Palm Beach Fl-based Chatham Lodging Trust (NYSE: CLDT) has acquired the recently opened Hampton Inn Portland Downtown – Waterfront Hotel in Portland, Maine for $28 million.

The purchase price includes an adjacent land parcel which can be sold or used for future development of a hotel, office, retail or residential units. The company funded the acquisition with borrowings under its secured revolving credit facility.

The six-story, 122-room hotel is located at 209 Fore Street on the downtown Portland peninsula. The hotel is located in the Old Port district and offers ready access to downtown Portland’s waterfront, historical attractions, boutiques, many restaurants and bars.

The hotel is the #1 rated hotel on TripAdvisor for the Portland market.

The recently constructed hotel opened in August 2011. The ground floor of the hotel includes the separately-owned and operated Sebago Brewing Company. The hotel will be managed by Island Hospitality Management, a hotel management company 90 percent-owned by Mr. Fisher.