Chatham Lodging Completes Acquisition of Homewood - Carlsbad, CA
November 4, 2010 - Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium branded select-service hotels, today announced that it has completed the previously announced acquisition of the 145-suite Homewood Suites by Hilton® - Carlsbad, Calif., in suburban San Diego, for approximately $32.0 million. The acquisition was funded with borrowings under Chatham's secured revolving credit facility. Chatham has now acquired 13 hotels since its April 21, 2010 IPO.
“This is Chatham's first acquisition in California, a market we know very well and where we have extensive experience,” said Jeffrey H. Fisher, Chatham's chief executive officer. “We continue to seek other West Coast properties and have an active acquisition pipeline of premium-branded upscale extended-stay and select-service hotels in areas with high barriers to entry.”
Located at 2223 Palomar Airport Road, Carlsbad, Calif., 35 miles north of downtown San Diego, the three-story upscale extended-stay Homewood Suites by Hilton® hotel opened in 2008, features 145 suites with fully equipped kitchens and complimentary high speed Internet access. The hotel is convenient to the many leisure activities in the surrounding San Diego area, especially Legoland, as well as many commercial demand generators and the McClellan-Palomar Airport. “Carlsbad, Calif., is considered the golf equipment capital of the United States and, quite possibly, the world,” Fisher noted. “As the epicenter of the golf industry, more than 15 golf companies reside within a 50-mile stretch, including Acushnet, Callaway and TaylorMade.”
The hotel will be managed by Island Hospitality Management, a hotel management company 90 percent-owned by Fisher.
About Chatham Lodging Trust
Chatham Lodging Trust is a self-advised real estate investment trust that was organized to invest in upscale extended-stay hotels and premium-branded select-service hotels. The company currently owns 13 hotels with an aggregate of 1,650 rooms/suites in eight states. Additional information about Chatham may be found at www.chathamlodgingtrust.com.
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