CHATHAM LODGING BUYS HOTEL IN PITTSBURGH FOR $40M

PITTSBURGH — Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT), has completed its acquisition of the 178-room Hyatt Place hotel in Pittsburgh for $40 million. The hotel opened in December 2010 and is located in Pittsburgh’s North Shore neighborhood, next to PNC Park (home of the Pittsburgh Pirates) and Heinz Field (home of the Pittsburgh Steelers). Average daily rate at the Pittsburgh Hyatt Place is expected to be $163 in 2013, according to Jeffrey Fisher, CEO of Chatham. Chatham funded the purchase with borrowings on its secured revolving credit facility and a $24.2 million first-mortgage loan. Barclays Bank provided the 10-year loan, which carries a fixed-interest rate of 4.6 percent and includes a 30-year amortization schedule. Island Hospitality Management manages the Pittsburgh Hyatt Place.