Chatham Lodging Confirms Acquisition of Two Properties
Chatham Lodging has confirmed the acquisition of two new properties as part of a previously announced four-hotel package.
The chain - which currently owns ten hotels - has taken control of the 86-room SpringHill Suites in Washington and the 105-room Courtyard in Altoona. Both properties had previously been under Marriott control. Following the deal, the hotels will continue to be managed by Concord Hospitality Enterprises.
The fourth hotel in the deal - a Marriott owned Residence Inn in White Plains - remains subject to completion of due diligence and other closing conditions.
Chatham Lodging up following acquisition:
Chatham Lodging is a hotel real estate investment trust principally focused on upscale extended-stay hotels and premium-branded select-service hotels. The company has three additional hotels under contract to purchase.
Outlining its second quarter results earlier this month the company stated revenue per available room (RevPAR) improved 10.2 per cent to $81.00, led by a 15.5 per cent increase in occupancy to 78.2 per cent. The increase was partially offset by a 4.6 per cent decline in average daily rate (ADR) to $103.55.
Earlier this month the company struck a deal with a group of lenders - including Barclays Capital and Regions Capital Markets - for an $85 million senior secured credit facility.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
