SPRINGFIELD, VA–Chatham Lodging Trust hasacquired the 219-suite Embassy Suites by Hiltonhere for $68 million, or $310,000 persuite. The hotel traded in an off-market transaction.
The West Palm Beach, FL-based REIT estimates the trade has ayear one NOI cap rate of 7.5%. In addition, according toCEO Jeffrey H. Fisher, it generates approximately10% RevPAR premium to its existing properties and needs no capexfor several years.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
