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Chatham closes big hotel acquisition with NorthStar as partner

  • The previously announced deal for a 51-hotel, 6,848 room portfolio from a JV comprised of Cerberus Capital and Chatham had a combined purchase price of $1.3B, prior to a capital expenditure reserve credit to the buyer of $39.7M.
  • 47 of the 51 hotels were purchased by a JV between Chatham Lodging (CLDT) and NorthStar Realty Finance (NRF +0.6%).
  • Also part of the seller's group, Chatham experienced a non-GAAP economic gain of about $80M, or more than $3 per share. Chatham expects to recognize $54M of this in Q2.
  • A conference call is planned for June 17 at 10 ET.
  • Source: Press release
Comments (2)
  • Pablomike
    , contributor
    Comments (1230) | Send Message
     
    Isn't this the same portfolio of hotels that AINV paid like $4B for and almost went under??
    11 Jun, 12:18 PM Reply Like
  • ChrisForte
    , contributor
    Comments (85) | Send Message
     
    I wish someone could explain this in plain english...
    11 Jun, 01:03 PM Reply Like
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