Chesapeake Lodging Trust Completes $150.0 Million Mortgage Financing on Hyatt Regency Boston
June 23 2016 - 4:15PM
Business Wire
Chesapeake Lodging Trust (NYSE:CHSP) (the “Trust”) announced
today that it has closed on a $150.0 million fixed-rate mortgage
loan. The loan is secured by the 502-room Hyatt Regency Boston and
was provided by MetLife. The 10-year loan carries a fixed interest
rate of 4.25% per annum, with principal and interest payments based
on a 30-year amortization. Proceeds from the loan are expected to
be used to repay outstanding borrowings under the Trust’s revolving
credit facility.
“We are pleased to take advantage of the historically low
interest rate environment and extend the weighted-average maturity
of our debt to 5.5 years,” said Douglas W. Vicari, Chesapeake
Lodging Trust’s Executive Vice President and Chief Financial
Officer. “The appreciation in and shareholder value created by the
Hyatt Regency Boston, Chesapeake’s first acquisition and a key
asset in our portfolio, allowed us to generate significantly
greater proceeds than our previous $95.0 million mortgage loan,
which was prepaid earlier this year.”
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
22 hotels with an aggregate of 6,694 rooms in nine states and the
District of Columbia. Additional information can be found on the
Trust’s website at www.chesapeakelodgingtrust.com.
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 contemplated use of
proceeds from the financing described. 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.
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Chesapeake Lodging TrustDouglas W. Vicari, 410-972-4142
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