Chatham Aquires Residence Inn New Rochelle, NY
October 7, 2010 - Chatham Lodging Trust (NYSE: CLDT) announced that it has completed the acquisition of the Residence Inn by Marriott® - New Rochelle, N.Y. in an all-cash transaction for $21 million, or approximately $169,000 per key.
It is the twelfth property acquired by the hotel since its April 2010 IPO. The company has one additional hotel under contract.
“With this acquisition, we have invested essentially all of the net proceeds from our IPO which is well ahead of our announced strategy when we took the company public,” said Jeffrey H. Fisher, Chatham's chief executive officer. “We expect to close on an $85 million revolving credit facility shortly, which will give us the flexibility to continue our acquisition program, and we just declared our first dividend so we are pleased with the company's progress to date.”
Located at 35 LeCount Place in New Rochelle, NY, the 10-story upscale extended-stay Residence Inn by Marriott® hotel features 124 suites, complimentary high speed Internet access and fully equipped kitchens. The hotel offers an on-site fitness center, swimming pool and structured parking. The hotel will be managed by Island Hospitality Management, a hotel management company 90 percent-owned by Fisher.
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 
