Dallas, Houston Hotels Sold

Chatham Lodging (NYSE: CLDT), a publicly traded hotel REIT, sold off four hotels, three in Texas.

One Dallas, and two Houston properties were part of the deal. Individually, they are the 120-room Residence Inn by Marriott/Houston West University, a 100-room Courtyard by Marriott across the street, and a 137-room Homewood Suites by Hilton at Dallas Market Center. The other hotel was a Hilton Garden Inn in Massachusetts.

The REIT focuses on investing in upscale, extended-stay hotels and premium branded, select-service hotels.

Chatham’s President Jeffrey Fisher says the move is part of a planned strategy, “We want to recycle capital out of older assets into newer hotels with higher growth prospects.”