Chesapeake Lodging Trust Announces Agreements to Acquire JW Marriott San Francisco Union Square & Sell Courtyard Anaheim at D...
September 03 2014 - 4:15PM
Business Wire
Chesapeake Lodging Trust (NYSE:CHSP) (the “Trust”) announced
today that it has entered into an agreement to acquire the 337-room
JW Marriott San Francisco Union Square located in San Francisco,
California, for a purchase price of $147.2 million, or
approximately $437,000 per key, subject to customary pro-rations at
closing. The Trust expects to assume the existing management
agreement with Marriott International, Inc., as well as the
existing ground lease covering the property on which the hotel is
located, which expires in 2083. Completion of the proposed
acquisition is expected within the next 45 days, subject to
satisfaction of customary closing requirements and conditions.
The Trust also announced today that it has entered into an
agreement to sell the 153-room Courtyard Anaheim at Disneyland
Resort located in Anaheim, California, for a purchase price of
$32.5 million, or approximately $212,000 per key, subject to
customary pro-rations at closing. Completion of the proposed sale
is expected to close within the next 45 days, subject to customary
closing requirements and conditions.
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.
Note: Certain statements and assumptions in this press release
contain or are based upon “forward-looking" information and are
being made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to risks and uncertainties. When we use the
words “will likely result,” “may,” “anticipate,” “estimate,”
“should,” “expect,” “believe,” “intend,” or similar expressions, we
intend to identify forward-looking statements. Such forward-looking
statements include, but are not limited to, the expectation that
the acquisition and disposition described will be consummated on
the terms described and within their anticipated timetables. Such
statements are subject to numerous assumptions and uncertainties,
many of which are outside Chesapeake Lodging Trust's control. The
Trust undertakes no obligation to publicly release the result of
any revisions to these forward-looking statements that may be made
to reflect any future events or circumstances, except as required
by law.
Chesapeake Lodging TrustDouglas W. Vicari, 410-972-4142
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