{"id":523085,"date":"2021-08-04T09:03:18","date_gmt":"2021-08-04T13:03:18","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/chatham-lodging-trust-acquires-high-quality-extended-stay-hotels-in-austin-texas\/"},"modified":"2021-08-04T09:03:18","modified_gmt":"2021-08-04T13:03:18","slug":"chatham-lodging-trust-acquires-high-quality-extended-stay-hotels-in-austin-texas","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/chatham-lodging-trust-acquires-high-quality-extended-stay-hotels-in-austin-texas\/","title":{"rendered":"Chatham Lodging Trust Acquires High-Quality Extended-Stay Hotels in Austin, Texas"},"content":{"rendered":"

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Chatham Lodging Trust Acquires High-Quality Extended-Stay Hotels in Austin, Texas<\/b><\/p>\n

Invests in One of the Strongest Real Estate Markets in the Country<\/i><\/p>\n

WEST PALM BEACH, Fla.–(BUSINESS WIRE<\/a>)–
\nChatham 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 the company has acquired in an off-market transaction two, high-quality, premium-branded hotels comprising 269 rooms at the Domain in Austin, Texas, for $71.2 million, or approximately $265,000 per room (the \u201cAustin Acquisitions\u201d). The acquired hotels include the 132-room Residence Inn Austin Domain, which opened in July 2016, and the 137-room TownePlace Suites Austin Domain, which opened in June 2021. Upon stabilization, the Austin Acquisitions are expected to generate an estimated NOI yield of 8.0% to 8.5%.\n<\/p>\n

This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20210804005157\/en\/<\/a><\/p>\n

\"Residence<\/p>\n

Residence Inn Austin Domain (Photo: Business Wire)<\/p>\n<\/div>\n

\n\u201cHaving actively managed our way through the worst era in the history of the hotel industry, our actions have enabled us to emerge from the pandemic with a stronger balance sheet and more liquidity,\u201d highlighted Jeffrey H. Fisher, Chatham\u2019s chief executive officer and president. \u201cThis has given us the flexibility and the confidence to be acquisitive when we identify opportunities that fit our stringent criteria, and the Austin Acquisitions are ideal additions to our portfolio. Strategically, our acquisitions are aimed at increasing further our exposure to premium-branded, extended-stay hotels, enhancing portfolio RevPAR and reducing the average age of our portfolio. The Austin Acquisitions check all of these boxes, will be two of our four newest hotels and are expected to producing RevPAR levels higher than our portfolio average.\u201d\n<\/p>\n

\nThe Domain is a rapidly growing mixed-use development known as Austin\u2019s \u201csecond downtown\u201d with over 4.2 million square feet of office space, 1.8 million square feet of retail space, plus another 2.8 million additional square feet of office space expected to be delivered over the next two years and another 3.8 million square feet of office space planned thereafter. Companies with large offices located at The Domain include IBM, Amazon, Facebook, Indeed, Expedia \/ VRBO and Trend Micro Companies. Apple currently is constructing a 2 million square foot office campus approximately 5 miles from the Austin Acquisitions that will cost over $1 billion and eventually accommodate around 15,000 employees. For comparison purposes, Apple Park, Apple\u2019s main campus in Cupertino, Calif., is approximately 2.8 million square feet.\n<\/p>\n

\nOther key Austin attributes that will drive significant demand include:\n<\/p>\n