12:51 PM EDT, 05/31/2024 (MT Newswires) -- Chatham Lodging Trust ( CLDT ) said Friday it has acquired Home2 Suites by Hilton Phoenix Downtown for $43.3 million.

After stabilization, the acquisition is projected to yield a revenue per available room exceeding $150 and generate an estimated net operating income yield of more than 9%, the company said.

The 148-room Hilton-branded extended-stay hotel in downtown Phoenix, Arizona, will be managed by Island Hospitality Management, an entity owned by Chatham's President and Chief Executive Jeffrey H. Fisher.

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