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 •
I recently returned from ALIS and, on the trip home, Dennis Nessler and I shared stories about who we met and what we heard—not only the news of the industry, but the temperature of it. And, we concluded what many of you I’m sure have, too: It’s pretty hot right now.