Chatham Lodging Closes Mortgage Loan

18th August 2011 (Last Updated August 18th, 2011 18:30)

Hotel real estate investment trust Chatham Lodging has closed a $15.8m fixed-rate mortgage loan arranged by Sonnenblick-Eichner, a real estate investment banking firm. The non-recourse financing was secured by the US-based 124-room Residence Inn by Marriott. Chatham said proc

Hotel real estate investment trust Chatham Lodging has closed a $15.8m fixed-rate mortgage loan arranged by Sonnenblick-Eichner, a real estate investment banking firm.

The non-recourse financing was secured by the US-based 124-room Residence Inn by Marriott.

Chatham said proceeds from the ten-year loan will be used to repay outstanding borrowings under the company’s secured revolving credit facility and for general business purposes.

Chatham Lodging owns 18 hotels with an aggregate of 2,414 rooms / suites in ten US states and the District of Columbia, and has one additional hotel comprising 174 rooms / suites under contract to purchase.