The properties are in the Boston, Hartford, Connecticut,Minneapolis, Dallas, Orlando and Nashville markets.
In the future, says Peter Willis, chief investment officer atChatham, "We are going to acquire more upscale, extended-stayhotels and premium-branded select service hotels, such as moreHomewood Suites, Residence Inns, Marriott Courtyards and HamptonInns."
"We are buying (hotels with) depressed earnings, so we believethat the cycle is turning and we will benefit from improvingconditions in the marketplace," says Willis. "Speaking just aboutthe hotels we've just acquired, from the time we put them undercontract last November, until the closing, we saw improvingRevPar," he says."Some of the improvement is a function of just howdeeply depressed things had gotten," says Willis, so year-over-yearcomparisons, look good.
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