ATLANTA—Chatham Lodging Trust has acquired the 160-room SpringHill Suites by Marriott in the Savannah Downtown/Historic District. The hotel REIT paid $39.8 million.

The SpringHill Suites is directly across the street from the Savannah Civic Center and is close to the Savannah College of Art and Design (SCAD). The college was the driving force in the redevelopment and renaissance of the Historic District, which now spans over 2 million square feet. The hotel is within walking distance of Savannah's City Market and River Street, both prime entertainment areas within the Historic District.

“Despite the current competitive transaction climate in the lodging industry, we continue to source high quality acquisitions in off-market transactions through our extensive industry relationships,” says Jeffrey H. Fisher, Chatham's CEO. “This hotel matches our strategy perfectly with its infill location, recent construction in 2009, high barriers to new competition and strong, growing demand.”