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| Residence Inn San Diego Downtown-Gaslamp Quarter Hotel, San Diego, CA |
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| Jeffrey H. Fisher |
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 has completed the previously announced acquisition of the 240-room Residence
Inn San Diego Downtown-Gaslamp Quarter for $90 million, or approximately $375,000 per room.
“Having invested approximately $500 million into new
hotel investments in 2014, our outlook on the industry remains bullish, and we
expect to continue acquiring hotels in 2015 that meet our strict underwriting
criteria,” said Jeffrey H.Fisher, chief executive officer, Chatham Lodging Trust.
“The Residence
Inn is ideally located in the heart of the Gaslamp Quarter, just a block away
from the San Diego Convention Center, one of the most popular convention
markets in the country given San Diego’s beautiful year-round climate.
“This high quality, downtown, infill hotel in one of
the best lodging markets in the country, is an ideal addition to our expanding
presence in California.”
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| San Diego Convention Center |
Opened in 2009, the Residence Inn is within walking
distance to the Petco Park and the Westfield Horton shopping complex.
The hotel has 1,500 square feet of meeting
space and offers the full range of Residence Inn amenities, including free
breakfast and complimentary Wi-Fi.
The property includes street level retail space
which presently incorporates two leased restaurants that cater to the
pedestrian traffic within the popular Gaslamp Quarter.
Sajan Hansji, president of J
Street Hospitality, stated “The Residence Inn Gaslamp epitomizes our business
strategy of developing and owning tremendously successful properties in
unbeatable locations, and we are pleased to sell it to such a well respected
owner as Chatham.
“It has been an important part of J Street’s
portfolio, and we look forward to further developing new projects that are
equally successful in robust destinations like the Gaslamp Quarter."
For a complete copy of the company’s news
release, please contact:
Chris Daly
Daly Gray Public Relations
(703) 435-6293
Dennis Craven
Chief Financial Officer
(561)
227-1386
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