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| Courtyard by Marriott Downtown Dallas, TX |
WEST 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, today
announced that the company has acquired the recently opened 167-room
Courtyard by Marriott Downtown Dallas, Texas, for $49 million, or approximately
$293,000 per room. The hotel opened in September 2018.
Chatham funded the purchase using available cash, including $24 million of proceeds from equity issued under its share plans in 2018 and borrowings on its unsecured credit facility. The hotel will be managed by Island Hospitality Management, which is 51 percent owned by Fisher.
“This is a gorgeous, brand new, superior-quality hotel located just two
blocks from the Kay Bailey Hutchison Convention Center in the heart of downtown
Dallas,” said Jeffrey H. Fisher, Chatham’s chief executive officer and
president.
Chatham funded the purchase using available cash, including $24 million of proceeds from equity issued under its share plans in 2018 and borrowings on its unsecured credit facility. The hotel will be managed by Island Hospitality Management, which is 51 percent owned by Fisher.
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| Jeffrey H. Fisher |
“This is the first new build hotel in downtown Dallas since 2011 and will carry a competitive advantage over nearby select-service hotels which are entirely adaptive re-use or conversion projects.
"The area has experienced a revival since 2010, with over $5 billion of real estate investments generating a 23 percent increase in downtown population, as well as an increase in corporate office demand.
"This hotel expands our Dallas presence and allows us to leverage our market knowledge and Island Hospitality’s deep talent pool to generate strong returns.”
CONTACTS:
Patrick Daly
Office Manager
Daly Gray, Inc.
Office: (703) 435-6293
Cell: (703) 300-8289
Dennis Craven
Chief Operating Officer
(561)
227-1386
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