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Chatham Lodging Trust acquires Beachside Hilton Garden Inn
Transactions - MARCH 9, 2022

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Chatham Lodging Trust acquires Beachside Hilton Garden Inn

by Released

Chatham Lodging Trust (CLDT), a hotel REIT focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, announced that the company has acquired the beachside 111-room Hilton Garden Inn Destin Miramar Beach, Fla., in an off-market transaction for $31 million, about $279,000 per room.

Recently opened in 2020, the hotel is within walking distance of the white sands of the Gulf of Mexico. The hotel’s location in Miramar Beach is well situated in relation to the thriving Santa Rosa Beach and Destin markets.

“As discussed on our 2021 year-end conference call, we emerged from the pandemic with a stronger balance sheet, as well as the capacity to make accretive acquisitions in terms of both earnings and asset value,” said Jeffrey H. Fisher, Chatham’s CEO and president. “This hotel will generate strong cash flow from the outset, represent our third youngest hotel and generate a 2022 RevPAR premium of approximately 50 percent over o

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