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Chatham Lodging Trust completes acquisitions of four silicon valley residence inns and completes 47-hotel acquisition in joint venture

Tuesday, 10 Jun 2014 04:16pm EDT 

Chatham Lodging Trust:Completes previously announced acquisition of 51-hotel, 6,848-room portfolio from joint venture comprised of Cerberus Capital Management LP and Chatham in two separate transactions.Combined total purchase price was $1.3 bln, before capital expenditure reserves credited to the buyers of $39.7 million.Barclays Capital served as exclusive financial advisor to Chatham.Wachtell, Lipton, Rosen & Katz and Hunton & Williams served as legal advisors to Chatham.Chatham acquired four Residence Inns by Marriott in Silicon Valley, comprising 751 rooms, as part of sale of 51-hotel portfolio for net cash purchase price of $272.6 mln.Transaction consists of gross purchase price of $341.5 mln less reserve credits of $15.1 mln, resulting in net purchase price of $326.4 mln.Remaining 47 hotels in 51-hotel portfolio were purchased by joint venture between NorthStar Realty Finance Corp, diversified commercial real estate investment and asset management company, and Chatham for gross purchase price of $958.5 mln.NorthStar acquired Cerberus' 89.7 percent interest in the prior joint venture, while Chatham retained its 10.3 percent interest. 

Company Quote

-0.17 -0.74%
21 Aug 2014