PALM BEACH, FL—Chatham Lodging Trust has acquired the 111-room Hampton Inn & Suites in Exeter, NH for a purchase price of $15.2 million, plus customary pro-rated amounts and closing costs.
The Hampton Inn & Suites opened in August 2010 and is located in the seacoast area of southern New Hampshire. With convenient access to Interstate 95, the LEED-certified hotel is proximate to Phillips Exeter Academy and corporate clients such as Timberland, Bauer, Cobham, Sig Sauer and leisure destination Hampton Beach.
“This hotel is well located in downtown Exeter, the historic New England village home to one of the most prestigious college preparatory schools in the country, and benefits from a very diverse mix of corporate and leisure demand generators given its close proximity to seaside destinations,” Jeffrey H. Fisher, CEO of Chatham, said in a statement. “Since late 2012, we have acquired four hotels, all of which were developed within the past three years that have attractive going in yields, and we expect to drive better performance through aggressive asset management.”
Island Hospitality Management (IHM) manages the Hampton Inn & Suites Exeter, which is 90% owned by Fisher. Chatham funded the purchase with borrowings on its secured revolving credit facility.
“Utilizing our extensive network of relationships, we were able to source this deal privately and directly without the involvement of any third parties,” stated Peter Willis, CIO of IHM. “We have an active pipeline and remain very selective as we accumulate a high quality hotel investment portfolio.”