Sep
25
Hilton Garden Inn Sells for $44M in Portsmouth, NH
ByChatham Lodging Trust is the new owner of the 131-key hotel, which opened in 2006. The company purchased the property from Cathartes Private Investments.
Chatham Lodging Trust has purchased the 131-key Hilton Garden Inn Portsmouth Downtown in New Hampshire, for $43.5 million, or $332,000 per guestroom. The seller, Cathartes Private Investments, had owned the property for a dozen years. Chatam funded the purchase through available cash and borrowings on its revolving credit facility.
Hilton Garden Inn, located at 100 High St., opened in 2006 and went through a full renovation within the last two years.
“Portsmouth is an extremely high barrier-to-entry market, and the city has done a fantastic job balancing growth and maintaining the integrity of this historic community,” said Jeffrey Fisher, Chatham’s chief executive officer & president, in prepared remarks…
