Chatham Lodging Trust (CLDT) said Wednesday that it has completed its acquisition of the 178-room Hyatt Place Pittsburgh/North Shore in Pittsburgh, Pennsylvania for a purchase price of $40 million, plus customary pro-rated amounts and closing costs.
The company funded the purchase with borrowings on its secured revolving credit facility and a $24.2 million fixed rate, first-mortgage loan.
The Pittsburgh Hyatt Place is managed by Island Hospitality Management, which is 90% owned by Jeffrey Fisher, Chatham's chief executive officer.
Chatham said it will update its guidance to reflect the Pittsburgh Hyatt Place acquisition, the 4.5 million common share equity offering and the mortgage financing in conjunction with its second quarter earnings announcement.
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