Chatham Lodging acquires Home2 Suites by Hilton Phoenix Downtown for $43.3M

Chatham Lodging (CLDT) announced that the company has acquired the recently opened, 148-room Home2 Suites by Hilton (HLT) Phoenix Downtown for $43.3M or approximately $293,000 per room. The institutional quality, six-story hotel sits in the heart of Downtown Phoenix and includes the historic Fuller Paint Company Building that houses the hotel’s customized public spaces, including a signature food & beverage outlet. Upon stabilization, the acquisition is expected to produce RevPAR in excess of $150 and generate an estimated NOI yield over 9%.