Chatham Lodging Acquires Hyatt Place Downtown Pittsburgh
Wednesday June 19th, 2013 - 10:03AM EB
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PALM BEACH, FL—Chatham Lodging Trust has completed its acquisition of the 178-room Hyatt Place Pittsburgh/North Shore in Pittsburgh, PA.
The property, which opened in December 2010, was purchased for $40 million, in addition to customary pro-rated amounts and closing costs.
Island Hospitality Management manages the hotel. The purchase was funded with borrowings on Chatham’s secured revolving credit facility and a 10-year, $24.2 million fixed rate, first-mortgage loan provided by Barclays Bank, plc.
Tags: • Hospitality • Brands • Acquisitions •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.