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Chatham Lodging Acquires Hyatt Place Downtown Pittsburgh

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. 

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