Chatham Lodging Trust, a hotel real estate investment trust, has completed its acquisition of the Residence Inn by Marriott - Long Island Holtsville, New York in an all-cash transaction for USD21.3m, or approximately USD172,000 per key.
The hotel represents the 11th hotel either acquired or under contract to purchase by Chatham since its 21 April 2010 initial public offering.
"This is a very well-located property with superb visibility and accessibility off of the Long Island Expressway," says Jeffrey H. Fisher, Chatham's chief executive officer. "The Long Island hotel market is extremely attractive for a number of reasons, including its high barriers to new competition and multiple demand generators. This hotel is proximate to a large number of major businesses, as well as to such nearby tourist attractions as Fire Island and the Hamptons, which appeals to both business and leisure travellers."
The upscale extended-stay Residence Inn by Marriott hotel features 124 suites, complimentary high speed internet access and fully equipped kitchens. The hotel offers an on-site fitness centre, indoor swimming pool and whirlpool, as well as an outdoor sport court.