PITTSBURGH—Chatham Lodging Trust is working to finalize a US$25-million deal for the Residence Inn Pittsburgh North Shore.
The sale price represents a price per room of US$143,678 for the 174-room hotel. During a presentation at NAREIT’s REITWeek 2011 conference, Chatham officials said they are planning to fund the purchase using US$18 million in available cash and the assumption of US$7 million of debt.
Allegheny County property records show the hotel’s full market value as follows:
• Land value: US$265,500
• Building value: US$11.35 million
• Total value: US$11.61 million
And county assessed value is listed as:
• Land value: US$265,500
• Building value: US$11.35 million
• Total value: US$11.61 million
The proposed acquisition is still awaiting lender approval. The property is owned by Schenley Center Associates LP.
Contact:
Chatham Lodging Trust
CFO Dennis Craven
561-227-1386