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Chesapeake Lodging Trust Posts Net Income of $9 million in Q2 2012
Compared to $2 million in the Same Quarter 2011

RevPAR Increases 9.7%


ANNAPOLIS, Md.--(BUSINESS WIRE)--Jul. 31, 2012-- Chesapeake Lodging Trust (NYSE:CHSP), a lodging real estate investment trust (REIT), reported today its financial results for the quarter ended June 30, 2012.

HIGHLIGHTS

  • Pro Forma RevPAR – 9.7% increase for comparable 10-hotel portfolio over the same period in 2011.
  • Pro Forma Adjusted Hotel EBITDA Margin– 240 basis point increase for comparable 10-hotel portfolio over the same period in 2011.
  • Acquisitions – Subsequent to quarter end, entered into a definitive agreement to acquire a full-service hotel located in San Diego, California for $62 million.
  • Preferred share offering – Subsequent to quarter end, successfully completed a $125 million preferred share offering.
  • Financings – Subsequent to quarter end, closed on $130 million of secured financings taking further advantage of the attractive interest rate environment.

“We delivered another exceptional quarter of hotel operating performance, with industry-leading RevPAR growth and hotel EBITDA margin expansion,” said James L. Francis, Chesapeake Lodging Trust’s President and Chief Executive Officer. “Our hotel portfolio achieved over 83% occupancy in the second quarter which enabled our operators to aggressively increase room rates.”

“We were very pleased with the execution and pricing of the $125 million preferred share offering that closed in mid-July,” said Douglas W. Vicari, Chesapeake Lodging Trust’s Executive Vice President and Chief Financial Officer. “With the additional capital raised through the preferred offering and given our targeted leverage levels, we expect our total investment in hotel real estate to reach $1.25 billion.”

CONSOLIDATED FINANCIAL RESULTS

The following is a summary of the consolidated financial results for the three and six months ended June 30, 2012 (in millions, except per share amounts):



Three months ended
Six months ended


June 30,
June 30,


2012(1)
2011(2)
2012(3)
2011(2)









Total revenue
$ 67.0
$ 40.3
$ 117.3
$ 64.3









Net income available to common shareholders
$ 9.0
$ 2.0
$ 8.2
$ 0.2
Net income per diluted share
$ 0.28
$ 0.06
$ 0.26
$ 0.01









FFO available to common shareholders
$ 15.7
$ 5.7
$ 21.4
$ 7.0
FFO per diluted share
$ 0.49
$ 0.18
$ 0.67
$ 0.26









AFFO available to common shareholders
$ 15.9
$ 9.6
$ 22.0
$ 11.2
AFFO per diluted share
$ 0.50
$ 0.30
$ 0.69
$ 0.41









Corporate EBITDA
$ 22.3
$ 8.5
$ 31.5
$ 10.8









Adjusted Corporate EBITDA
$ 22.5
$ 12.3
$ 32.1
$ 15.0









(1)
Includes results of operations of 12 hotels for the full period.
(2)
Includes results of operations of five hotels for the full period and four hotels for part of the period.
(3)
Includes results of operations of 11 hotels for the full period and one hotel for part of the period.



HOTEL OPERATING RESULTS

Management assesses the operating performance of its hotels irrespective of the hotel owner during the periods compared. Included in the following table are comparisons of, on a pro forma basis, occupancy, ADR, RevPAR, Adjusted Hotel EBITDA, and Adjusted Hotel EBITDA Margin, the key operating metrics that management uses to assess the performance of its hotels. The key operating metrics include the hotel operating results of 10 of the Trust’s 12 hotels owned as of June 30, 2012. The key operating metrics do not include operating results for the Holiday Inn New York City Midtown – 31st Street, as the hotel opened for business on January 19, 2012, and the Hotel Adagio, as the hotel was under renovation during the period. The following is a summary of the key operating metrics for the three and six months ended June 30, 2012 (in thousands, except pro forma ADR and pro forma RevPAR):



Three months ended
Six months ended


June 30,
June 30,


2012
2011
Change
2012
2011
Change













Pro forma occupancy

83.2%

82.7%
50 bps

78.1%

75.6%
250 bps
Pro forma ADR
$ 199.12
$ 182.57
9.1%
$ 184.90
$ 172.72
7.1%
Pro forma RevPAR
$ 165.64
$ 151.05
9.7%
$ 144.43
$ 130.52
10.7%













