REIT Closes on Fort Lauderdale Residence Inn
- Aug 20, 2015
A self-advised, publicly-traded real estate investment trust has completed the acquisition of a 105-room Residence Inn hotel in Fort Lauderdale, Fla. Chatham Lodging Trust purchased the Residence Inn Fort Lauderdale Intracoastal/Il Lugano hotel. Chatham Lodging Trust is a hotel real estate investment trust focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels. The company currently owns 37 properties nationwide, with an aggregate of 5,541 rooms and suites. It also has minority investment in three joint ventures that own 96 hotels with an aggregate of 12,743 rooms.
The Residence Inn Fort Lauderdale Intracoastal/Il Lugano opened as the Il Lugano Hotel and Residences in 2008. It and was converted to a Residence Inn later, in 2014. The 14-story building is located on the eastern edge of the Intracoastal Waterway at Oakland Park Blvd. Its rooms range in size from 550 to more than 850 square feet, all with views of the Intracoastal Waterway and/or the Atlantic Ocean. The on-site hotel amenities include a restaurant, a waterfront meeting room, a 177-space parking garage and waterfront deck with docks that can be expanded for added food and beverage operations. The building also includes a number of independently owned condominiums that are not a component of the hotel’s operations. The hotel will be managed by Island Hospitality Management.
Photo credit: Marriott