Chatham Closes $90M Hotel Deal in Gaslamp Quarter

SAN DIEGO—Chatham Lodging Trust, a hotel real estate investment trust, has completed the previously announced acquisition of the 240-room Residence Inn San Diego Downtown-Gaslamp Quarter for $90 million, or approximately $375,000 per room.

“Having invested approximately $500 million into new hotel investments in 2014, our outlook on the industry remains bullish, and we expect to continue acquiring hotels in 2015 that meet our strict underwriting criteria,” said Jeffrey Fisher, chief executive officer, Chatham Lodging Trust. “The Residence Inn is ideally located in the heart of the Gaslamp Quarter, just a block away from the San Diego Convention Center, one of the most popular convention markets in the country given San Diego’s beautiful year-round climate. This high-quality, downtown, infill hotel in one of the best lodging markets in the country is an ideal addition to our expanding presence in California.”