Company Website:
http://www.chesapeakelodgingtrust.com
ANNAPOLIS, Md. -- (Business Wire)
Chesapeake Lodging Trust (NYSE:CHSP) (the “Trust”) announced today that
it has entered into a Franchise Agreement with a Hyatt affiliate to
convert its current property located at 30-32 West 31st
Street, New York, NY to the Hyatt Herald Square in the third quarter of
2014. Conversion of the property is expected to occur following the
completion of a comprehensive six million dollar renovation. Property
operation will close throughout the renovation project which is expected
to begin in August and conclude by the end of September 2014.
James L. Francis, Chesapeake Lodging Trust’s President and Chief
Executive Officer, stated, “We are very pleased to expand our
relationship with Hyatt, by way of up-branding the hotel to the
upper-upscale market position in the vibrant midtown area of Manhattan.
Hyatt Herald Square will mark our sixth Hyatt property in our growing
portfolio of high-quality assets throughout the key markets of North
America.”
The design plans are being developed by Paul Vega, founder of VLDG
designs of New York and will capitalize on the hotel’s proximity to the
Herald Square neighborhood and the nearby Fashion District of Manhattan.
The design takes cues from the tactile nature of both industries,
creating ideas inspired by the industrial techniques used in each form
of production.
The transformational plans include an all-inclusive renovation to each
of the 122-guestrooms with custom furniture pieces, new softgoods and
seating and extrinsic art influences from the local region. The first
floor will be transformed into an intimate upscale lobby and food and
beverage experience with gathering spaces geared toward the discerning
business and leisure traveler seeking convenient access to business
demand generators and the plentiful leisure attractions of Manhattan.
Mr. Francis continued, “The new product will meld perfectly with the
roof-top bar experience we created in 2013 which has unparalleled views
of the Empire State Building and the surrounding midtown skyline. We
expect our new Hyatt hotel will ramp-up very quickly given the robust
demand in Manhattan, the strength of the Hyatt brand and our operator’s
extensive experience managing hotel properties in New York City. This
design centric renovation will perfectly position the hotel for
exceptional long-term performance.”
“We are happy to be working with Chesapeake Lodging Trust to be adding
our eighth Hyatt-branded hotel in Manhattan to the energetic Herald
Square neighborhood,” said Mark Chase, Vice President, Real Estate and
Development for Hyatt Hotels & Resorts. “Hyatt Herald Square will offer
travelers and city explorers modern boutique accommodations in this
vibrant midtown neighborhood and proximate to the fashion district.”
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.
ABOUT HYATT
Hyatt hotels are smaller-sized properties conveniently located in
diverse business and leisure areas. Hyatt hotels offer guests the
opportunity to experience authentic hospitality in a vibrant
environment. Customers include individual business and leisure
travelers, and Hyatt hotels can accommodate smaller scale business
meetings and social gatherings.
ABOUT HYATT HOTELS CORPORATION
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global
hospitality company with a proud heritage of making guests feel more
than welcome. Thousands of members of the Hyatt family strive to make a
difference in the lives of the guests they encounter every day by
providing authentic hospitality. The Company's subsidiaries manage,
franchise, own and develop hotels and resorts under the Hyatt®, Park
Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place®, Hyatt
House®, Hyatt ZilaraTM, and Hyatt ZivaTM
brand names and have locations on six continents. Hyatt
Residential Group, Inc., a Hyatt Hotels Corporation subsidiary,
develops, operates, markets or licenses Hyatt ResidencesTM
and Hyatt Residence ClubTM. As of September 30,
2013, the Company's worldwide portfolio consisted of 535 properties in
47 countries. For more information, please visit www.hyatt.com.
Contacts:
Chesapeake Lodging Trust
Douglas W. Vicari, 410-972-4142
Source: Chesapeake Lodging Trust
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