Chesapeake Lodging Trust Acquires the Ace Hotel and Theater Downtown Los Angeles for $103 Million

Chesapeake Lodging Trust | May 1, 2015

ANNAPOLIS, Md. - May 1, 2015 - Chesapeake Lodging Trust (NYSE:CHSP) (the "Trust") announced today that it has closed on the acquisition of the Ace Hotel Downtown and The Theater at Ace Hotel, located in Los Angeles, California for a purchase price of $103.0 million, or approximately $566,000 per key. The Trust entered into a new management agreement with Ace Hotel Group to continue to brand and operate the hotel. "We are thrilled to announce our acquisition of the Ace Hotel and Theater and further expand our presence in the dynamic Los Angeles market," commented James L. Francis, Chesapeake Lodging Trust's President and Chief Executive ...