CHATHAM CLOSES ON RESIDENCE INN WHITE PLANS

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WHITE PLAINS, N.Y. — Chatham Lodging Trust has closed on the acquisition of the Residence Inn by Marriott White Plains/Westchester County, a 133-suite hotel located at 5 Barker Ave. in White Plains. Hotel amenities include a business center, a restaurant and a fitness center. It will be managed by Island Hospitality Management. The hotel is the last to close out of a four-property portfolio Chatham has had under contract. The purchase price of the portfolio was $61 million, which includes the assumption of $12.5 million of debt. Since its IPO in April, Chatham has acquired 11 hotels and has two more under contract.

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