Chatham Lodging Trust acquires Springfield extended stay hotel

George Sell George Sell Uploaded 10 December 2017

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US: Chatham Lodging Trust has announced the acquisition of the Embassy Suites by Hilton in Springfield, Virginia, for $68 million.

The transaction equates to approximately $310,000 per key.

The company has used cash from its recent 5,000,000-share public offering to fund the 219-suite hotel acquisition. It raised approximately $109 million from the share offering and with this off-market transaction the company has invested around 81 per cent of the offering proceeds. 

Island Hospitality Management will manage the property, which is less than two miles away from Fort Belvoir - the fifth largest military base in the US.

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