Chatham Completes $32M Hilton Buy

San Diego

Hotel REIT Chatham Lodging Trust has completed the acquisition of the 145-suite Homewood Suites by Hilton-Carlsbad, CA, in suburban San Diego, for approximately $32 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,” says Jeffrey 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 Rd., 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 will be managed by Island Hospitality Management, a hotel management company 90%-owned by Fisher.