Pro forma Adjusted Hotel EBITDA
$ 23,906
$ 20,887
14.5%
$ 36,104
$ 30,101
19.9%
Pro forma Adjusted Hotel EBITDA Margin

37.9%

35.5%
240 bps

32.7%

29.7%
300 bps













Funds from operations (FFO), Adjusted FFO (AFFO), net income before interest, income taxes, and depreciation and amortization (Corporate EBITDA), Adjusted Corporate EBITDA, Hotel EBITDA, Adjusted Hotel EBITDA and Adjusted Hotel EBITDA Margin are non-GAAP financial measures within the meaning of the rules of the Securities and Exchange Commission. See the discussion included in this press release for information regarding these non-GAAP financial measures.

DIVIDENDS

On April 13, 2012, the Trust paid a dividend of $0.22 per share to its common shareholders of record as of March 31, 2012. On May 25, 2012, the Trust declared a dividend in the amount of $0.22 per share payable to its common shareholders of record as of June 30, 2012. The dividend was paid on July 13, 2012.

POST-QUARTER ACTIVITY

On July 3, 2012, the Trust closed on a $60.0 million two-year term loan. The loan was provided by Wells Fargo Bank, N.A., and subject to certain customary conditions, provides for three one-year extensions. At the initial closing, $25.0 million was advanced by the lender and is secured by the 122-room Holiday Inn New York City Midtown – 31st Street. The remaining $35.0 million is expected to be advanced by the lender upon closing on the acquisition of the Hyatt Place New York Midtown South and satisfaction of certain customary closing conditions. Following that subsequent closing, the entire $60.0 million principal amount of the loan will be secured by both hotels. The loan bears interest equal to LIBOR, plus 3.25%. Contemporaneous with the closing of the term loan, the Trust entered into an interest rate swap to effectively fix the interest rate on the initial $25.0 million advance for the original two-year term at 3.75% per annum. Net proceeds from the initial advance under the loan were used to repay outstanding borrowings under the Trust’s revolving credit facility and for general business purposes.

On July 17, 2012, the Trust completed an underwritten public offering of 5,000,000 of its 7.75% Series A Cumulative Redeemable Preferred Shares, including 600,000 shares sold pursuant to the underwriters’ exercise of their over-allotment option. The Trust generated net proceeds of approximately $120.8 million after deducting underwriting fees and estimated offering costs. The Trust used the net proceeds of the offering to repay outstanding borrowings under the Trust’s revolving credit facility and for general business purposes.

On July 27, 2012, the Trust closed on a $70.0 million fixed-rate mortgage loan. The loan is secured by the 613-room Denver Marriott City Center and was provided by Western National Life Insurance Company. The loan has a term of 30 years, but is callable by the lender after 10 years, and the Trust expects the lender to call the loan at that time. The loan carries a fixed interest rate of 4.90% per annum, with principal and interest based on a 30-year amortization. Proceeds from the loan were used to repay the remaining outstanding borrowings under the Trust’s revolving credit facility and for general business purposes.

On July 31, 2012, the Trust announced that it had entered into a definitive agreement to acquire a full-service hotel located in San Diego, California for $62.0 million. The Trust intends to fund the acquisition with available cash and cash equivalents and by borrowing under its revolving credit facility. The Trust expects the acquisition to close in the third quarter 2012, subject to customary closing conditions, but can give no assurance that the acquisition will be consummated during that time period, or at all.

As of July 31, 2012, after taking into consideration the recent preferred share offering and financing activity, and the pending acquisitions of the hotel in San Diego, California and the Hyatt Place New York Midtown South, the Trust had approximately $200 million of remaining investment capacity based on its targeted leverage levels. The Trust is currently negotiating to acquire a full-service hotel in the central business district of a major market for approximately $125 million and expects that the transaction would close in the third quarter 2012, but can give no assurance that the acquisition will be consummated during that time period, or at all.

