Wednesday, January 9, 2013

Chatham Lodging Acquires Downtown Waterfront Hampton Inn - Portland, ME



Hampton Inn Portland Downtown-Waterfront Hotel
Portland, ME
 PALM BEACH, FL and PORTLAND, ME—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium branded select-service hotels,  announced that it has acquired the recently opened Hampton Inn Portland Downtown – Waterfront Hotel in Portland, Maine for $28 million.

The purchase price includes an adjacent land parcel which can be sold or used for future development of a hotel, office, retail or residential units. The company funded the acquisition with borrowings under its secured revolving credit facility.

Jeffrey H. Fisher
The six-story, 122-room hotel is located at 209 Fore Street on the downtown Portland peninsula. The hotel is located in the Old Port district and offers ready access to downtown Portland’s waterfront, historical attractions, boutiques, many restaurants and bars. The hotel is the #1 rated hotel on TripAdvisor for the Portland market, which is one of the top travel destinations in New England.

“This is a tremendous asset in the heart of a downtown New England market that fits in exactly with our strategy of acquiring premium branded, upscale extended-stay and select-service hotels in high demand markets,” said Jeffrey H. Fisher, Chatham’s chief executive officer. 

  “The hotel is great for leisure travelers due to its location, and with its high quality Hampton brand affiliation, maintains a strong business traveler presence throughout the year. The hotel is performing strongly and continues to ramp up.”

For a complete copy of the company’s news release, please contact:
     
Jerry Daly                                                                                   
 Daly Gray Public Relations                                                   
(703) 435-6293                                                                          

 Dennis Craven
 Chief Financial Officer
(561) 227-1386  


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