Breaking News

Shooting Reported at High School Near Seattle
Tweet TWEET

Chatham Lodging Acquires Courtyard by Marriott Houston Medical Center, 197-Room Hotel in Premier Location in One of Nation’s

  Chatham Lodging Acquires Courtyard by Marriott Houston Medical Center,
  197-Room Hotel in Premier Location in One of Nation’s Top Markets

Business Wire

PALM BEACH, Fla. -- February 6, 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 three-year-old
Courtyard by Marriott Houston Medical Center hotel in Houston, Texas for
$34.75 million. The company funded the acquisition under its secured revolving
credit facility.

Courtyard by Marriott Houston Medical Center in Houston, Texas. Photo courtesy
of Chatham Lodging Tr ...

Courtyard by Marriott Houston Medical Center in Houston, Texas. Photo courtesy
of Chatham Lodging Trust

The eight-story, 197-room hotel, including six suites, is located at 7702 Main
Street, adjacent to the world’s largest medical complex, the Texas Medical
Center. More than 50 medical organizations, housed in 280 buildings comprising
more than 45 million square feet of space on 1,300 acres, treat seven
million-plus patients annually. The Texas Medical Center will continue its
rampant growth as $7.1 billion of capital investment is planned through 2014.
Houston, known as the “Energy Capital of the World,” is the nation’s fifth
largest metropolitan area and is home to 26 Fortune 500 companies. The city
has seen the highest employment gains in the U. S. for the last six years.

In addition to the Medical Center, the hotel is proximate to Rice University,
University of Houston, Texas Southern University, the Houston museum complex
comprised of 19 museums, and the 445-acre Hermann Park and Houston Zoo. Less
than a mile from the hotel is Reliant Park, North America’s largest and most
versatile event venue complex, consisting of Reliant Stadium (Houston Texans),
Reliant Center (over 700,000 square feet of exhibit space), Reliant Arena
(Houston Livestock Show and Rodeo), and the Reliant Astrodome.

“This is a beautiful, high quality hotel in Houston’s thriving Medical Center
area which is forecast to be one of the nation’s top lodging markets in 2013,”
said Jeffrey H. Fisher, Chatham’s chief executive officer. “This property
matches up exactly with our strategy of acquiring premium–branded, upscale
extended stay and select-service hotels in high demand markets that command
high daily rates and revenue. The versatile hotel is perfectly suited for
business, leisure and health-care segments. With our Hampton Inn Medical
Center hotel right around the corner, we know the market very well and see
significant opportunities to maximize revenue and cost efficiencies.”

The hotel, opened in February 2010, features Marriott’s new lobby concept, as
well as three meeting rooms comprising approximately 2,000 square feet.
Additional amenities include a Zen garden and multiple seating options inside
and outside the building that allow guests to stay productive and relaxed. A
well-appointed lobby theatre area with contemporary media pods are among some
of the options that offer a comfortable space to enjoy a meal from the Bistro
Restaurant while watching personal 20-inch, flat-screen, high-definition
televisions.

The hotel will be managed by Island Hospitality Management, a hotel management
company 90 percent-owned by Fisher.

“We have invested more than $60 million in the last six weeks in two high
quality, attractively-priced assets,” commented Peter Willis, chief investment
officer. “Our relationships with other owners give us access to properties
that others typically do not see. This property, for example, was purchased
from an owner from whom we have acquired other top-quality hotels. We have an
active pipeline aligned with our investment strategy, which allows us to be
selective when making our final investment decisions.”

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 20 hotels with an aggregate of 2,733 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
www.chathamlodgingtrust.com.

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.

Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20130206005484/en/

Multimedia
Available:http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50555084&lang=en

Contact:

Daly Gray Public Relations
Jerry Daly, 703-435-6293
jerry@dalygray.com
or
Chatham Lodging Trust
Dennis Craven, 561-227-1386
Chief Financial Officer
dcraven@cl-trust.com
 
Press spacebar to pause and continue. Press esc to stop.