Hilton Garden Inn Sells for $44M in Portsmouth, NH

Chatham Lodging Trust is the new owner of the 131-key hotel, which opened in 2006. The company purchased the property from Cathartes Private Investments.

By Evelyn Jozsa

Hilton Garden Inn
Hilton Garden Inn Portsmouth Downtown

Chatham Lodging Trust has purchased the 131-key Hilton Garden Inn Portsmouth Downtown in New Hampshire, for $43.5 million, or $332,000 per guestroom. The seller, Cathartes Private Investments, had owned the property for a dozen years. Chatam funded the purchase through available cash and borrowings on its revolving credit facility. 

Hilton Garden Inn, located at 100 High St., opened in 2006 and went through a full renovation within the last two years.

“Portsmouth is an extremely high barrier-to-entry market, and the city has done a fantastic job balancing growth and maintaining the integrity of this historic community,” said Jeffrey Fisher, Chatham’s chief executive officer & president, in prepared remarks.

Ideal location

The hotel is situated in the heart of Portsmouth, a walkable downtown area offering more than 75 restaurants, an active brewery, as well as an arts and theater scene. Also, the seaside is within a five-minute walk, and major cities such as metro Boston and Manchester are just one hour drive away.

“This gorgeous property is located in the absolute center of downtown Portsmouth, a beautiful, historic, waterfront community, and is a perfect complement to the Chatham portfolio,” added Fisher.

Image courtesy of Chatam Lodging Trust

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