Chatham Lodging Trust Acquires Beachside Hilton Garden Inn

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 the company has acquired the beachside 111-room Hilton Garden Inn Destin Miramar Beach, Fla., in an off-market transaction for $31 million, or approximately $279,000 per room. Recently opened in 2020, the hotel is within walking distance of the pristine white sands of the Gulf of Mexico. The hotel’s location in Miramar Beach is well situated in relation to the thriving Santa Rosa Beach and Destin markets. The acquisition should generate an estimated stabilized NOI yield of 8.0% to 8.5%.