Thursday, July 23, 2015

Chatham Lodging Continues Expansion with Acquisitions of Residence Inns in Boston (Dedham), MA and Fort Lauderdale Intracoastal, FL

  
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 it has acquired the 81-room Residence Inn Boston (Dedham), Mass., and is under contract to purchase the 105-room Residence Inn Fort Lauderdale Intracoastal/ Il Lugano.

The Fort Lauderdale transaction is expected to close in late August, following customary due diligence.  Chatham is acquiring the two hotels from the Claremont Companies for $55.5 million, or approximately $298,000 per room.   

“Our outlook on the industry remains bullish, and we continue to find excellent opportunities to add properties that match our strategy of acquiring premium-branded, high-quality, in-fill hotels with high barriers to entry and growing demand in two of the country’s strongest lodging markets,” said Jeffrey H. Fisher, Chatham’s chief executive officer and president.

 “Peter Willis, our chief investment officer, sourced these stellar acquisitions privately through his extensive network of industry relationships.”

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

Patrick Daly
Account Supervisor
Daly Gray, Inc.
patrick@dalygray.com
Office:  (703) 435-6293
Cell:  (703) 300-8289
         

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