ARLINGTON, Va. — Nov. 2, 2017– Chesapeake Lodging Trust (NYSE:CHSP) (the “Trust”) announced today that it has entered into an agreement to sell the 222-room The Hotel Minneapolis, Autograph Collection located in Minneapolis, Minnesota for a sale price of $46.0 million, or approximately $207,000 per key, subject to customary working capital pro-rations at closing. Completion of the proposed sale is expected to close within the next 30 days, subject to customary closing requirements and conditions.
“We are excited to announce the pending sale of The Hotel Minneapolis, a hotel located in a non-core market for Chesapeake, and by timing the sale, we will be able to forego the need to reinvest capital for a required 2018 renovation estimated at approximately $5 million,” said James L. Francis, President and Chief Executive Officer of the Trust.
The Trust acquired The Hotel Minneapolis, Autograph Collection in October 2012 for $46.0 million, or $207,000 per key.
