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| Dennis Craven |
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, announced it has issued approximately $83 million of fixed-rate debt since mid-August, including $24.5 million maturing in five years and $58.4 million maturing in ten years.
The debt issuance is comprised of five individual first mortgage loans.
“With these issuances and availability under our unsecured credit facility, we have the ability to repay all debt due through 2024 and will only have to address one $19 million maturing mortgage in 2025,” emphasized Dennis Craven, Chatham’s chief operating officer.
“We have
great freedom to create value for our shareholders, whether that is related to
refinancing future debt, acquiring/developing hotels or making other hotel
investments.”
On August 16, 2023,
two 10-year loans aggregating $39.9 million were provided by Barclays Capital
Real Estate and are secured by the Residence Inn and TownePlace Suites Austin
Northwest / The Domain.
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| Jeremy Wegner |
“After reducing our net debt during the pandemic by approximately 40 percent, second most among lodging REITs, we have a great balance sheet that we were able to further solidify with these loans,” stated Jeremy Wegner, Chatham’s chief financial officer.
“With
encumbrances on only 14 of our 39 hotels after the Bellevue repayment, we have
ample flexibility to appropriately address our maturities at the right time
using the best capital source.”
The loans
carry a fixed interest rate of 7.4 percent per annum and are interest only for
the first five years before amortizing based upon a 30-year amortization
schedule.
Contact:
Chris
Daly
Dennis Craven
Daly Gray Public
Relations
Chatham Lodging Trust
(Media)
(Company)
chris@dalygray.com dcraven@cl-trust.com
(703)
435-6293
(561) 227-1386
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