Chatham Lodging Trust buys two Marriott-branded hotels in Austin for $71M

REIT buys 132-room Residence Inn, 137-room TownePlace Suites

National /
Aug.August 04, 2021 12:13 PM
Residence Inn Austin Northwest, TownePlace Suites Austin Northwest and Chatham Lodging Trust CEO Jeffrey Fisher (Marriott, Chatham Lodging Trust)

Residence Inn Austin Northwest, TownePlace Suites Austin Northwest and Chatham Lodging Trust CEO Jeffrey Fisher (Marriott, Chatham Lodging Trust)

Chatham Lodging Trust is expanding its lodging portfolio in Texas, taking advantage of demand from tech companies.

The West Palm Beach-based REIT acquired a 132-key Residence Inn and a 137-key TownePlace Suites for $71.2 million, the company announced on Wednesday.

Both hotels are located at the Domain — a mixed-use complex where Amazon, Facebook and IBM have offices.

Addison-based Texas Western Hospitality previously owned both hotels, property records show. It opened the TownePlace Suites hotel in June and previously managed the Residence Inn.

Island Hospitality Management, a firm owned by Chatham CEO Jeffrey Fisher, will now take over management of both hotels, the company said.

Chatham Lodging Trust also owns hotels in Houston, San Antonio and Dallas, as well as in California, Florida and New York, among other states. The company was able to weather well during the pandemic, given its focus on extended-stay and limited-service hotels.





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