2012 OUTLOOK

The Trust is updating its 2012 outlook to incorporate current operating trends and fundamentals, the recent preferred share offering and financing activity, the anticipated acquisition of two hotels in the third quarter 2012 described above, and the acquisition of the previously announced Hyatt Place New York Midtown South in the fourth quarter 2012 (in millions, except per share amounts):



Updated Guidance
Previous Guidance


Low
High
Low
High
Pro forma RevPAR increase over 2011(1)

8.5%

9.5%

7.5%

9.0%
Net income available to common shareholders
$ 15.8
$ 18.2
$ 20.5
$ 23.1
Adjusted Hotel EBITDA
$ 88.9
$ 91.9
$ 83.2
$ 86.7
AFFO per diluted share
$ 1.58
$ 1.66
$ 1.60
$ 1.69









(1) For the comparable 10-hotel portfolio owned as of June 30, 2012.






NON-GAAP FINANCIAL MEASURES

The Trust reports the following seven non-GAAP financial measures that it believes are useful to investors as key measures of its operating performance: (1) FFO, (2) AFFO, (3) Corporate EBITDA, (4) Adjusted Corporate EBITDA, (5) Hotel EBITDA, (6) Adjusted Hotel EBITDA and (7) Adjusted Hotel EBITDA Margin. A reconciliation of these non-GAAP financial measures is included in the accompanying financial tables.

FFO – The Trust calculates FFO in accordance with standards established by the National Association of Real Estate Investment Trusts (NAREIT), which defines FFO as net income (calculated in accordance with GAAP), excluding depreciation and amortization, impairment charges, gains (losses) from sales of real estate, the cumulative effect of changes in accounting principles, and adjustments for unconsolidated partnerships and joint ventures. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. By excluding the effect of depreciation and amortization and gains (losses) from sales of real estate, both of which are based on historical cost accounting and which may be of lesser significance in evaluating current performance, the Trust believes that FFO provides investors a useful financial measure to evaluate the Trust’s operating performance.

AFFO – The Trust further adjusts FFO for certain additional recurring and non-recurring items that are not in NAREIT’s definition of FFO. Specifically, the Trust adjusts for hotel acquisition costs and non-cash amortization of intangible assets and unfavorable contract liabilities. The Trust believes that AFFO provides investors with another financial measure of its operating performance that provides for greater comparability of its core operating results between periods.

Corporate EBITDA – Corporate EBITDA is defined as net income before interest, income taxes, and depreciation and amortization. The Trust believes that Corporate EBITDA provides investors a useful financial measure to evaluate the Trust’s operating performance, excluding the impact of the Trust’s capital structure (primarily interest expense) and the Trust’s asset base (primarily depreciation and amortization).

Adjusted Corporate EBITDA – The Trust further adjusts Corporate EBITDA for certain additional recurring and non-recurring items. Specifically, the Trust adjusts for hotel acquisition costs and non-cash amortization of intangible assets and unfavorable contract liabilities. The Trust believes that Adjusted Corporate EBITDA provides investors with another financial measure of its operating performance that provides for greater comparability of its core operating results between periods.

Hotel EBITDAHotel EBITDA is defined as total revenues less total hotel operating expenses. The Trust believes that Hotel EBITDA provides investors a useful financial measure to evaluate the Trust’s hotel operating performance.

Adjusted Hotel EBITDA – The Trust further adjusts Hotel EBITDA for certain additional recurring and non-recurring items. Specifically, the Trust adjusts for non-cash amortization of intangible assets and unfavorable contract liabilities. The Trust believes that Adjusted Hotel EBITDA provides investors with another useful financial measure to evaluate the Trust’s hotel operating performance.

Adjusted Hotel EBITDA MarginAdjusted Hotel EBITDA Margin is defined as Adjusted Hotel EBITDA as a percentage of total revenues. The Trust believes that Adjusted Hotel EBITDA Margin provides investors another useful financial measure to evaluate the Trust’s hotel operating performance.

CONFERENCE CALL

The Trust will host a conference call on Tuesday, July 31, 2012 at 5:30 p.m. Eastern Time to discuss its financial results. Interested individuals are invited to listen to the call by dialing (877) 683-0303 (U.S./Canadian callers) or (706) 643-5037 (International callers). The conference call ID is 99008039. A simultaneous webcast of the call will be available on the Trust’s website at www.chesapeakelodgingtrust.com. It is recommended that participants call or log on 10 minutes ahead of the scheduled start time to ensure proper connection.

