Chatham Lodging Acquires Residence Inns in Boston (Dedham) & Fort Lauderdale Intracoastal for $55.5M

Chatham Lodging Trust | July 22, 2015

PALM BEACH, Fla., July 22, 2015—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 acquired the 81-room Residence Inn Boston (Dedham), Mass., and is under contract to purchase the 105-room Residence Inn Fort Lauderdale Intracoastal/ Il Lugano. The Fort Lauderdale transaction is expected to close in late August, following customary due diligence. Chatham is acquiring the two hotels from the Claremont Companies for $55.5 million, or approximately $298,000 per room. "Our outlook on the...