Wednesday June 19th, 2013 - 10:03AM
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.