Chatham Lodging sells interest in Innkeepers JV
Chatham Lodging Trust has sold its 10.3% interest in the Innkeepers joint venture with Colony Capital for $2.8 million.
“This sale culminates a very successful joint venture investment for Chatham since we partnered with Cerberus to buy the Innkeepers portfolio out of bankruptcy in 2011,” said Jeffrey H. Fisher, president/CEO of Chatham. “Originally investing $37 million for our interest, this has proven to be a very profitable investment for Chatham and our shareholders. Alongside Cerberus, our investment returned profit of approximately $80 million by the time Cerberus sold its interest to Northstar Realty Finance (which ultimately merged with Colony) in 2014. Since then, we received distributions of $22.2 million, bringing total returns to over $100 million.”