Chesapeake Lodging Trust Sells The Hotel Minneapolis, Autograph Collection
November 08 2017 - 4:50PM
Business Wire
Chesapeake Lodging Trust (NYSE:CHSP) (the “Trust”) announced
today that it has closed on the sale of the 222-room The Hotel
Minneapolis, Autograph Collection located in Minneapolis, Minnesota
for a sale price of $46.0 million, or $207,000 per key. The Trust
used the net proceeds from the sale to repay outstanding borrowings
under its revolving credit facility.
The Trust acquired The Hotel Minneapolis, Autograph Collection
in October 2012 for $46.0 million, or $207,000 per key. The $46.0
million sale price represents a 6.2% trailing twelve month NOI cap
rate (after factoring in a needed 2018 renovation estimated at $5.0
million, the sale price represents a 5.6% NOI cap rate).
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
21 hotels with an aggregate of 6,472 rooms in eight states and the
District of Columbia. Additional information can be found on the
Trust’s website at www.chesapeakelodgingtrust.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171108006618/en/
Chesapeake Lodging TrustDouglas W. Vicari, 571-349-9452
Chesapeake Lodging (NYSE:CHSP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Chesapeake Lodging (NYSE:CHSP)
Historical Stock Chart
From Sep 2023 to Sep 2024