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| Residence Inn Fort Lauderdale Intracoastal/Il Lugano |
PALM BEACH, FL, Aug. 18,
2015—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 completed
the previously announced acquisition of the 105-room Residence Inn Fort Lauderdale Intracoastal/Il Lugano.
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| Dennis Craven |
“This is a great addition
to our portfolio, further enhances its quality and geographic distribution,”
commented Dennis Craven, Chatham’s
chief operating officer.
“Given the current disconnect in public
pricing of our common stock, we will use debt and other sources to fund
acquisitions over the near term.
"Our balance sheet is in great shape and we are
comfortable adding leverage, as well as potentially recycling capital out of
existing assets into hotels in higher growth markets.”
The Residence Inn Fort
Lauderdale Intracoastal/Il Lugano opened in 2008 as the Il Lugano Hotel and
Residences and was converted to a Residence Inn in 2014.
The stunning 14-story
building is located on the eastern edge of the Intracoastal Waterway at Oakland
Park Blvd., in Fort Lauderdale and includes 105 oversized rooms ranging from
550 to over 850 square feet, all with views of the Intracoastal Waterway and/or
the Atlantic Ocean.
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| Intracoastal Waterway, Fort Lauderdale, FL |
Other hotel amenities
include the Coastal View Restaurant, intracoastal waterfront meeting room,
177-space parking garage and waterfront deck with docks that can be expanded
for added food and beverage operations.
The building includes independently
owned condominiums that are not a component of the hotel’s operations.
For the discerning
traveler, the hotel provides excellent access to some of the more exclusive
beaches and restaurants as compared to hotels along the Fort Lauderdale strip.
The market continues to experience significant
growth in tourism, and the hotel will benefit from the almost $2.5 billion
expansion and renovation of the Fort Lauderdale International Airport currently
underway which will attract more travelers from the United States, Central
America and South America.
Chatham funded the Fort
Lauderdale Intracoastal purchase with available cash and borrowings on its
revolving credit facility. The hotel will be managed by Island Hospitality
Management, a leading hotel management company which is 51 percent owned by
Fisher.
For a complete copy of the company’s news release,
please contact:
Chris Daly
Daly Gray Public
Relations
(703) 435-6293
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