“Chatham Lodging completes acquisition of 2 hotels”

Chatham Lodging completes acquisition of 2 hotels

Posted: 24 Aug 2010 02:25 PM PDT

On Tuesday August 24, 2010, 5:25 pm EDT

PALM BEACH, Fla. (AP) -- Hotel owner Chatham Lodging Trust said Tuesday it completed the acquisition of two Pennsylvania hotels for an undisclosed amount.

The 86-room SpringHill Suites by Marriott in Washington, Pa., and the 105-room Courtyard by Marriott in Altoona, Pa., are part of a four-property package Chatham eyed in May for $61 million.

In July, Chatham Lodging Trust closed on the purchase of 120-room hotel in Houston for $16.5 million. The acquisition of the remaining hotel, a Residence Inn by Marriott in White Plains, N.Y., is still under contract.

The latest hotel purchases mark the eighth and ninth deals completed by Chatham since its initial public offering in April. It will own 11 hotels once all its pending acquisitions are completed.

Shares in Chatham rose 69 cents, or 4.5 percent, to close at $16.15.

This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php
Five Filters featured article: "Peace Envoy" Blair Gets an Easy Ride in the Independent.