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium-branded select-service hotels, has completed the acquisition of the Residence Inn by Marriott® – New Rochelle, N.Y. (top left photo) in an all-cash transaction for $21 million, or approximately $169,000 per key.
It is the 12th property acquired by the hotel since its April 2010 IPO. The company has one additional hotel under contract.
“With this acquisition, we have invested essentially all of the net proceeds from our IPO which is well ahead of our announced strategy when we took the company public,” said Jeffrey H. Fisher (middle right photo), Chatham’s chief executive officer.
“We expect to close on an $85 million revolving credit facility shortly, which will give us the flexibility to continue our acquisition program, and we just declared our first dividend so we are pleased with the company’s progress to date.”
Located at 35 LeCount Place in New Rochelle, NY, the 10-story 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, swimming pool and structured parking. The hotel will be managed by Island Hospitality Management, a hotel management company 90 percent-owned by Fisher.
Additional information about Chatham may be found at www.chathamlodgingtrust.com.
Jerry Daly, Carol McCune, (Media) Daly Gray Public Relations
(703) 435-6293, firstname.lastname@example.org
Peter Willis Chief Investment Officer (Acquisitions) (561) 227-1387, email@example.com