Saturday, September 1, 2018

Chatham Lodging Acquires Brand New Residence Inn Charleston Summerville, S.C.

Residence Inn by Marriott Charleston Summerville, S.C.

WEST 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 96-room Residence Inn by Marriott Charleston Summerville, S.C., for $20.8 million, or approximately $217,000 per room.   

Jeffrey H. Fisher
“This is a beautiful, brand new, superior-quality hotel located in Nexton, a rapidly expanding area just outside of Charleston which sits in the direct path of metro Charleston’s most energetic growth,” said Jeffrey H. Fisher, Chatham’s chief executive officer and president. 

“Including the Courtyard by Marriott Charleston Summerville, this marks our second hotel in the heart of Nexton, a thriving community which mixes a smart, vibrant blend of businesses, schools, new homes, apartments, shops and eateries connected to each other by trails, parks and nature, and connected to the world through leading-edge technology.

Chatham funded the purchase using available cash and borrowings on its unsecured credit facility. The hotel will be managed by Island Hospitality Management, which is 51 percent owned by Fisher.

Chatham estimates it acquired the property at a year two net operating income capitalization rate of approximately eight percent.


Dennis Craven
Chief Operating Officer
(561) 227-1386