Chatham Lodging Completes Largest Acquisitions in Company History:

  

 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, announced that it completed the previously announced acquisition of a 51-hotel, 6,848-room portfolio from a joint venture comprised of Cerberus Capital Management LP and Chatham in two separate transactions. 

The combined total purchase price was $1.3 billion, before capital expenditure reserves credited to the buyers of $39.7 million. 

Barclays Capital served as exclusive financial advisor to Chatham.  Wachtell, Lipton, Rosen & Katz and Hunton & Williams served as legal advisors to Chatham.

Chatham acquired four Residence Inns by Marriott® in Silicon Valley, comprising 751 rooms, as part of the sale of the 51-hotel portfolio for a net cash purchase price of $272.6 million, or approximately $363k per room. 

The transaction consists of the gross purchase price of $341.5 million less reserve credits of $15.1 million, resulting in a net purchase price of $326.4 million. 

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

 Jerry Daly                                                                                   

Daly Gray Public Relations                                                   

(Media)                                                                                        

chris@dalygray.com

(703) 435-6293