“Chatham Lodging Closes on $17M Med Center Asset” plus 1 more |
| Chatham Lodging Closes on $17M Med Center Asset Posted: 07 Jul 2010 03:33 AM PDT  Hampton Inn & Suites® Houston – Medical Center HOUSTON-Chatham Lodging Trust has acquired the Hampton Inn & Suites® Houston – Medical Center for $16.5 million in an all-cash transaction. The seller was local owner, Moody National Cos., according to the Harris County Appraisal District.
The 120-room hotel acquisition is part of a four-property portfolio that Chatham agreed to buy for $61 million and is the first one to close. It marks the REIT's seventh acquisition since its IPO in April 2010. The remaining three hotels are expected to close upon completion of due diligence and satisfaction of closing conditions.
The Medical Center hotel is Chatham's first acquisition in Houston and its second purchase in Texas, according to Peter Willis, the REIT's chief investment officer. "Both of our Texas properties were acquired as part of larger portfolios," he explains. "We are not targeting Texas specifically, but we are targeting the top 25 MSAs."
The Hampton Inn & Suites® Houston – Medical Center was attractive to Chatham because of the location and the brand, Willis tells GlobeSt. "We love being in the Medical Center, which has significant demand and high barriers to entry," he says. "And we love the brand, which we consider one of the great select-service brands."
Located at 1715 Old Spanish Trail, the Hampton Inn & Suites® Houston – Medical Center was built in 1997 and renovated in 2007. It features a business center, pool and fitness room.
Upon completion of the acquisition of the remaining three hotels in this four-hotel portfolio and the acquisition of a previously announced additional hotel under contract in the greater metropolitan New York area, Chatham will own 11 hotels.
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| Hotels.com Reveals Hot Hotel Deals for the Summer Posted: 07 Jul 2010 12:01 AM PDT Hotels.com Hotels Price Index reveals now is the time to book your five star room and pay a three star price Dallas, Texas (PRWEB) July 7, 2010 -- Hotels.com's Star Ratings prices have been unveiled revealing the comparisons between three, four and five star hotels, allowing customers to stay at the best higher rated properties for a lot less. These price comparisons have been taken from Hotels.com 2009 Hotel Price Index, the definitive annual report on hotel prices paid around the world. "Higher quality rooms in four and five star properties are now within the reach of more travellers who previously may have chosen two or three star properties," said Taylor L. Cole, APR, director of public relations for Hotels.com. "By filtering searches by star ratings during a Hotels.com trip planning session, travelers can find the highest quality rooms at the lowest prices and even take advantage of upgrades for holidays like the 4th of July." Due to continued inventory and economic pressures, consumers have a very timely opportunity to snag great deals and upgrade their accommodations and travel experience. These deals won't necessarily last, but with the fluctuating economy, prices have hit lows and are only now starting to climb back. The room rates in several hotels in different cities have dropped dramatically. To stay at one of the three star San Diego hotels (http://www.hotels.com/de1483250/hotels-san-diego-california/ ), the Historic Menger Hotel, would only cost you $129 a night. Seeing as only 2 years ago, to stay at one of the three star Chicago hotels (http://www.hotels.com/de1497539/hotels-chicago-illinois/ ) would cost you $168 a night, it's quite a drop in price for the standard of hotel. "Broadening a family's options when it comes to booking is just one way Hotels.com can help enhance a family's summer vacation," adds Cole. "To help customers further capitalize on these lower rates, Hotels.com is currently running a 'Family Sale." About Hotels.com: For more information on Hotels.com or this Press Release, please contact: # # # Hotels.com
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