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| Hilton Garden Inn Marina del Rey, CA |
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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, 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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