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| 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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