PALM BEACH, Fla.—Chatham Lodging Trust, a hotel real estate investment trust (REIT), announced that it has acquired the 111-room Hampton Inn and Suites in Exeter, N.H., for a purchase price of $15.2 million, plus customary pro-rated amounts and closing costs. The hotel opened in August 2010.
“This hotel is well located in downtown Exeter, the historic New England village home to one of the most prestigious college preparatory schools in the country, and benefits from a very diverse mix of corporate and leisure demand generators given its close proximity to seaside destinations,” said Jeffrey H. Fisher, Chatham’s chief executive officer. “Since late 2012, we have acquired four hotels, all of which were developed within the past three years that have attractive going in yields, and we expect to drive better performance through aggressive asset management. This hotel exemplifies our strategy of acquiring premium–branded, upscale extended stay and select-service hotels in markets that exhibit strong growth characteristics and demand generators.”
The Hampton Inn and Suites Exeter is managed by Island Hospitality Management (IHM), which is 90 percent owned by Fisher. Chatham funded the purchase with borrowings on its secured revolving credit facility.
“Utilizing our extensive network of relationships, we were able to source this deal privately and directly without the involvement of any third parties,” commented Peter Willis, chief investment officer. “We have an active pipeline and remain very selective as we accumulate a high quality hotel investment portfolio.”
