PITTSBURGH-Chatham Lodging Trust has agreed to acquire the 178-room Hyatt Place Pittsburgh/North Shore here for a cash purchase price of $40 million.
Palm Beach, FL-based Chatham expects the deal to close by June 17. The Pittsburgh Hyatt Place opened in December 2010 and is located next door to PNC Park (home of the Pittsburgh Pirates) and near Heinz Field (home of the Pittsburgh Steelers).
Upon completion of the acquisition, the Pittsburgh Hyatt Place will be managed by Island Hospitality Management, which is 90% owned by Jeffrey H. Fisher, Chatham's Chairman, President and Chief Executive Officer.
Chatham intends to fund the purchase with borrowings on its secured revolving credit facility and property specific debt.
The company also reports that it anticipates its 2013 second quarter revenue per available room, will be further impacted by renovations in connection with its rebranding of the former Doubletree Guest Suites hotel in Washington, DC to a Residence Inn by Marriott, which Chatham expects to complete in the third quarter of 2013.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
