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Northstar Realty and Chatham Lodging to acquire $1.1 billion hotel portfolio from

  • Thursday, September 18, 2014

    A joint venture between Northstar Realty Finance Corp. and Chatham Lodging Trust has agreed to acquire a portfolio of 52 upscale extended-stay and select-service hotels from Inland American Real Estate Trust. The 6,976-rooms portfolio will be acquired for approximately $1.1 billion. The transaction is expected to close in the fourth quarter of 2014. Northstar will hold a 90% interest in the joint venture. Chatham said that it would invest approximately $29 million for its 10% interest.

    The hotels are distributed across 21 states, with the greatest concentration of properties located in Texas (19%), New Jersey (13%), New York (10%) and North Carolina (10%). Close to two thirds of the hotels are affiliated with Marriott and the remaining third with Hilton. Island Hospitality, which is 90% owned by Jeffrey H. Fisher, Chatham’s president and chief executive officer, will manage 38 of the 52 hotels. Marriott International will manage the remaining 14 hotels.

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