ANNAPOLIS, Md., Jun 30, 2011
--Chesapeake
Lodging Trust (NYSE: CHSP) announced today that it has closed on the
previously announced acquisition of the 204-room Courtyard Washington
Capitol Hill/Navy Yard located in Washington, DC for a purchase price
of $68 million, or approximately $333,000 per key. The Company funded
the acquisition by assuming $37.5 million of existing mortgage debt and
by borrowing under its revolving credit facility. The existing mortgage
debt has a fixed interest rate of 5.9% per annum and matures in
November 2016. The Company entered into an agreement with Crestline
Hotels & Resorts, Inc. to manage the hotel.
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 and extended-stay hotels in
urban settings or unique locations in the United States. The Company
owns nine hotel properties with an aggregate of 2,606 rooms in four
states and the District of Columbia. Additional information can be
found on the Company's website at www.chesapeakelodgingtrust.com.
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Capitol Hill/Navy Yard in Washington, DC for $68 Million
or About $333,000 per Key