Chatham Lodging Trust, a hotel real estate investment trust (REIT), has acquired the recently opened Home2 Suites by Hilton Phoenix Downtown in Arizona, US, for $43.3m.
This is projected to generate revenue per available room (RevPAR) of more than $150 upon stabilisation and an estimated net operating income (NOI) yield of over 9%.
The purchase was funded using proceeds from the sale of the Denver Tech hotel earlier in the first quarter, supplemented by available cash.
Home2 Suites by Hilton Phoenix Downtown will be managed by Island Hospitality Management, a company owned by Chatham Lodging Trust CEO Jeffrey H Fisher.
Fisher said: “This is Chatham’s first acquisition in more than two years and fits our long-term growth strategy to…