Chesapeake Lodging Trust Completes Refinancing of $130.0 Million Term Loan
July 11 2013 - 11:27AM
Business Wire
Chesapeake Lodging Trust (NYSE: CHSP) announced today that it
has successfully refinanced its $130.0 million term loan secured by
the Le Meridien San Francisco and the W Chicago – City Center,
which was scheduled to mature on July 8, 2014. The term loan was
refinanced with two individual fixed-rate mortgage loans with an
aggregate principal amount of $185.5 million. The first new loan is
a seven-year, $92.5 million mortgage loan secured by the 360-room
Le Meridien San Francisco. The loan was provided by PNC Bank, N.A.
and carries a fixed interest rate of 3.50% per annum, with
principal and interest payments based on a 25-year principal
amortization. The second new loan is a 10-year, $93.0 million
mortgage loan secured by the 403-room W Chicago – City Center. The
loan was provided by Goldman Sachs Mortgage Company and carries a
fixed interest rate of 4.25% per annum, with principal and interest
payments based on a 25-year principal amortization.
“Considering the recent rise in U.S. treasuries and interest
rates generally, we are extremely pleased to announce the execution
and timing of our term loan refinancing,” said Douglas W. Vicari,
Chesapeake Lodging Trust’s Executive Vice President and Chief
Financial Officer. “We were able to lock in attractive long-term,
fixed-rate debt at a weighted-average interest rate of 3.88%. In
addition, the appreciation in and value created by our hotel
acquisitions in 2010 and 2011 allowed us to generate significantly
greater proceeds as a result of the refinancing.”
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
20 hotels with an aggregate of 5,932 rooms in eight states and the
District of Columbia. Additional information can be found on the
Trust’s website at www.chesapeakelodgingtrust.com.
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