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The Associated Press May 19, 2010, 9:59AM ET

Chatham Lodging Trust acquires 4 hotels for $61M

Hotel owner Chatham Lodging Trust said Wednesday it bought four hotels for $61 million, expanding its portfolio to 10 properties and adding its first Marriott hotels.

The deal marks the second multi-property acquisition for the real estate investment trust since it went public in April. It has so far invested $134.5 million and continues to look for more opportunities.

The hotels include a Residence Inn by Marriott in Westchester County, N.Y., a Hampton Inn & Suites in Houston and a Courtyard by Marriott and a SpringHill Suites by Marriott in Pennsylvania. The company said three of the hotels need modest improvements and the fourth will require a major upgrade.

The transaction is expected to close in four weeks.

Shares of the REIT rose 12 cents to $19.05 in morning trading.

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