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 •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.