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 ...