WEST PALM BEACH, Florida—Chatham Lodging Trust announced the closing of the sale of the 147-suite Homewood Suites by Hilton in Billerica, Massachusetts, for $17.4 million. An approximate $6 million renovation of the hotel was planned for 2025, but the project was not completed due to the pending sale. The hotel was projected to have the third-lowest RevPAR in the portfolio and earn approximately $1 million of net operating income in 2025, thus equating to a capitalization rate of approximately 4 percent.
This sale marks the sixth hotel sold since December 2024, generating proceeds of approximately $100 million. Including near-term capital expenditures, the aggregate price equates to an approximate six percent capitalization rate.
