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Chatham Lodging clinches hotel acquisition

Chatham Lodging has confirmed the acquisition of two new properties as part of a previously announced four-hotel package.

The chain – which currently owns ten hotels – has taken control of the 86-room SpringHill Suites in Washington and the 105-room Courtyard in Altoona.

Both properties had previously been under Marriott control.

Following the deal, the hotels will continue to be managed by Concord Hospitality Enterprises.

The fourth hotel in the deal – a Marriott owned Residence Inn in White Plains - remains subject to completion of due diligence and other closing conditions.


[stock]REIT|1m|left|Chatham Lodging up following acquisition[/stock]

Chatham Lodging

Chatham Lodging is a hotel real estate investment trust principally focused on upscale extended-stay hotels and premium-branded select-service hotels.

The company has three additional hotels under contract to purchase.

Outlining its second quarter results earlier this month the company stated revenue per available room (RevPAR) improved 10.2 per cent to $81.00, led by a 15.5 per cent increase in occupancy to 78.2 per cent.

The increase was partially offset by a 4.6 per cent decline in average daily rate (ADR) to $103.55.

Earlier this month the company struck a deal with a group of lenders – including Barclays Capital and Regions Capital Markets - for an $85 million senior secured credit facility.