Chatham Lodging Acquires Downtown Waterfront Hampton Inn - Portland, Maine
PALM BEACH, Fla. & PORTLAND, Maine -- January 8, 2013
Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust
(REIT) focused on upscale extended-stay hotels and premium branded
select-service hotels, today announced that it has acquired the recently
opened Hampton Inn Portland Downtown – Waterfront Hotel in Portland, Maine for
$28 million. The purchase price includes an adjacent land parcel which can be
sold or used for future development of a hotel, office, retail or residential
units. The company funded the acquisition with borrowings under its secured
revolving credit facility.
The six-story, 122-room hotel is located at 209 Fore Street on the downtown
Portland peninsula. The hotel is located in the Old Port district and offers
ready access to downtown Portland’s waterfront, historical attractions,
boutiques, many restaurants and bars. The hotel is the #1 rated hotel on
TripAdvisor for the Portland market, which is one of the top travel
destinations in New England.
“This is a tremendous asset in the heart of a downtown New England market that
fits in exactly with our strategy of acquiring premium branded, upscale
extended-stay and select-service hotels in high demand markets,” said Jeffrey
H. Fisher, Chatham’s chief executive officer. “The hotel is great for leisure
travelers due to its location, and with its high quality Hampton brand
affiliation, maintains a strong business traveler presence throughout the
year. The hotel is performing strongly and continues to ramp up.”
The recently constructed hotel opened in August 2011. The ground floor of the
hotel includes the separately-owned and operated Sebago Brewing Company. The
hotel will be managed by Island Hospitality Management, a hotel management
company 90 percent-owned by Mr. Fisher.
“We were able to source this deal privately and directly without the
involvement of any third parties,” commented Peter Willis, chief investment
officer. “Our network of contacts is extensive and we have an active
About Chatham Lodging Trust
Chatham Lodging Trust is a self-advised REIT that was organized to invest in
upscale extended-stay hotels and premium-branded, select-service hotels. The
company currently owns 19 hotels with an aggregate of 2,536 rooms/suites in 11
states and the District of Columbia and holds a minority investment in a joint
venture that owns 55 hotels with an aggregate of 7,282 rooms/suites.
Additional information about Chatham may be found at
This press release may contain “forward-looking statements” within the meaning
of the Private Securities Litigation Reform Act of 1995 about Chatham Lodging
Trust, including statements regarding future plans, strategies, performance,
acquisitions, capital expenditures, future operating results and the timing
and composition of revenues, among others, and statements containing words
such as “expects,” “believes” or “will,” which indicate that those statements
are forward-looking. Except for historical information, the matters discussed
in this press release are forward-looking statements that are subject to
certain risks and uncertainties that could cause the actual results or
performance to differ materially from those discussed in such statements.
Additional risks are discussed in the company’s filings with the Securities
and Exchange Commission.
Daly Gray Public Relations
Jerry Daly, 703-435-6293
Chatham Lodging Trust
Dennis Craven, 561-227-1386
Chief Financial Officer
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