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.
http://www.marriott.com/hotels/travel/isphv-residence-inn-long-island-holtsville/
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.
The six-year-old hotel will be managed by Island Hospitality Management, a hotel management company 90 per cent owned by Fisher
Read More.. http://www.propertyfundsworld.com/2010/08/05/57211/chatham-acquires-residence-inn-holtsville-new-york