Chatham Lodging Trust, a Palm Beach, Fla.-based REIT, agreed to
buy the Residence Inn by Marriott in New Rochelle, N.Y. for $21
million cash, the company’s 12th acquisition since going public in
late April, it announced today.
“The New Rochelle area has a very limited range of select-service,
full service or extended-stay hotels and this property has enjoyed
substantial market share premiums since it opened,” said Jeffrey
Fisher, chief executive of Chatham Lodging.
The 124-unit, all-suite, extended-stay hotel will be managed by Island
Hospitality Management, a firm 90 percent owned by Fisher. The
property has been in operation for 10 years.
The firm has acquired a number of limited-service hotels in New York
market since the April IPO. On Wednesday the company closed the $21.3
million acquisition of the Residence Inn by Marriott in Holtsville, Long Island.