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Sign in Sign up for a FREE subscriptionChatham Lodging sells four hotels for $80m
Chatham Lodging Trust has closed on the sales of four hotels comprising 537 rooms for aggregate proceeds of about $80 million.
The four hotels comprise the following:
180-room Hilton Garden Inn, Burlington, Mass. 100-room Courtyard by Marriott Houston West University 120-room Residence Inn by Marriott Houston West University 137-room Homewood Suites by Hilton Dallas Market Center“We want to recycle capital out of older assets into newer hotels with higher growth prospects. The sale of these four hotels is a giant step towards reducing the average age of our portfolio and providing ample liquidity for future growth,” said Jeffrey H. Fisher, Chatham’s president and CEO. “These are home-run transactions. We have emerged from the pandemic with a stronger balance sheet and have the capacity to make value-enhancing acquisitions and generate incremental distributable cash flow.”
