Close

Cart

Total $0.00

Checkout

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 million, the sale price represents a 5.6% NOI cap rate).

About Chesapeake Lodging Trust

Chesapeake Lodging Trust is a self-advised lodging real estate investment trust (REIT) focused on investments primarily in upper-upscale hotels in major business and convention markets and, on a selective basis, premium select-service hotels in urban settings or unique locations in the United States. The Trust owns 21 hotels with an aggregate of 6,472 rooms in eight states and the District of Columbia. Additional information can be found on the Trust’s website at www.chesapeakelodgingtrust.com.

Contact: Douglas W. Vicari

571-349-9452

Related News

Davidson Hotels & Resorts Welcomes The Hotel Minneapolis, Autograph Collection to Its Pivot Hotels & Resorts Portfolio

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 Enters Agreement for Rebranding of its Marriott Denver Hotel to Hilton Denver City Center

Boston Marriott Newton Completes Extensive Multi-Million Dollar Renovation

Q2 2017 Financial Reports Round Up - Part 3: Choice, Chesapeake, Chatham, Sunstone & ESA

Chesapeake Lodging Trust Reports Q1 2017 Net Income of $5.6 Million Compared to $7.6 Million in the Year Ago Quarter

Chesapeake Lodging Trust Reports Decrease in Q4 Net Income and RevPAR Growth

Chesapeake Lodging Trust Reports Q3 2016 Net Income of $23.5 million, a Slight Decrease Over 2015; RevPAR Down 0.7% Over the Same Year Ago Period

Chesapeake Lodging Trust Reports Second Quarter 2016 Net Income of $26.1 million, compared to $21.6 million in the Year-Ago Quarter

Chesapeake Lodging Trust Reports First Quarter Net Income of $7.6 million Compared to a net Loss of $0.9 million in Same Quarter 2015

Chesapeake Lodging Trust Reports Q4 2015 Net Income of $12.3 million Compared to $6.4 million in Q4 2014; RevPAR Increased 3.8%

Q3 2015 Financial Reports Round Up: Hyatt, Chesapeake, Ryman & Summit

Hyatt Regency Boston Debuts New $13 million Guestroom Renovation

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

Chesapeake Lodging Trust Promotes D. Rick Adams to Chief Operating Officer

Hyatt Herald Square New York Hosts Event With City Dignitaries And Community Members

Hyatt Hotels and Chesapeake Lodging Trust Open the 122-room Hyatt Herald Square New York

Chesapeake Lodging Trust Acquires JW Marriott San Francisco Union Square $147.2 Million

Chesapeake Lodging Trust Sells Courtyard Anaheim at Disneyland Resort for $32.5M, or $212K per key

Chesapeake Lodging Trust to Acquire JW Marriott San Francisco Union Square for $147.2 Million

All News »

Please login or register to post a comment.