Two Houston Hotels Part of $107 Million Purchase, Market briefs

Jeffrey H. Fisher, president of Chatham Lodging Trust.

In Palm Beach, Fla., Chatham Lodging Trust a hotel real estate investment trust, has purchased four hotels, including two Marriott-related properties in Houston’s Inner Loop, for $107 million.

The four hotels, purchased for $186,000 per room, are:

• 179-room Hilton Garden Inn Burlington, Mass.

• 176-room Courtyard by Marriott Dallas in Addison, Texas.

• 120-room Residence Inn by Marriott West University, at 2939 Westpark, near Kirby Drive in Houston.

• 100-room Courtyard by Marriott West University, 2929 Westpark, near Kirby Drive in Houston.

The purchase was connected with Chatham’s previously reported purchase of a 52-hotel, 6,976-room portfolio from Inland American, a $1.1 billion deal.

“These top-tier branded hotels expand our presence in some of the country’s best hotel markets and match our strategy of targeting specific high growth markets based on growing corporate demand tied to the technology, medical and oil and gas industries,” said Jeffrey H. Fisher, Chatham’s CEO and president. “Given our confidence in the health of the hotel industry, we will continue to be net buyers of high-quality hotels.”

The four of the Chatham hotels will be managed by Island Hospitality Management, a hotel management company that currently is 90 percent owned by Fisher. Chatham, based in Palm Beach, Fla., owns 130 hotels with 17,858 rooms.