A replay of the conference call will be available two hours after the live call until midnight on August 7, 2012. To access the replay, dial (855) 859-2056 (U.S./Canadian callers) or (404) 537-3406 (International callers). The conference call ID is 99008039. A webcast replay and transcript of the conference call will be archived and available on the Trust’s website for 12 months.

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 12 hotels with an aggregate of 3,516 rooms in six states and the District of Columbia. Additional information can be found on the Trust’s website at www.chesapeakelodgingtrust.com.

Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “plan,” “predict,” “project,” “will,” “continue” and other similar terms and phrases, including references to assumptions and forecasts, such as the Trust’s expectations regarding the future Hotel EBITDA and Adjusted Hotel EBITDA of its existing and to-be-acquired hotels and the Trust’s 2012 outlook. Such forward-looking statements include, but are not limited to, the expectation that the acquisitions described will be consummated and within the anticipated timetables. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: the Trust’s ability to complete acquisitions; the Trust’s ability to continue to satisfy complex rules in order for it to remain a REIT for federal income tax purposes; and other risks and uncertainties associated with the Trust’s business described in its filings with the SEC. Although the Trust believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of July 31, 2012, and the Trust undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Trust’s expectations, except as required by law.

CHESAPEAKE LODGING TRUST



CONSOLIDATED BALANCE SHEETS



(in thousands, except share data)















June 30,
December 31,



2012


2011


(unaudited)






ASSETS



Property and equipment, net
$ 877,696

$ 879,224
Intangible assets, net

39,682


39,982
Cash and cash equivalents

19,908


20,960
Restricted cash

17,665


15,034
Accounts receivable, net

11,816


6,302
Prepaid expenses and other assets

13,271


4,370
Deferred financing costs, net

4,479


5,266
Total assets
$ 984,517

$ 971,138










LIABILITIES AND SHAREHOLDERS' EQUITY



Long-term debt
$ 419,658

$ 407,736
Accounts payable and accrued expenses

27,442


21,475
Other liabilities

22,196


21,798
Total liabilities

469,296


451,009





Commitments and contingencies








Preferred shares, $.01 par value; 100,000,000 shares authorized; no shares issued and outstanding, respectively



-


-

Common shares, $.01 par value; 400,000,000 shares authorized; 32,133,386 shares and 32,161,620 shares issued and outstanding, respectively



321


322
Additional paid-in capital

544,804


543,861
Cumulative dividends in excess of net income

(28,804 )

(22,924 )
Accumulated other comprehensive loss

(1,100 )

(1,130 )
Total shareholders' equity

515,221


520,129





Total liabilities and shareholders' equity
$ 984,517

$ 971,138





CHESAPEAKE LODGING TRUST







CONSOLIDATED STATEMENTS OF OPERATIONS







(in thousands, except share and per share data)





(unaudited)



























Three Months Ended June 30,
Six Months Ended June 30,



2012


2011


2012


2011









REVENUE







Rooms
$ 51,626

$ 29,884

$ 89,762

$ 47,153
Food and beverage

13,344


9,206


23,811


15,087
Other

2,076


1,204


3,743


2,041
Total revenue

67,046


40,294


117,316


64,281









EXPENSES







Hotel operating expenses:







Rooms

10,953


6,751


20,677


11,431
Food and beverage

9,199


6,395


17,382


11,191
Other direct

930


612


1,836


1,072
Indirect

20,607


11,753


39,600


20,858
Total hotel operating expenses

41,689


25,511


79,495


44,552
Depreciation and amortization

6,677


3,767


13,207


6,751
Air rights contract amortization

130


130


260


260
Corporate general and administrative:







Share-based compensation

783


801


1,565


1,459
Hotel acquisition costs

134


3,671


443


3,917
Other

2,007


1,645


4,031


3,328
Total operating expenses

51,420


35,525


99,001


60,267









Operating income

15,626


4,769


18,315


4,014









Interest income

19


57


22


124
Interest expense

(5,106 )

(1,875 )

(10,190 )

(3,902 )









Income before income taxes

10,539


2,951


8,147


236









Income tax benefit (expense)

(1,486 )

(914 )

110


132









Net income
$ 9,053

$ 2,037

$ 8,257

$ 368


















EARNINGS PER SHARE:
















Net income
$ 9,053

$ 2,037

$ 8,257

$ 368
Less: Dividends declared on unvested time-based awards

(34 )

(61 )

(68 )

