ANNAPOLIS, Md.--Chesapeake Lodging
Trust (NYSE: CHSP) (the "Trust") announced today that it has closed on
the previously announced acquisition of the newly developed, 122-room
Holiday Inn New York City Midtown – 31st Street located in New York,
New York for a purchase price of $52.2 million, or approximately
$428,000 per key. The Trust funded the acquisition with a borrowing
under its revolving credit facility. The Trust entered into an
agreement with Real Hospitality Group to manage the hotel.
James L. Francis, Chesapeake’s President and Chief Executive Officer,
stated, “We are excited to acquire our first hotel in the New York City
market at a very compelling entry point. Given the robust demand in
midtown Manhattan, our operator’s experience managing hotels in New
York City, and the strength of the IHG reservation system, we expect
the Holiday Inn New York City Midtown – 31st Street to ramp-up very
quickly.”
The newly developed Holiday Inn New York City Midtown – 31st Street,
located on West 31st Street between 5th Avenue and Broadway, is an
18-story structure with 122 well appointed and modern guestrooms. Each
room contains a central HVAC system, large upgraded bathrooms with
glass tile walls and inset framed mirrors, glass-enclosed showers, an
upgraded vanity and hardware, and large ceramic tile flooring. The room
mix includes 94 king rooms, 20 double-bedded rooms, six standard rooms
equipped for ADA access, and two suites. The hotel also has a roof top
bar with unobstructed views of the Empire State Building and the
Manhattan skyline. The Trust leases space on the first floor to
Contorno’s Restaurant, an 80-seat upscale Italian restaurant and bar.
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 and extended-stay hotels in
urban settings or unique locations in the United States. The Trust owns
12 hotels with an aggregate of 3,512 rooms in six states and the
District of Columbia. Additional information can be found on the
Trust’s website at www.chesapeakelodgingtrust.com.