Chatham Lodging Trust Signs Contract to Acquire Upscale Extended Stay Hotel in Greater Metropolitan New York Area
Has signed a contract to acquire an upscale extended stay hotel in Greater Metropolitan New York area in an all-cash transaction for $21.3 million. The new hotel represents the 11th hotel acquired or under contract to purchase by Chatham since its April 21, 2010 initial public offering.
“We have an aggressive appetite for properties and continue to work our extensive contacts and relationships to source transactions both on and off the market,” Fisher said. “This acquisition continues our focus on acquiring upscale extended-stay hotels and premium-branded select-service properties, either as multi-property portfolios or individual hotels, located in major markets with high barriers to entry near strong demand generators.”
Completion of the new hotel acquisition is subject to satisfactory completion of due diligence and customary closing conditions.
Chatham Lodging Trust is a self-advised real estate investment trust that was organized to invest in upscale extended-stay hotels and premium-branded select service hotels. The company currently owns six hotels with an aggregate of 813 rooms/suites and with the addition of this contract has a total of five other hotels under contract to purchase.
