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| 105-room Courtyard by Marriott Altoona, Pa |
WEST PALM BEACH, FL, May 16,
2019—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 sold the
105-room Courtyard by Marriott Altoona, Pa., as well as the 86-suite
SpringHill Suites by Marriott Washington, Pa. for approximately $10
million.
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| Jeffrey H. Fisher |
“We acquired these smaller hotels as
part of a portfolio purchase in 2010, and the hotels had a pretty good run for
five years, but no longer meet our long-term investment strategy,” highlighted Jeffrey
H. Fisher, Chatham’s chief executive officer and president.
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| 86-Suite SpringHill Suites by Marriott Washington, Pa |
"Excluding the sold
hotels, our comparable portfolio RevPAR increases to $135 from $133.
Importantly, we do not have to invest over $4 million renovating these hotels.
"We will continue to
opportunistically sell assets when we believe we can re-deploy those proceeds
into high-quality hotel investments that earn higher yields in higher growth
markets, thus enhancing our net asset value.”
The company estimates that the hotels
would have contributed approximately $1 million of EBITDA in 2019. Net
proceeds from the sale will be utilized to reduce borrowings on Chatham’s
unsecured credit facility.
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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