Saturday, February 28, 2015

Chatham Lodging Trust Acquires Residence Inn San Diego Downtown-Gaslamp


Residence Inn San Diego Downtown-Gaslamp Quarter Hotel, San Diego, CA

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.”

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  


No comments:

Post a Comment