Posted 2/5/2013 - 9:47:15 AM
PALM BEACH, FL—Chatham Lodging Trust, a hotel real estate investment trust based here, will rebrand its 105-room Washington, DC hotel to a Residence Inn by Marriott following a renovation.
Formerly a DoubleTree by Hilton, the conversion and renovations are set for completion in May. In the interim, the hotel will operate as the Washington Guest Suites.
Chatham acquired the hotel in July 2011 as part of a five-property portfolio acquisition.
In addition, the company has repaid the roughly $19-million loan balance on the hotel and refinanced three other mortgage loans, extending the company’s debt maturity and enhancing earnings through reduced interest costs.