CLDT - Chatham Lodging Trust Pays off Mortgages with Proceeds from Term Loan
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