MIAMI—Chatham Lodging Trust just acquired therecently re-opened 194-room Hyatt Place Cherry Creek for $32million. That translates to about $165,000 per key.

But that's just the beginning for the hotelREIT focused on investing in upscale, extended-stay hotelsand premium-brand, select service hotels. The company alsocommitted to acquiring a $1.1 billion hotel portfolio from InlandAmerican Real Estate Trust through a joint venture withNorthstar Realty.

And here's another twist. At the same time, Chatham isnegotiating with NorthStar to acquire four hotels with 575 roomsout of the portfolio prior to or in connection with the closing.The portfolio transactions are expected to close in the fourthquarter of 2014.

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