{"id":1004086211,"date":"2013-11-04T07:30:28","date_gmt":"2013-11-04T15:30:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004086211"},"modified":"2022-12-08T18:15:01","modified_gmt":"2022-12-09T02:15:01","slug":"chatham-lodging-acquires-residence-inn-in-suburban-seattle-for-72m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chatham-lodging-acquires-residence-inn-in-suburban-seattle-for-72m\/","title":{"rendered":"Chatham Lodging Acquires Residence Inn in Suburban Seattle for $72M"},"content":{"rendered":"<p><i>By Scott Baltic, Contributing Editor<\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/Residence-Inn-in-Downtown-Bellevue-Washington-Exterior.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004086215\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/chatham-lodging-acquires-residence-inn-in-suburban-seattle-for-72m\/residence-inn-in-downtown-bellevue-washington-exterior\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/Residence-Inn-in-Downtown-Bellevue-Washington-Exterior.jpg\" data-orig-size=\"608,423\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Residence Inn in Downtown Bellevue Washington Exterior\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/Residence-Inn-in-Downtown-Bellevue-Washington-Exterior.jpg?w=608\" class=\"alignleft size-medium wp-image-1004086215\" alt=\"Residence Inn in Downtown Bellevue Washington Exterior\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/Residence-Inn-in-Downtown-Bellevue-Washington-Exterior.jpg\" width=\"300\" height=\"208\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/Residence-Inn-in-Downtown-Bellevue-Washington-Exterior.jpg 608w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/Residence-Inn-in-Downtown-Bellevue-Washington-Exterior.jpg?resize=300,209 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Chatham Lodging Trust, of Palm Beach, Fla., has acquired the 231-room Residence Inn by Marriott Seattle Bellevue\/Downtown for a net cash price of $71.8 million, plus customary, pro-rated amounts and closing costs, the buyer announced late last week.<\/p>\n<p>The purchase price reportedly represents a forward 12-month cap rate of about 7.8 percent on the hotel\u2019s projected NOI. Chatham funded the purchase with available cash and borrowings on its secured $59 million revolving credit facility.<\/p>\n<p>Year to date through Sept. 30, the hotel\u2019s RevPAR is up 13 percent to $131.<\/p>\n<p>Built in 2008 on a roughly 7-acre site, the hotel features 3,076 square feet of meeting space in three rooms, a heated indoor pool, a fitness center, three levels of covered parking and a Starbuck\u2019s Caf\u00e9.<\/p>\n<p>The property reportedly is the only extended-stay product in downtown Bellevue and benefits from a location with a strong customer base, predominantly in high tech and telecom. Downtown Bellevue has 7.5 million square feet of Class A office space, according to Chatham.<\/p>\n<p>Located alongside I-405, the hotel is less than four miles from Microsoft\u2019s 300-acre corporate park in Redmond and is also within 15 minutes\u2019 drive of downtown Seattle and Seattle-Tacoma International Airport.<\/p>\n<p>In a prepared release, Jeffrey Fisher, Chatham\u2019s CEO, described the hotel as \u201cone of the highest-rated hotels in the Residence Inn by Marriott system, a superior quality property on an urban, infill site in one of the most desirable West Coast corporate markets.\u201d<\/p>\n<p>\u201cThis hotel aligns perfectly with our strategy of acquiring coastal area hotels where demand is driven primarily by corporate travelers focused in the ever-growing technology, energy or medical sectors,\u201d Fisher added.<\/p>\n<p>Chatham focuses on upscale, extended-stay hotels and premium branded, select-service hotels.<\/p>\n<p>Peter Willis, Chatham\u2019s chief investment officer, said that the company has long experience in the Seattle market through its ownership of four Residence Inns in a joint venture and through Island Hospitality\u2019s operation of the hotels.<\/p>\n<p>In late 2011, <a href=\"https:\/\/www.commercialsearch.com\/news\/property-types\/hospitality\/1b-innkeepers-portfolio-sale-deal-back-on-track\/\">a JV consisting of Chatham and Cerberus Series Four Holdings L.L.C. bought, for more than $1 billion, a 64-hotel portfolio from Innkeepers USA Trust as part of the latter\u2019s Chapter 11 reorganization plan<\/a>.<\/p>\n<p>The downtown Bellevue hotel is managed by Island Hospitality Management, which is 90 percent owned by Chatham CEO Fisher.<\/p>\n<p>In June, Chatham announced that it would acquire <a href=\"https:\/\/www.commercialsearch.com\/news\/property-types\/industrial\/chatham-lodging-trust-to-acquire-pittsburgh-hyatt-place-for-40m\/\">the 178-room Hyatt Place Pittsburgh\/North Shore near downtown Pittsburgh, its first property in that city, for $40 million<\/a>.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chatham Lodging Trust has acquired the 231-room Residence Inn by Marriott Seattle Bellevue\/Downtown for a net cash price of $72 million, plus customary, pro-rated amounts and closing costs.<\/p>\n","protected":false},"author":882,"featured_media":1004086215,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21751,21783,21742,1610,15],"tags":[],"class_list":["post-1004086211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hotel","category-investment","category-latest","category-seattle","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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