Chatham Acquires Four Hotels as Part of $1.1B Deal

PALM BEACH, FL—Locally-based Chatham Lodging Trust and NorthStar Realty Finance Corp. of New York City report the closing of their previously announced deal to purchase a 52-hotel, 6,976-room portfolio from Inland American.

NorthStar owns a 90% ownership interest in the joint venture, and Chatham owns a 10% interest. Chatham acquired its 10% equity interest in the joint venture for approximately $28 million. The transaction breaks down to the Northstar-Chatham joint venture acquiring 48 upscale extended-stay hotels and premium-branded, select-service hotels from Inland and Chatham purchasing four hotels as part of the sale of the 52-hotel portfolio for a purchase price of $106.7 million, or approximately $186,000 per room, before deal costs. The four hotels purchased by Chatham are: the 179-room Hilton Garden Inn Burlington, Burlington, MA; the 176-room Courtyard by Marriott Dallas (Addison), TX; the 120-room Residence Inn by Marriott Houston West University Houston, TX; and the 100-room Courtyard by Marriott Houston West University, Houston, TX.