{"id":1004088092,"date":"2013-12-09T08:08:03","date_gmt":"2013-12-09T16:08:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004088092"},"modified":"2022-12-04T11:01:56","modified_gmt":"2022-12-04T19:01:56","slug":"chatham-lodging-buys-160-key-spring-hill-suites-in-savannah","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chatham-lodging-buys-160-key-spring-hill-suites-in-savannah\/","title":{"rendered":"Chatham Lodging Buys 160-Key Spring Hill Suites in Savannah"},"content":{"rendered":"<p><em>By Barbra Murray, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/SpringHill-Suites-by-Marriott-Savannah-Downtown-Historic-District.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004088094\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/chatham-lodging-buys-160-key-spring-hill-suites-in-savannah\/springhill-suites-by-marriott-savannah-downtown-historic-district\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/SpringHill-Suites-by-Marriott-Savannah-Downtown-Historic-District.jpg\" data-orig-size=\"620,348\" data-comments-opened=\"1\" 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=\"SpringHill Suites by Marriott Savannah Downtown-Historic District\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/SpringHill-Suites-by-Marriott-Savannah-Downtown-Historic-District.jpg?w=620\" class=\"alignleft size-medium wp-image-1004088094\" alt=\"SpringHill Suites by Marriott Savannah Downtown-Historic District\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/SpringHill-Suites-by-Marriott-Savannah-Downtown-Historic-District.jpg\" width=\"300\" height=\"168\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/SpringHill-Suites-by-Marriott-Savannah-Downtown-Historic-District.jpg 620w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/SpringHill-Suites-by-Marriott-Savannah-Downtown-Historic-District.jpg?resize=300,168 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Marking its third acquisition this quarter, Chatham Lodging Trust has purchased SpringHill Suites by Marriott Savannah Downtown\/Historic District. The REIT bought the 160-room hotel from its developer, North Point Hospitality Group, in an off-market transaction.<\/p>\n<p>The six-story property at 150 Montgomery St. is a successful asset, and it shows in the numbers. RevPAR at the lodging destination increased approximately 6 percent year to date as of the close of the third quarter. And all signs appear to point to the asset&#8217;s ability to be a moneymaker over the long term.<\/p>\n<p>&#8220;The Savannah hotel is less than five years old in an irreplaceable location with incredibly high barriers to new competition,&#8221; Dennis Craven, chief financial officer of Chatham, told <i>Commercial Property Executive<\/i>. &#8220;The city enjoys a great reputation for tourism,\u00a0and with the expansion of its port facilities scheduled to open in 2015, we expect to see positive growth in the already strong business base.&#8221;<\/p>\n<p>Chatham&#8217;s acquisition of SpringHill Suites Savannah, funded through cash on hand and borrowings under the company&#8217;s secured revolving credit facility, comes on the heels of two other purchases this fall. In October, the REIT snapped up the 231-room Residence Inn by Marriott Seattle Bellevue\/Downtown in Bellevue, Wash., and the 180-room Hilton Garden Inn Denver Tech Center in Denver. And 2012 isn&#8217;t over yet.<\/p>\n<p>&#8220;We have a strong appetite for acquisitions with a capacity to add up to $150-$200 million over the near term,&#8221; Craven added. &#8220;We are well along in negotiations, but are unable to predict with any reliable certainty when they might close.&#8221;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Marking its third acquisition this quarter, Chatham Lodging Trust has purchased SpringHill Suites by Marriott Savannah Downtown\/Historic District. <\/p>\n","protected":false},"author":969,"featured_media":1004088094,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21751,21783,21742],"tags":[],"class_list":["post-1004088092","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hotel","category-investment","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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