Wednesday, October 13, 2010

Hunter Realty Brokers Sale of Holiday Inn & Suites-Front Royal, Va. Sale

 WASHINGTON, D.C., October 13, 2010—Hunter Realty, a leading national hotel investment advisory firm, today announced that it brokered the sale of the Holiday Inn & Suites, Front Royal, Va. at 111 Holiday Drive.

 The two-year-old property is a new Holiday Inn & Suites prototype and was purchased by Jericho, N.Y.-based Navika Capital Group, LLC for an undisclosed price.

The award-winning 124-room property has ranked consistently in the brand’s top three hotels nationally in overall guest satisfaction.

  Located near Skyline Drive and the Blue Ridge Parkway, the hotel features mountain views, a Houlihan’s Restaurant + Bar, indoor pool and approximately 5,000 square feet of meeting space. 

Kyle Stevenson (top right photo) of Hunter Realty’s Washington D.C office managed the transaction.

  “We had a high level of interest and a multitude of offers presented by investors interested in acquiring the hotel,” he said.  “We believe this reception from buyers indicates a significant amount of pent-up demand for quality hotels in excellent condition.” 

  “We see a slow but steady increase in listings, which is further evidence that hotel real estate continues to recover,” said Teague Hunter, (top left photo)  President of Hunter Realty. 

“All seven of our offices nationwide report strong buyer interest and an improving lending environment.”

Contact: Patrick Daly, Jerry Daly,  media, (703) 435-6293,

Hersha Hospitality Management Rounds Out Executive Management Team

PHILADELPHIA, PA Oct. 13, 2010—Hersha Hospitality Management (HHM), a leading independent hotel management company that operates more than 70 upper upscale, upscale and midscale U.S. hotels, today announced that it has added two highly regarded, seasoned hoteliers with more than 50 years of combined award-winning experience to its executive team.

 Gregory Ade  (top right photo) joins as executive vice president of operations and Erik McDonald (middle left photo), CSHP, as executive vice president of sales and marketing; both individuals will report to Michael Murray, HHM’s chief operating officer. 

 “We set out five years ago to transform HHM into the operator of choice for institutional capital in the lodging sector,” said Naveen P. Kakarla (lower right photo), HHM’s president and chief executive officer.

 “We have built our expertise in urban markets, expanded into the full-service and lifestyle arenas and now have in place an entrepreneurial company with the platform, flexibility, financial capacity and senior level bench strength to capitalize on our growth potential,” Kakaria said.

 “These important additions, along with our existing team’s experience with high quality assets and innovative service delivery, provide us with a comprehensive organization that will compete at the elite level and help us carry out our plan to double in size over the next several years.

“Both Ade and McDonald have in-depth experience in managing for institutional investors in urban and key suburban markets on a national basis, as well as strong franchise relationships with the premier brands,” he noted. 

“We have a robust management pipeline with existing and potential capital partners and are nearing the completion of a number of transactions.”

Ade will be responsible for HHM’s growing portfolio in New York City, along with further building out the company’s full service platform and focus on best in class guest satisfaction. 

He also will review the company’s full-service capabilities and help enhance its infrastructure through training, recruiting and his in-depth relationships with major institutional investors.

McDonald brings more than two decades of sales and marketing experience to HHM.  He will oversee the company’s national and regional sales teams, as well as the company’s revenue management and e-commerce operations.

Additional information about HHM may be found at
Julie Tullbane, Daly Gray, Inc., T 703-435-6293, F 703-435-6297
Naveen P. Kakarla, Hersha Hospitality Management, President and CEO Ph: (215) 238-1046

Chatham Lodging Trust Closes Secured Line of Credit

 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,  announced that it successfully closed on its $85 million revolving secured line of credit. 

The credit facility carries a three-year term and an interest rate of LIBOR plus a margin based on the company’s leverage ratio; at levels less than 30 percent the margin is 325 basis points, subject to a LIBOR floor of 1.25 percent.

 Subject to certain conditions, the line of credit has an accordion feature that provides the company with the ability to increase the facility to $110 million.

Participating lenders for the secured line of credit include Barclays Capital, Regions Capital Markets, Credit Agricole Corporate and Investment Bank, UBS Securities and US Bank National Association.

 Barclays Capital and Regions Capital Markets acted as joint lead arrangers, Barclays Bank PLC as administrative agent, Regions Bank as syndication agent, with Credit Agricole Corporate and Investment Bank, UBS Securities and US Bank National Association acting as co-documentation agents. 

“We have an active acquisition pipeline and this credit facility provides us added flexibility to continue to selectively acquire hotels,” said Dennis M. Craven, Chatham’s chief financial officer.

 “We appreciate the support of our lenders as we continue to build Chatham into a premier owner of upscale extended-stay and premium branded select-service hotels.”

Additional information about Chatham may be found at

Jerry Daly, Carol McCune, (Media ), Daly Gray Public Relations, (703) 435-6293,
Dennis Craven) (Company) Chief Financial Officer, (561) 227-1386