PALM BEACH, FLA. — Palm Beach-based Chatham Lodging Trust has acquired a hotel portfolio from RLJ Development in an all-cash transaction for $73.5 million. The six hotels that comprise the portfolio are all branded as Homewood Suites by Hilton. The six hotels include:
• Homewood Suites by Hilton Boston – Billerica/Bedford/Burlington, a 147-suite hotel located in Billerica, Mass.
• Homewood Suites by Hilton Minneapolis – Mall of America, a 144-suite hotel located in Bloomington, Minn.
• Homewood Suites by Hilton Orlando – Maitland, a 143-suite hotel located in Maitland, Fla.
• Homewood Suites by Hilton Dallas – Market Center, a 137-suite hotel located in Dallas.
• Homewood Suites by Hilton Hartford – Farmington, a 121-suite hotel located in Farmington, Conn.
• Homewood Suites by Hilton Nashville – Brentwood, a 121-suite hotel located in Brentwood, Tenn.
The portfolio is the first purchase made by Chatham since the company completed its initial public offering last week. All six hotels will continue to be managed by Hilton Worldwide. According to a statement issued by Chatham, the company plans to complete approximately $11 million in capital improvements to the hotels over the next two years.
— Coleman Wood