PITTSBURGH, PENNSYLVANIA Chatham Lodging Trust has signed a contract to acquire an unidentified upscale extended-stay hotel in Pittsburgh for US$24.9 million.
The acquisition will be funded in part through the assumption of an existing US$7.3 million mortgage loan. The hotel will be the 14th property acquired by Chatham since its initial public offering.
“Our disciplined approach to acquisitions remains focused on upscale extended-stay hotels and premium-branded select-service properties, either as multi-property portfolios or individual hotels, located in major markets with high barriers to entry near strong demand generators,” says CEO Jeffrey H. Fisher.
Following completion of the acquisition, the hotel will be managed by Island Hospitality Management, a hotel management company 90% owned by Fisher.