Chatham Lodging Trust is pushing further into San Diego's hospitality market. But the mystery is: What are they buying? In an SEC filing, the hotel REIT disclosed that it is under contract to purchase “an upscale extended-stay hotel” in San Diego for $90M, or $375k/room. The hotel includes two retail stores operated by third parties as well. Chatham states that it expects to close on the sale during the quarter, and will install Island Hospitality Management—the firm half owned by Chatham CEO Jeffrey Fisher (here)—as the management company for the unnamed hotel. Chatham already owns Homewood Suites Carlsbad and the Residence Inn in Mission Valley in the market.
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