Chatham Lodging Trust buys Hilton Garden Inn Tampa Ybor

BUYER: IHP Tampa (FL) Owner LLC (Chatham Lodging LP), Palm Beach
SELLER: IA Orchard Hotels Tampa LLC
PROPERTY: 1700 E. Ninth Ave., Tampa
PRICE: $14.88 million
PREVIOUS PRICE: $7.09 million, September 2003
LAW FIRM ON DEED: Latham & Watkins LLP, Chicago

PLANS, DESCRIPTION:
An affiliate of Palm Beach-based Chatham Lodging Trust purchased the 95-unit Hilton Garden Inn Tampa Ybor Historic District for $14.88 million.

The price equated to $156,673 per unit.

The four-story, 56,604-square-foot hotel occupies a 1.4-acre parcel in Ybor City between East Ninth and East Palm avenues. The property includes an outdoor swimming pool and whirlpool, a coin laundry, business center, fitness room and 1,400 square feet of meeting space.

Officials for Chatham Lodging had not responded to a request for comment as of deadline.

The real estate investment trust hires third-party management for each of its properties. It invests in extended-stay and select-service hotels. The company owns interests in 130 hotels with 17,858 rooms or suites.