“Chatham Lodging Trust Signs Agreement to Acquire Residence Inn New Rochelle in Westchester County, N.Y.” plus 1 more |
| Posted: 06 Aug 2010 10:25 AM PDT Press Release Source: Chatham Lodging Trust On Friday August 6, 2010, 1:25 pm EDT PALM BEACH, Fla., Aug. 6 /PRNewswire-FirstCall/ -- Chatham Lodging Trust (NYSE:CLDT - News), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium-branded select-service hotels, today announced that it has signed a contract to acquire the Residence Inn by Marriott® – New Rochelle, N.Y. in an all-cash transaction for $21 million, or approximately $169,000 per key. The hotel represents the 12th property either acquired or under contract to purchase by Chatham since its April 21, 2010 initial public offering. "Westchester County is a premier location, home to many of New York City's most desirable suburban communities, with some of the region's most attractive demand generators and highest barriers to new competition," said Jeffrey H. Fisher, Chatham's chief executive officer. "The hotel is just 30 minutes from the heart of New York City, with easy access from all major highways, subways, bus-lines and Amtrak. The greater New Rochelle area has a very limited range of select-service, full-service or extended-stay hotels, and this property has enjoyed substantial market share premiums since it opened. The hotel is surrounded by a large number of major businesses and is proximate to prestigious country clubs and banquet halls bordering the Long Island Sound, thereby appealing to both business and leisure travelers. "We continue our disciplined approach to acquisitions, focused on upscale extended-stay hotels and premium-branded select-service properties, either as multi-property portfolios or individual hotels, located in major markets with high barriers to entry near strong demand generators," Fisher said. "Our network of local contacts and relationships has produced a very robust pipeline of transactions." Located at 35 LeCount Place in New Rochelle, NY, the 10-story 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 center, swimming pool and structured parking. Following completion of the acquisition, the 10-year-old hotel will be managed by Island Hospitality Management, a hotel management company 90 percent-owned by Fisher. Completion of the acquisition is subject to satisfactory completion of due diligence and other customary closing conditions. About Chatham Lodging Trust Chatham Lodging Trust is a self-advised real estate investment trust that was organized to invest in upscale extended-stay hotels and premium-branded select-service hotels. The company currently owns eight hotels with an aggregate of 1,057 rooms/suites, and has a total of four additional hotels under contract to purchase. Additional information about Chatham may be found at www.chathamlodgingtrust.com. This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 about Chatham Lodging Trust, including those statements regarding acquisitions, capital expenditures, future operating results and the timing and composition of revenues, among others, and statements containing words such as "expects," "believes" or "will," which indicate that those statements are forward-looking. Except for historical information, the matters discussed in this press release are forward-looking statements that are subject to certain risks and uncertainties that could cause the actual results or performance to differ materially from those discussed in such statements. Additional risks are discussed in the company's filings with the Securities and Exchange Commission.
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| Busch calls for stricter lodging expense rules Posted: 06 Aug 2010 09:40 PM PDT A top legislative leader is calling for tighter rules on lodging expenses in the wake of questionable expenses in recent years by a retiring state lawmaker. Lodging arrangements have come under scrutiny this summer following the revelation that Del. Joseph Bartlett, a Republican from Frederick County who is not seeking re-election, paid tens of thousands of state dollars to his girlfriend for rent over the past several years during legislative sessions. House Speaker Michael E. Busch, D-Annapolis, said recently that legislative and ethics officials should review lodging regulations to see if there is a way to tighten them up. "We can have a discussion about how to avoid this," he said. Legislators who use taxpayer money to pay for lodging in Annapolis during the 90-day session are subject to mostly procedural rules, and the propriety of their plans is ultimately up to the General Assembly's presiding officers, according to current state guidelines. The Maryland Gazette found no contracts with private, individual landlords in a review of 2010 session documents for the Anne Arundel County delegation - they all stayed in hotels, furnished homes provided by an Annapolis rental company or filed no expenses at all. But official scrutiny of the expenditures is largely limited to spending caps and eligible calendar dates. Under lodging guidelines, a legislator who requests to be reimbursed for those expenses has to submit actual receipts. If a politician rents an apartment or house from a private source, a copy of the lease has to be given to Finance and Administrative Services. Rick Harrison, Finance and Administrative Services manager, said his office's role is to look at submitted documents and verify dates and rates, a maximum of $120 a day in the 2010 session. Legislators are prohibited from getting reimbursed for lodging in property where either the individual or an immediate family member own a "substantial interest." The speaker said he has not had to review any cases, and believes one possible change could be requiring legislators to clear any lodging arrangements with parties besides registered hotels or bed-and-breakfasts with the ethics counsel. Ryan O'Donnell, executive director of the watchdog group Common Cause Maryland, said any lodging rules should strive for clarity and consistency because a lawmaker could theoretically become personally involved with a landlord after a lease is signed. "An allowance should be made for people's lives and their intentions. … The barometer here is the public's confidence in government," he said. Ten local lawmakers, half the delegation, filed lodging reimbursements for the 2010 General Assembly session. Del. Barbara Frush, D-Beltsville: $10,920. Del. Mary Ann Love, D-Glen Burnie: $10,920. Del. Ben Barnes, D-College Park: $10,800. Del. Virginia Clagett, D-West River: $10,800. Del. Joseline Pena-Melnyk, D-College Park: $10,800. Del. Steve Schuh, R-Gibson Island: $3,240. Del. James King, R-Gambrills: $3,239.96. Del. Nic Kipke, R-Pasadena: $2,999.90. Del. Pamela Beidle, D-Linthicum: $1,799.85. Sen. Jim Rosapepe, D-College Park: $839.93. --- lfarrell@capitalgazette.combecome personally involved with a landlord after a lease is signed. "When you are dealing with public and the private lives of legislators, you are going to have conflict from time to time," he said. "An allowance should be made for people's lives and their intentions. … The barometer here is the public's confidence in government." Local spending General Assembly members who represent at least a portion of Anne Arundel County spent more than $66,000 on lodging during the 2010 session, according to documents provided by the state to The Capital. The highest spenders - each spent almost $11,000 - were those who had rooms for the entire session: Dels. Ben Barnes, D-College Park, Joseline Pena-Melnyk, D-College Park, Barbara Frush, D-Beltsville, Virginia Clagett, D-West River, and Mary Ann Love, D-Glen Burnie. Most legislators stay at hotels such as the Historic Inns of Annapolis, Loews and the Marriott Waterfront. Both Barnes and Pena-Melnyk had lease arrangements through Annapolis Accommodations, a company that specializes in renting fully furnished homes for events such as the Naval Academy Commissioning Week. Ten members of the delegation did not have any lodging expenses in the 2010 session, according to those documents: Sens. John Astle, D-Annapolis, Ed DeGrange, D-Glen Burnie, Ed Reilly, R-Crofton, and Bryan Simonaire, R-Pasadena; House Speaker Michael E. Busch, D-Annapolis; and Dels. Bob Costa, R-Deale, Don Dwyer, R-Glen Burnie, Ron George, R-Arnold, Tony McConkey, R-Severna Park, and Ted Sophocleus, D-Linthicum. --- lfarrell@capitalgazette.com Five Filters featured article: "Peace Envoy" Blair Gets an Easy Ride in the Independent. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
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