Monday, October 5, 2015

Chatham Lodging Adds Hilton Garden Inn Hotel in Highly Sought-After Marina del Rey, CA

Hilton Garden Inn Marina del Rey, CA

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, announced that it has acquired the 134-room Hilton Garden Inn Marina del Rey in Ca. for $44.5 million, or approximately $332,000 per room.   

“This property, located in the heart of the scenic Marina del Rey Harbor/Marina Beach area, adds another irreplaceable jewel to our portfolio,” said Jeffrey H. Fisher, Chatham’s chief executive officer and president.

 “The hotel is in the heart of the rapidly growing technology hub referred to as Silicon Beach, a five-mile stretch between Santa Monica and Playa Vista where technology stalwarts such as Google, Microsoft, Yahoo, YouTube, Sony, Belkin and Facebook have or are expected to establish a meaningful presence.

“Marina del Rey is an extremely high barrier-to-entry market,” he noted.  “This was a complex transaction where we called upon all of our acquisition expertise, including  a five-month ground lease and loan assumption negotiation.  

“We have acquired approximately $190 million of premium-branded, high-quality, in-fill hotels through non-marketed transactions in 2015, increasing our hotel investments by approximately 16 percent and expanding our wholly owned portfolio room count by 11 percent. 

The Hilton Garden Inn Marina del Rey hotel converted from an independent hotel in June 2013 after an extensive renovation and received the “Best Conversion Award” by Hilton in 2014. The property will only require minimal brand-mandated updates in the near-term and will require no major capital investment until 2020. 

For a complete copy of the company’s news release, please contact:

Chris Daly    
Daly Gray Public Relations                                                   
(703) 435-6293                                                                           

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