Chatham Lodging Trust Sells Homewood Suites by Hilton Carlsbad, California for $33 Million ($228K Per Suite)

Chatham Lodging Trust | December 22, 2017

WEST PALM BEACH, Fla.--December 22, 2017--Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced that it has sold the 145-suite Homewood Suites by Hilton Carlsbad, Calif., for $33 million, or approximately $228,000 per suite. Chatham sold the hotel at an approximate 6.5 percent net operating income capitalization rate (after an assumed annual capital reserve of 4.0 percent of total hotel revenues) based on trailing 12 months performance. "This is the first sale under our capital recycling initiative ...