(120 )
Less: Undistributed earnings allocated to unvested time-based awards

(10 )

-


-


-
Net income available to common shareholders
$ 9,009

$ 1,976

$ 8,189

$ 248









Net income per common share - basic and diluted
$ 0.28

$ 0.06

$ 0.26

$ 0.01









Weighted-average number of common shares outstanding - basic and diluted



31,910,921


31,794,886


31,892,431


26,993,332
CHESAPEAKE LODGING TRUST



CONSOLIDATED STATEMENTS OF CASH FLOWS



(in thousands)



(unaudited)




















Six Months Ended June 30,



2012


2011





Cash flows from operating activities:



Net income
$ 8,257

$ 368

Adjustments to reconcile net income to net cash provided by operating activities:





Depreciation and amortization

13,207


6,751
Air rights contract amortization

260


260
Ground lease asset amortization

40


-
Deferred financing costs amortization

882


1,074
Premium on mortgage loan amortization

(105 )

-
Unfavorable contract liability amortization

(196 )

-
Share-based compensation

1,565


1,459
Changes in assets and liabilities:



Accounts receivable, net

(5,514 )

(1,828 )
Prepaid expenses and other assets

(714 )

(272 )
Accounts payable and accrued expenses

5,939


4,268
Other liabilities

23


(6 )
Net cash provided by operating activities

23,644


12,074





Cash flows from investing activities:



Acquisition of hotels, net of cash acquired

-


(268,590 )
Deposits on hotel acquisitions

(2,000 )

(1,000 )
Improvements and additions to hotels

(11,679 )

(1,019 )
Investment in hotel construction loan

(4,823 )

-
Change in restricted cash

(2,631 )

(3,072 )
Net cash used in investing activities

(21,133 )

(273,681 )





Cash flows from financing activities:



Proceeds from sale of common shares, net of underwriting fees

-


230,291
Payment of offering costs related to sale of common shares

-


(481 )
Net borrowings (repayments) under revolving credit facility

13,000


(35,000 )
Proceeds from issuance of mortgage debt

-


95,000
Scheduled principal payments on mortgage debt

(973 )

-
Payment of deferred financing costs

(95 )

(1,656 )
Deposit on loan application

(1,400 )

-
Payment of dividends to common shareholders

(13,474 )

(10,097 )
Repurchase of common shares

(621 )

(209 )
Net cash provided by (used in) financing activities

(3,563 )

277,848
Net increase (decrease) in cash

(1,052 )

16,241
Cash and cash equivalents, beginning of period

20,960


10,551
Cash and cash equivalents, end of period
$ 19,908

$ 26,792





CHESAPEAKE LODGING TRUST







RECONCILIATION OF NON-GAAP FINANCIAL MEASURES





(in thousands, except per share data)







(unaudited)






























The following table reconciles net income available to common shareholders to FFO and AFFO available to common shareholders for the three and six months ended June 30, 2012 and 2011:
















Three Months Ended June 30,
Six Months Ended June 30,





2012


2011


2012


2011











Net income available to common shareholders
$ 9,009

$ 1,976

$ 8,189

$ 248

Add: Depreciation and amortization



6,677


3,767


13,207


6,751
FFO available to common shareholders

15,686


5,743


21,396


6,999











Add: Hotel acquisition costs

134


3,671


443


3,917
Non-cash amortization(1)

60


136


120


271
AFFO available to common shareholders
$ 15,880

$ 9,550

$ 21,959

$ 11,187











FFO per common share - basic and diluted
$ 0.49

$ 0.18

$ 0.67

$ 0.26











AFFO per common share - basic and diluted
$ 0.50

$ 0.30

$ 0.69

$ 0.41











(1) Includes non-cash amortization of ground lease asset, deferred franchise costs, unfavorable contract liability, and air rights contract.






















The following table reconciles net income to Corporate EBITDA and Adjusted Corporate EBITDA for the three and six months ended June 30, 2012 and 2011:
















Three Months Ended June 30,
Six Months Ended June 30,





2012


2011


2012


2011











Net income

$ 9,053

$ 2,037

$ 8,257

$ 368

Add: Depreciation and amortization



6,677


3,767


13,207


6,751
Interest expense

5,106


1,875


10,190


3,902
Income tax expense (benefit)

1,486


914


(110 )

(132 )

Less: Interest income



(19 )

(57 )

(22 )

(124 )
Corporate EBITDA

22,303


8,536


31,522


10,765











Add: Hotel acquisition costs

134


3,671


443


3,917
Non-cash amortization(1)

60


136


120


271
Adjusted Corporate EBITDA
$ 22,497

$ 12,343

$ 32,085

$ 14,953











(1) Includes non-cash amortization of ground lease asset, deferred franchise costs, unfavorable contract liability, and air rights contract.











