Chatham Lodging Trust acquired the 148-room Home2 Suites by Hilton in Downtown Phoenix for $43.3 million. Anish Hotels Group was the seller. Chatham Lodging Trust (NYSE: CLDT) is a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels.
Located at 125 East Jackson Street, the property officially opened in January 2024, providing guests access to the Footprint Center, Chase Field, and the Phoenix Convention Center. The newly constructed 6-story asset connected to and incorporated the historic Fuller Paint Company Building to offer a customized reception area, guest lobby, 1,200 sq. ft. of meeting space, as well as a food and beverage outlet.
Anish Patel added, “The Home2 Suites Phoenix Downtown is unique in that it incorporates a 95-year-old historic building with a brand-new hotel tower within a vibrant downtown submarket.”
Chatham funded the purchase using proceeds from recent asset sales and available cash. Island Hospitality Management will manage the hotel.
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