Chatham Lodging Signs Agreement to Acquire Hyatt Place Downtown Pittsburgh

  

                             Hyatt Place Pittsburgh North Shore Hotel, Pittsburgh, PA

  

Jeffrey H. Fisher

PALM BEACH, Fla., June 11, 2013—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, today announced that it has entered into an agreement to purchase the 178-room Hyatt Place® Pittsburgh/North Shore in Pittsburgh, Pennsylvania for a cash purchase price of $40 million, plus customary pro-rated amounts and closing costs.   

The Pittsburgh Hyatt Place opened in December 2010 and is located in Pittsburgh’s North Shore neighborhood, next door to PNC Park (home of the Pittsburgh Pirates) and near such attractions as Heinz Field (home of the Pittsburgh Steelers), the Andy Warhol Museum, the Carnegie Science Center and the National Aviary. 

  The Pittsburgh Hyatt Place is also proximate to Fortune 500 employers such as Alcoa, Del Monte Foods, PNC Financial, U.S. Steel and Heinz.

PNC Park, Pittsburgh, PA

Upon completion of the acquisition, the Pittsburgh Hyatt Place will be managed by Island Hospitality Management, or IHM, which is 90% owned by Jeffrey H. Fisher, Chatham’s Chairman, President and Chief Executive Officer.

 Chatham expects that the acquisition of the Pittsburgh Hyatt Place will close by June 17, 2013.  

Additionally, Chatham  announced that it anticipates its 2013 second quarter revenue per available room, or RevPAR, will be further impacted by renovations in connection with the Company’s rebranding of the former Doubletree Guest Suites hotel in Washington D.C. to a Residence Inn by Marriott, which Chatham expects to complete in the third quarter of 2013. 

For a complete copy of the company’s news release, please contact:

Jerry Daly                                                                                   

Daly Gray Public Relations                                                   

jerry@dalygray.com

(703) 435-6293                                                                          

Dennis Craven

Chief Financial Officer

dcraven@cl-trust.com

(561) 227-1386