In hotels they trust. A self-advised hotel real estate investment trust (REIT), Chatham Lodging Trust intends to acquire upscale extended-stay hotels, including Residence Inn by Marriott, Homewood Suites by Hilton, and Summerfield Suites by Hyatt; the firm also plans to acquire select-service and full-service hotels, but to a lesser extent. It will invest in properties being sold at a discount -- particularly those located in the top 25 largest US metropolitan markets -- and will lease its properties to hotel management companies. Chatham Lodging, which operates through its Chatham Lodging, L.P. subsidiary, was founded in October 2009. It filed an initial public offering (IPO) the following month.