Chatham 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.”