PALM BEACH, FL-Hotel real estate investment trust Chatham Lodging Trust has completed the purchase of five Innkeepers hotels for $195 million. Chatham paid about $255,000 per room for the 764 rooms in the portfolio. The acquisition process began in May.

The acquisition nearly doubles Chatham's existing hotel investments. These five hotels will continue to be managed by Island Hospitality Management, a hotel management company that is 90-percent owned by Jeff Fisher, Chatham’s president and CEO.

“When you know these assets as well as we do--having owned these hotels in our prior life at Innkeepers--and since Jeff’s management company, Island Hospitality or its predecessor Innkeeepers Hospitality, has managed these hotels for a long time, it is much better to buy those assets than the unknown,” Dennis Craven, CFO at Chatham Lodging Trust, tells GlobeSt.com. Chatham scooped up hotels in Garden Grove and Mission Valley, CA; Tysons Corner, VA; Washington, DC and San Antonio, TX.