Deals
NorthStar, Chatham to Buy 47 Hotels in $959 Million Deal
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NorthStar Realty Finance Corp., a property investor and lender, agreed to buy a majority stake in 47 U.S. hotels as part of a $958.5 million deal with Chatham Lodging Trust and Cerberus Capital Management LP.
NorthStar will acquire Cerberus’s 89.7 percent interest in a joint venture for the hotels, known as Innkeepers, while Chatham will retain its 10.3 percent stake, Palm Beach, Florida-based Chatham said today in a statement. The hotel real estate investment trust will take sole ownership of another four properties in the portfolio.