Chatham Lodging Trust Pays off Mortgages with Proceeds from Term Loan
February 07 2023 - 9:00AM
Business Wire
Chatham Lodging Trust (NYSE: CLDT), a hotel real estate
investment trust (REIT) focused on investing in upscale
extended-stay hotels and premium branded, select-service hotels,
today announced that it has repaid in full three mortgages with
outstanding principal of $73.3 million and a weighted average
interest rate of 8.0 percent with proceeds from its newly issued
term loan which currently carries an interest rate of 6.1
percent.
Loans repaid were the following (amounts in 000’s):
Property
Int. Rate
Balance
Home2 Suites Woodland Hills
11.0%
$39,331
Residence Inn Tysons Corner
4.49%
$19,634
Homewood Suites San Antonio
4.59%
$14,368
Total
$73,333
The Tysons and San Antonio loans were paid off at maturity, and
the Woodland Hills loan was paid off early. Chatham has until late
April to borrow funds under the unsecured term loan and intends to
fully draw the $90 million within that time frame.
“With our recently completed unsecured revolving credit facility
and term loan, we have the ability to smartly manage our maturing
debt,” highlighted Jeremy Wegner, Chatham’s chief financial
officer. “We are especially pleased to be able to refinance our
high-rated Woodland Hills mortgage, further solidify our balance
sheet and reduce our interest costs.”
About Chatham Lodging Trust
Chatham Lodging Trust is a self-advised, publicly traded real
estate investment trust focused primarily on investing in upscale
extended-stay hotels and premium-branded, select-service hotels.
The company owns 39 hotels totaling 5,914 rooms/suites in 16 states
and the District of Columbia. Additional information about Chatham
may be found at 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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Dennis Craven (Company) Chief Operating Officer (561)
227-1386
Chatham Lodging (NYSE:CLDT)
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