PALM BEACH, Fla.—Chatham Lodging Trust, a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded select-service hotels, announced that it has entered into an agreement to purchase the 178-room Hyatt Place Pittsburgh/North Shore for a cash purchase price of $40 million, plus customary pro-rated amounts and closing costs.
The Pittsburgh Hyatt Place opened in December 2010 and is located in Pittsburgh’s North Shore neighborhood.
Upon completion of the acquisition, the Pittsburgh Hyatt Place will be managed by Island Hospitality Management, or IHM, which is 90 percent owned by Jeffrey H. Fisher, Chatham’s chairman, president and chief executive officer. Chatham expects that the acquisition of the Pittsburgh Hyatt Place will close by June 17.
