Chesapeake Lodging Trust Completes Refinancing of $60.0 Million Term Loan
July 03 2014 - 9:14AM
Business Wire
Chesapeake Lodging Trust (NYSE: CHSP) announced today that it
has successfully refinanced its $60.0 million term loan secured by
the 122-room Holiday Inn New York City Midtown – 31st Street and
the 185-room Hyatt Place New York Midtown South, which matured on
July 3, 2014. The term loan was refinanced with a new 10-year,
$90.0 million fixed-rate mortgage loan secured by the two hotels
mentioned previously. The loan was provided by Goldman Sachs
Mortgage Company and carries a fixed interest rate of
4.30% per annum. The loan requires interest-only payments for
the first two years and principal and interest payments thereafter
based on a 30-year principal amortization. Excess proceeds from the
refinancing were used to repay outstanding borrowings under the
Trust’s revolving credit facility.
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.
Chesapeake Lodging TrustDouglas W. Vicari, 410-972-4142
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