Chatham Lodging Trust Announces Sale of Hotel
WEST PALM BEACH, Fla.–(BUSINESS WIRE)–
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 the closing of the sale of the 27-year-old, 147-suite Homewood Suites by Hilton Billerica, Ma., for $17.4 million. An approximate $6 million renovation of the hotel was planned for 2025 but was not completed due to the pending sale. The hotel was projected to have the third lowest RevPAR in the portfolio and earn approximately $1 million of net operating income in 2025, thus equating to a capitalization rate of approximately 4 percent.
This sale marks the sixth hotel sold since December 2024, generating proceeds of approximately $100 million. Including near-term capital expenditures, the aggregate price equates to an approximate six percent capitalization rate.
About Chatham Lodging Trust
Chatham Lodging Trust is a self-advised, publicly traded real estate investment trust focused primarily on investing in upscale, extended-stay hotels and premium-branded, select-service hotels. The company owns 33 hotels with 5,021 rooms/suites in 15 states and the District of Columbia. Additional information about Chatham may be found at chathamlodgingtrust.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements about the company’s business that are not historical facts are “forward-looking statements.” Forward-looking statements are based on current expectations. You should not rely on our forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the company’s future results, performance, or achievements to differ significantly from the results, performance, or achievements expressed or implied by such statements. Such risks are set forth under the captions “Item 1A. Risk Factors” and “Forward-Looking Statements” in our annual report on Form 10-K and under the caption “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” (or similar captions) in our quarterly reports on Form 10-Q, and as described in our other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the dates on which they are made, and the company undertakes no obligation to update publicly or revise any guidance or other forward-looking statement, whether as a result of new information, future developments, or otherwise, unless required by law.
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Dennis Craven (Company)
Chief Operating Officer
(561) 227-1386
Chris Daly (Media)
DG Public Relations
(703) 864-5553
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