Chatham Lodging Trust has acquired in an off-market transaction two high-quality, premium-branded hotels comprising 269 rooms at the Domain in Austin for $71.2 million.
The acquired hotels include the 132-room Residence Inn Austin Domain, which opened in July 2016, and the 137-room TownePlace Suites Austin Domain, which opened in June 2021.
“Having actively managed our way through the worst era in the history of the hotel industry, our actions have enabled us to emerge from the pandemic with a stronger balance sheet and more liquidity,” said Jeffrey H. Fisher, Chatham’s CEO and president. “This has given us the flexibility and the confidence to be acquisitive when we identify opportunities that fit our stringent criteria, and the Austin acquisitions are ideal additions to our portfolio. Strategically, our acquisitions are aimed at increasing further our exposure to premium-branded, extended-stay hotels, enhancing portfolio RevPAR and reducing the average age of
