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Chatham buys Pennsylvania hotel for $40 million

Chatham Lodging Trust announced on Tuesday that it bought the 178-room Hyatt Place Pittsburgh – North Shore for US$40 million from its developer, a joint venture by Continental Real Estate Companies and RockBridge Capital.

Upon completion of the acquisition, expected by June 17, will be managed by Island Hospitality Management, which is 90% owned by Jeffrey Fisher, Chatham’s chairman, president and CEO.

Chatham Lodging Trust, Palm Beach, Florida, also announced that it anticipates its 2013 second quarter RevPAR will be further impacted by renovations in connection with its rebranding of the former Doubletree Guest Suites hotel in Washington D.C. to a Residence Inn by Marriott, which Chatham expects to complete in the third quarter of 2013.  Although its consolidated financial statements for the three months ended June 30, 2013 are not yet complete, Chatham currently anticipates reporting RevPAR of US$114 to US$115 and RevPAR growth of 4.5% to 5% excluding the Washington, D.C. hotel and 2% to 3% including it, over the second quarter 2012.

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