 |
| Hilton Garden Inn Denver Tech Center, Denver, CO |
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, today
announced that it has acquired the 180-room Hilton Garden Inn Denver Tech
Center for a purchase price of $27.9 million, plus customary pro-rated
amounts and closing costs.
 |
| Jeffrey H. Fisher |
Converted to the Hilton Garden Inn brand in October 2008,
the hotel is ideally located in the heart of the Denver Tech Center at the
junction of Interstate 25 and Interstate 225.
The Denver Tech Center spans 850 acres and contains more
than 25 million square feet of office space, almost half of which is comprised
of Class A and Class B space. The Denver Tech Center also is home to over 1,000
companies employing more than 35,000 people, including such esteemed companies
as Oracle, Newmont Mining, EMC Corporation and IBM.
The first Hilton Garden Inn in Chatham’s portfolio, the
hotel features 3,600 square feet of meeting space capable of hosting events for
up to 300 people.
“The Hilton brands
continue to provide superior returns on investment, and we are pleased to
further our relationship with Hilton Worldwide with the acquisition of our
first Hilton Garden Inn hotel, sitting in one of the best locations of the
Denver Tech Center, a massive thriving corporate business park” said Jeffrey
H. Fisher, Chatham’s chief executive officer.”
 |
| Residence Inn Washington, DC/Foggy Bottom |
The Hilton Garden Inn Denver Tech Center is managed by
Island Hospitality Management (IHM), which is 90 percent owned by Mr. Fisher.
Chatham funded the purchase with borrowings on its secured revolving credit facility.
Chatham also announced the unveiling of the recently re-branded
Residence Inn Washington D.C./Foggy Bottom after an extensive $5.5
million renovation. The 103-suite hotel, formerly a DoubleTree Guest Suites by
Hilton, is the only branded, upscale, extended-stay hotel in the prestigious,
historic Foggy Bottom neighborhood.
 |
| Washington, DC skyline |
“This is a great asset in a fantastic location and given the
large suites, is ideally flagged as a Residence Inn,” highlighted Mr. Fisher.
“When we acquired the hotel out of the Innkeepers bankruptcy, we knew it was a
great piece of real estate, and we believed we could realize incremental value
by either re-positioning the asset or selling the hotel for alternative uses.
“With the Residence Inn brand, we expect this hotel will
command a much higher RevPAR premium and drive incremental value and cash flow
to our portfolio.”
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
.
No comments:
Post a Comment