NATIONAL REPORT—Hotel Business is tracking transactions in the industry. The following companies have recently acquired properties: Procaccianti Hotel REIT Inc., Chatham Lodging Trust and Fibra Inn. Here are the details:
Procaccianti Hotel REIT Inc. Acquires Hotel Indigo in Traverse City, MI
Procaccianti Hotel REIT Inc. has acquired the 107-room Hotel Indigo in Traverse City, MI. The boutique-style, select-service hotel is managed by TPG Hotels & Resorts Inc. The property opened in May 2016.
Chatham Lodging Acquires Brand New Residence Inn in SC
Chatham Lodging has acquired the 96-room Residence Inn by Marriott Charleston Summerville in Summerville, SC for $20.8 million, or approximately $217,000 per room. The REIT purchased using available cash and borrowings on its unsecured credit facility. The hotel will be managed by Island Hospitality Management. Chatham estimates it acquired the property at a year two net operating income capitalization rate of approximately 8%.
Fibra Inn Finalizes Sale of the Microtel Inn & Suites by Wyndham Culiacan Hotel
Fibra Inn has concluded the sale of the Microtel Inn & Suites by Wyndham Hotel in Culiacan, as part of its capital recycling program. The company will use the additional resources for projects that offer more attractive profitability, including the repurchase and cancelation of certificates.