Company Website:
http://www.chesapeakelodgingtrust.com
ANNAPOLIS, Md. -- (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.
Contacts:
Chesapeake Lodging Trust
Douglas W. Vicari, 410-972-4142
Source: Chesapeake Lodging Trust
© 2024 Canjex Publishing Ltd. All rights reserved.