Chesapeake Lodging Trust Sells Courtyard Anaheim at Disneyland Resort
September 30 2014 - 3:33PM
Business Wire
Chesapeake Lodging Trust (NYSE:CHSP) (the “Trust”) announced
today that it has closed on the previously announced sale of the
Courtyard Anaheim at Disneyland Resort for a sale price of $32.5
million, or $212,000 per key.
“We are thrilled to have closed on the sale of this
non-strategic asset,” commented James L. Francis, President and
Chief Executive Officer of the Trust. “We purchased the Courtyard
Anaheim in 2010 as a part of our acquisition of the Hilton Checkers
in downtown Los Angeles. While the Courtyard Anaheim has been a
very solid performer for the Trust, its non-core CBD location was
not consistent with the high-quality portfolio that we have built
over the past four years.”
The Courtyard Anaheim at Disneyland Resort was one of the
Trust’s earliest investments, purchased in July 2010 for $25.0
million, or $163,000 per key. The $32.5 million sale price
represents a 7.1% trailing twelve month NOI cap rate and produces a
13.3% unleveraged internal rate of return for the Trust over its
ownership period.
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
19 hotels with an aggregate of 5,779 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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