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| Jeffrey H. Fisher |
PALM BEACH, FL —Chatham Lodging Trust (NYSE: CLDT), a hotel
real estate investment trust (REIT) focused on investing in upscale
extended-stay hotels and premium branded select-service hotels, today announced
that the Chatham/Cerberus joint venture is offering for sale the 51-hotel,
6,847 room Innkeepers portfolio. Eastdil Secured is exclusive advisor for the
offering.
The offering represents a rare opportunity to own a
highly-diversified portfolio of newly renovated hotels that are supported by
superior locations, leading brands, strong property performance, substantial
recent capital investment and compelling, long-term value enhancement
opportunities.
The portfolio is being offered unencumbered by management
contracts and has a $950 million interest-only loan in place with a floating
interest rate of LIBOR + 4.8 percent that is assumable subject to certain
conditions.
“Having owned or operated the portfolio for quite some time,
we know these hotels very well, its results are very strong, and with industry
experts projecting attractive growth in the future, we would expect the
portfolio to continue to produce great results” said Jeffrey H. Fisher,
Chatham’s chief executive officer.
“The joint venture
has already returned 92 percent of our original capital investment, so if a
sale occurs, the potential value that may accrue to Chatham because of our
promote interest could be meaningful.”
For a complete copy of the company’s news release, please
contact:
Jerry Daly, Carol McCune
Daly Gray Public Relations
(Media)
(703) 435-6293
Dennis Craven
Chief Financial Officer
(Company)
(561) 227-1386
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