This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Chatham Lodging Expands Western Presence With Denver Acquisition, Announces Unveiling Of Residence Inn Washington D.C./Foggy Bottom

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.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $92.69 -0.59%
FB $119.49 1.40%
GOOG $711.11 1.40%
TSLA $214.84 1.60%
YHOO $37.23 0.79%


Chart of I:DJI
DOW 17,740.63 +79.92 0.45%
S&P 500 2,057.14 +6.51 0.32%
NASDAQ 4,736.1550 +19.0610 0.40%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs