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News & Press: Lodging News

Chatham Lodging acquires hotel in historic downtown Portsmouth, N.H.

Thursday, September 21, 2017  
Posted by: Taylor Salvato
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Chatham Lodging acquires hotel in historic downtown Portsmouth, N.H.
Posted By: HospitalityNet

Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced that it has acquired the 131-room Hilton Garden Inn Portsmouth Downtown in N.H., for $43.5 million, or approximately $332,000 per room.

"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," said Jeffrey H. Fisher, Chatham's chief executive officer and president. "The hotel enjoys the best location within downtown Portsmouth and benefits from strong, diversified demand arising from a great combination of leisure, corporate and government business related to a thriving naval yard.

"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," he noted. "Portsmouth has enacted sweeping changes to zoning codes, which makes permitting and development even more stringent and highly problematic for new supply wanting to enter the downtown market.


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