Development

Chatham Lodging Trust Completes Acquisition of Residence Inn New Rochelle in Westchester County, N.Y.

Chatham Lodging Trust (NYSE: CLDT) announced that it has completed the acquisition of the Residence Inn by Marriott® – New Rochelle, N.Y. in an all-cash transaction for $21 million, or approximately $169,000 per key.

Chatham Lodging Trust It is the twelfth property acquired by the hotel since its April 2010 IPO.  The company has one additional hotel under contract.  

“With this acquisition, we have invested essentially all of the net proceeds from our IPO which is well ahead of our announced strategy when we took the company public,” said Jeffrey H. Fisher, Chatham’s chief executive officer.  “We expect to close on an $85 million revolving credit facility shortly, which will give us the flexibility to continue our acquisition program, and we just declared our first dividend so we are pleased with the company’s progress to date.”

Located at 35 LeCount Place in New Rochelle, NY, the 10-story upscale extended-stay Residence Inn by Marriott® hotel features 124 suites, complimentary high speed Internet access and fully equipped kitchens.  The hotel offers an on-site fitness center, swimming pool and structured parking.  The hotel will be managed by Island Hospitality Management, a hotel management company 90 percent-owned by Fisher. 



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