Chesapeake Lodging Trust Announces Agreement to Sell The Hotel Minneapolis, Autograph Collection
November 02 2017 - 9:00AM
Business Wire
Chesapeake Lodging Trust (NYSE:CHSP) (the “Trust”) announced
today that it has entered into an agreement to sell the 222-room
The Hotel Minneapolis, Autograph Collection located in Minneapolis,
Minnesota for a sale price of $46.0 million, or approximately
$207,000 per key, subject to customary working capital pro-rations
at closing. Completion of the proposed sale is expected to close
within the next 30 days, subject to customary closing requirements
and conditions.
“We are excited to announce the pending sale of The Hotel
Minneapolis, a hotel located in a non-core market for Chesapeake,
and by timing the sale, we will be able to forego the need to
reinvest capital for a required 2018 renovation estimated at
approximately $5 million,” said James L. Francis, President and
Chief Executive Officer of the Trust.
The Trust acquired The Hotel Minneapolis, Autograph Collection
in October 2012 for $46.0 million, or $207,000 per key.
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.
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 disposition will be consummated on the terms described and
within the anticipated timetable. 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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version on businesswire.com: http://www.businesswire.com/news/home/20171102005822/en/
Chesapeake Lodging TrustDouglas W. Vicari, 571-349-9452
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