Chatham Lodging Trust Signs Contract to Acquire Upscale Extended Stay Hotel in Greater Metropolitan New York Area

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, has signed a contract to acquire an upscale extended stay hotel in Greater Metropolitan New York area in an all-cash transaction for $21.3 million.

The new hotel represents the 11th hotel acquired or under contract to purchase by Chatham since its April 21, 2010 initial public offering.

“This is a very well-located property with superb visibility and accessibility,” said Jeffrey H. Fisher (top right photo) , Chatham’s chief executive officer. “It is in a market with one of the highest barriers to new competition in the country.

“We have an aggressive appetite for properties and continue to work our extensive contacts and relationships to source transactions both on and off the market,” Fisher said.

“This acquisition continues our focus on acquiring upscale extended-stay hotels and premium-branded select-service properties, either as multi-property portfolios or individual hotels, located in major markets with high barriers to entry near strong demand generators.”

Completion of the new hotel acquisition is subject to satisfactory completion of due diligence and customary closing conditions.

Contact:
Jerry Daly, Carol McCune, Daly Gray Public Relations, ( Media),(703) 435-6293, jerry@dalygray.com
Peter Willis, Chief Investment Officer, (Acquisitions), (561) 227-1387, pwillis@cl-trust.com