Chatham Lodging Trust (NYSE:CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium branded, select-service hotels, today announced that it has acquired the 180-room Hilton Garden Inn Denver Tech Center for a purchase price of $27.9 million, plus customary pro-rated amounts and closing costs.
Converted to the Hilton Garden Inn brand in October 2008, the hotel is ideally located in the heart of the Denver Tech Center at the junction of Interstate 25 and Interstate 225. The Denver Tech Center spans 850 acres and contains more than 25 million square feet of office space, almost half of which is comprised of Class A and Class B space. The Denver Tech Center also is home to over 1,000 companies employing more than 35,000 people, including such esteemed companies as Oracle, Newmont Mining, EMC Corporation and IBM.
The first Hilton Garden Inn in Chatham’s portfolio, the hotel features 3,600 square feet of meeting space capable of hosting events for up to 300 people. Additional amenities include a restaurant and bar, Starbucks kiosk, indoor pool and a location adjacent to a light-rail station that provides convenient transportation to downtown Denver. In 2014, the hotel’s lobby will be restyled with the brand’s “Project Grow” design, and the rooms will receive a soft-goods renovation.
“The Hilton brands continue to provide superior returns on investment, and we are pleased to further our relationship with Hilton Worldwide with the acquisition of our first Hilton Garden Inn hotel, sitting in one of the best locations of the Denver Tech Center, a massive thriving corporate business park,” said Jeffrey H. Fisher, Chatham’s chief executive officer. “We have a deep understanding of the Tech Center market through our ownership of a Residence Inn in the Innkeepers joint venture and Island Hospitality’s operation of the hotel. It is a great advantage to be able to underwrite and diligence acquisitions across the country through this teamwork, and we are confident we will be able to drive enhanced returns out of the gate at this hotel. We continue to find hotels that meet our strict underwriting criteria, exhibiting strong growth characteristics and demand generators, as we build Chatham into a premier lodging REIT.”
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