Two Hotels Change Hands

NATIONAL REPORT—Daly Seven and Chatham Lodging Trust have recently completed hotel transactions. Here’s a look at the deals:

Daly Seven Acquires Fairfield Inn Pineville
Daly Seven Inc. recently acquired the Fairfield Inn Pineville, located just outside of Charlotte, NC, near the Ballantyne business district. The 103-room hotel is close to Carowinds Amusement Park, Atrium Health Hospital, Quail Hollow Club and Charlotte Premium Outlets. The acquisition marks the seventh Fairfield in the Daly Seven hotel portfolio, joining Fairfield Inn & Suites Charlottesville North, Fairfield Inn & Suites Richmond Short Pump/I-64 and Fairfield Inn & Suites Roanoke Hollins/I-81 in Virginia, and Fairfield Inn & Suites Winston-Salem Hanes Mall, Fairfield Inn Greensboro Airport and Fairfield Inn & Suites Raleigh Capital Boulevard/I-540 in North Carolina.

Chatham Completes Sale of Residence Inn by Marriott San Diego Mission Valley
Chatham Lodging Trust has completed the sale of the 192-room Residence by Marriott San Diego Mission Valley for $67 million, or approximately $349,000 per room, to the San Diego Housing Commission (SDHC). Proceeds from the sale will be used to repay the $27 million mortgage on the hotel. After sales related expenses, including Marriott termination fees, remaining net proceeds of approximately $38 million will be used to repay credit facility borrowings.

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