chesapeake lodging trust
Chesapeake Lodging Trust Announces Agreement to Sell New York Hotels for $138 Million or $450K Per Room
Chesapeake Lodging Trust | July 25, 2019
ARLINGTON, Va. -- Jul. 25, 2019 -- Chesapeake Lodging Trust (NYSE:CHSP) (the “Trust”) announced today that it has entered into an agreement to sell the 122-room Hyatt Herald Square New York and the 185-room Hyatt Place New York Midtown South, both located in New York, New York, for an aggregate sale price of $138.0 million, or approximately $450,000 per key, subject to customary pro-rations at closing. The proposed sale by the Trust of these New York hotels is anticipated to occur in mid-to-late September 2019 prior to completion of the Trust’s proposed merger with Park Hotels & Resorts Inc. (“Park”). The proposed merger rema...
Park Hotels & Resorts to Acquire Chesapeake Lodging Trust for $2.7 Billion
Park Hotels & Resorts | May 6, 2019
TYSONS, Va.-- May 6 2019 --Park Hotels & Resorts Inc. ("Park", the "Company") (NYSE:PK) and Chesapeake Lodging Trust ("Chesapeake") (NYSE:CHSP) today announced that they have entered into a definitive merger agreement under which Park will acquire all the outstanding shares of Chesapeake in a cash and stock transaction valued at approximately $2.7 billion (inclusive of transaction costs). Upon completion of the merger, the combined company will have an estimated enterprise value of $12 billion, firmly solidifying Park's position as the second largest lodging REIT while also advancing the Company's strategic goals of portfolio enhancement ...
Historic Hilton Checkers Los Angeles Completes Multimillion Dollar Renovation
Crestline Hotels & Resorts, LLC | April 3, 2019
Los Angeles, CA – April 3, 2019 -- The Hilton Checkers Hotel in Los Angeles announced the completion of a multimillion-dollar renovation that honors its historic past while creating a welcoming ambience for guests. The transformation includes the addition of the new "1927 Bar+Kitchen" that embodies the timeless splendor of the roaring 20's. This modern-day speakeasy is a celebration of innovation and a tribute to yesteryear with a fun vibe and contemporary fare and spirits. In addition, each of the hotel's 193 guestrooms and suites received a complete refresh with new soft goods, furnishings, and bathrooms. The public spaces a...
Chesapeake Lodging Trust Sells 200-Room Hyatt Centric Santa Barbara for $90 Million ($450K Per Key)
Chesapeake Lodging Trust | July 30, 2018
ARLINGTON, Va.-- Chesapeake Lodging Trust (NYSE:CHSP) (the "Trust") announced today that it has closed on the sale of the 200-room Hyatt Centric Santa Barbara located in Santa Barbara, California for a sale price of $90.0 million, or $450,000 per key. The Trust used the net proceeds from the sale to repay all outstanding borrowings under its revolving credit facility. The Trust acquired the Hyatt Centric Santa Barbara in June 2013 for $61.0 million, or $305,000 per key. In April 2016, the Trust sold a separate, five-room villa building and related land parcel at the Hyatt Centric Santa Barbara for $2.1 million to an unrelated buyer. The...
Chesapeake Lodging Trust Enters Agreement to Sell Hyatt Centric Santa Barbara for $90.0 Million, or Approximately $450,000 Per Key
Chesapeake Lodging Trust | June 4, 2018
ARLINGTON, Va.-- Jun. 4, 2018 -- Chesapeake Lodging Trust (NYSE:CHSP) (the "Trust") announced today that it has entered into an agreement to sell the 200-room Hyatt Centric Santa Barbara located in Santa Barbara, California for a sale price of $90.0 million, or approximately $450,000 per key, subject to customary pro-rations at closing. Completion of the proposed sale is expected to close within the next 60 days, subject to customary closing requirements and conditions. The Trust acquired the Hyatt Centric Santa Barbara in June 2013 for $61.0 million, or $305,000 per key. In April 2016, the Trust sold a separate, five-room villa buildin...
Chesapeake Lodging Trust Opens Hilton Denver City Center Following $27 Million Multi-Phased Renovation and Rebranding
Hilton Hotels & Resorts | December 5, 2017
December 5, 2017 DENVER - Denver community leaders gathered today to celebrate the opening of Hilton's (NYSE: HLT) newest hotel, Hilton Denver City Center, a modern, upscale retreat in the heart of the city. The ribbon cutting ceremony introduced the 613-room hotel, which towers 20-stories high and features newly renovated public spaces, guest rooms and dining venues following the completion of a $27 million multi-phased renovation. The ribbon cutting ceremony was attended by CEO of Visit Denver, Richard Scharf, and Councilman Albus Brooks as well as Tim Benolken, Hilton's senior vice president of operations for North America. ...
Chesapeake Lodging Trust Sells The 222-Room Hotel Minneapolis, Autograph Collection for $46 Million
Chesapeake Lodging Trust | November 9, 2017
ARLINGTON, Va.-- Chesapeake Lodging Trust (NYSE:CHSP) (the "Trust") announced today that it has closed on the sale of the 222-room The Hotel Minneapolis, Autograph Collection located in Minneapolis, Minnesota for a sale price of $46.0 million, or $207,000 per key. The Trust used the net proceeds from the sale to repay outstanding borrowings under its revolving credit facility. The Trust acquired The Hotel Minneapolis, Autograph Collection in October 2012 for $46.0 million, or $207,000 per key. The $46.0 million sale price represents a 6.2% trailing twelve month NOI cap rate (after factoring in a needed 2018 renovation estimated at $5.0 ...
Chesapeake Lodging Trust Announces Agreement to Sell The Hotel Minneapolis, Autograph Collection for $46.0 Million, or Approximately $207,000 Per Key
Chesapeake Lodging Trust | November 2, 2017
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 th...
