Chatham Lodging to Acquire Hyatt Place Pittsburgh/North Shore
Tuesday June 11th, 2013 - 10:03AM E
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PALM BEACH, FL—Chatham Lodging Trust has entered into an agreement to acquire the Hyatt Place Pittsburgh/North Shore for $40 million, in addition to pro-rated amounts and closing costs.
The 178-room Hyatt Place will be managed by Island Hospitality Management. The acquisition is expected to close by June 17, 2013.
The hotel opened in December 2012. It is located adjacent to PNC Park, home to the Pittsburgh Pirates.
Chatham anticipates its 2013 second quarter RevPAR will be further affected by renovations in connection with the company’s rebranding of the former Doubletree Guest Suites hotel in Washington DC to a Residence Inn by Marriott. The rebranding is expected to be completed in the third quarter of 2013.
RevPAR over the second quarter 2012 is anticipated as $114-$115, while RevPAR growth, excluding the hotel in Washington DC, is expected to be 4.5-5.0%. RevPAR growth over the second quarter 2012 is anticipated as +2-3%.
Tags: • Hospitality • 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.