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Chatham Lodging Trust pays $68M for Springfield, Va., hotel

Chatham Lodging Trust bought the 219-suite Embassy Suites by Hilton in Springfield, Va., for $68 million in an off-market transaction.

To fund the acquisition, the company used proceeds from its recent share offering that raised roughly $109 million.

The deal for the 2013-opened property translates to roughly $310,000 per suite.

The company estimates a year one net operating income capitalization rate of roughly 7.5%, according to a release.

The hotel will be managed by Island Hospitality Management, which is 51% owned by Chatham President and CEO Jeffrey Fisher.