Chatham Lodging Acquires Hyatt Place Downtown Pittsburgh

Hyatt Place Downtown Pittsburgh on The Hotel Inventory
Hyatt Place Downtown Pittsburgh

PALM BEACH, FL—Chatham Lodging Trust has completed its acquisition of the 178-room Hyatt Place Pittsburgh/North Shore in Pittsburgh, PA.

The property, which opened in December 2010, was purchased for $40 million, in addition to customary pro-rated amounts and closing costs.

Island Hospitality Management manages the hotel. The purchase was funded with borrowings on Chatham’s secured revolving credit facility and a 10-year, $24.2 million fixed rate, first-mortgage loan provided by Barclays Bank, plc.

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