The following table calculates pro forma Hotel EBITDA, Adjusted Hotel EBITDA and Adjusted Hotel EBITDA Margin for the Trust's comparable 10-hotel portfolio for the three and six months ended June 30, 2012 and 2011:
















Three Months Ended June 30,
Six Months Ended June 30,





2012


2011


2012


2011











Total revenue
$ 63,100

$ 58,800

$ 110,508

$ 101,497
Less: Total hotel operating expenses

39,124


37,919


74,264


71,407
Hotel EBITDA

23,976


20,881


36,244


30,090











Less: Non-cash amortization(1)

(70 )

6


(140 )

11
Adjusted Hotel EBITDA
$ 23,906

$ 20,887

$ 36,104

$ 30,101











Adjusted Hotel EBITDA Margin

37.9 %

35.5 %

32.7 %

29.7 %











(1) Includes non-cash amortization of ground lease asset, deferred franchise costs, and unfavorable contract liability.












The following table calculates forecasted Hotel EBITDA and Adjusted Hotel EBITDA for the year ending December 31, 2012:

















Year Ending December 31, 2012







Low
High










Total revenue



$ 277,000

$ 280,500
Less: Total hotel operating expenses




187,820


188,320
Hotel EBITDA




89,180


92,180










Less: Non-cash amortization(1)




(280 )

(280 )
Adjusted Hotel EBITDA



$ 88,900

$ 91,900










(1) Includes non-cash amortization of ground lease asset, deferred franchise costs, and unfavorable contract liability.










The following table reconciles forecasted net income available to common shareholders to FFO and AFFO available to common shareholders for the year ending December 31, 2012:


















Year Ending December 31, 2012







Low
High










Net income available to common shareholders



$ 15,790

$ 18,240
Add: Depreciation and amortization




29,080


29,080
FFO available to common shareholders




44,870


47,320










Add: Hotel acquisition costs




5,300


5,300
Non-cash amortization(1)




240


240
AFFO available to common shareholders



$ 50,410

$ 52,860










FFO per diluted common share



$ 1.41

$ 1.48










AFFO per diluted common share



$ 1.58

$ 1.66










Weighted-average number of diluted common shares outstanding

31,904


31,904










(1) Includes non-cash amortization of ground lease asset, deferred franchise costs, unfavorable contract liability, and air rights contract.

CHESAPEAKE LODGING TRUST







CURRENT HOTEL PORTFOLIO





































Purchase Price

Hotel
Location
Rooms
(in millions)
Acquisition Date











1
Hyatt Regency Boston
Boston, MA
502
$ 112.00
March 18, 2010
2
Hilton Checkers Los Angeles
Los Angeles, CA
188
46.00
June 1, 2010
3
Courtyard Anaheim at Disneyland Resort
Anaheim, CA
153
25.00
July 30, 2010
4
Boston Marriott Newton
Newton, MA
430
77.25
July 30, 2010
5
Le Meridien San Francisco
San Francisco, CA
360
143.00
December 15, 2010
6
Homewood Suites Seattle Convention Center
Seattle, WA
195
53.00
May 2, 2011
7
W Chicago - City Center
Chicago, IL
368
128.80
May 10, 2011
8
Hotel Indigo San Diego Gaslamp Quarter
San Diego, CA
210
55.50
June 17, 2011
9
Courtyard Washington Capitol Hill/Navy Yard
Washington, DC
204
68.00
June 30, 2011

10


Hotel Adagio
San Francisco, CA
171
42.25
July 8, 2011

11


Denver Marriott City Center
Denver, CO
613
119.00
October 3, 2011

12


Holiday Inn New York City Midtown - 31st Street
New York, NY
122
52.20
December 22, 2011

















3,516
$ 922.00

.
Contact: 

Chesapeake Lodging Trust
Douglas W. Vicari
410-972-4142




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