Wow, Chatham has seen a ton of changes recently. I am excited for the future, but it took a lot of hard work from Mr. Fisher and Co. The JV with Cerberus has really helped the company with cash flow and paying off debt. I think out investment in the JV will go down as one of the best decisions that management has made.
- 197 room acquisition we are getting a Marriott hotel in a great location.
- 122 room acquisition Hampton Inn.
- Able to re-brand the DoubleTree in D.C. to a Residence Inn, which allow a higher RevPAR based on the Residence Inn track record.
- Lowering the cost of capital by shrinking the Interest rate on outstanding loans by 80 basis points.
All of these latest developments have really come in the last month. It is definitely an exciting time of growth.