Innkeepers USA Trust, a real estate investment trust (REIT) and subsidiary of Apollo Investment Corp., sold a portfolio of hotels to Chatham Lodging Trust for $195 million according to a CoStar report. Chatham acquired the five hotels listed below, which comprise a total of 764 rooms, for approximately $255,000 per room; the purchase nearly doubles Chatham's existing hotel investments. Chatham funded the acquisition through the assumption of five individual mortgage loans, secured by the hotels, totaling $134.2 million, as well as available cash and borrowings under its senior secured revolving credit facility.
- Residence Inn Anaheim, Garden Grove, Calif.
- Residence Inn San Diego, Mission Valley, Calif.
- Residence Inn Tysons Corner, Tysons Corner, Va.
- Doubletree Guest Suites Washington, D.C., Washington, D.C.
- Homewood Suites on the Riverwalk, San Antonio, Texas
The hotels will continue to be managed by Island Hospitality Management, a hotel management company 90% owned by Jeffrey Fisher, Chatham CEO and president.
"These top-tier branded hotels give us a strong presence in some of the country's prime hotel markets," said Fisher.
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment