Chesapeake Lodging Trust Sells The 222-Room Hotel Minneapolis, Autograph Collection for $46 Million
November 9, 2017 10:20am
ARLINGTON, Va.-- Chesapeake Lodging Trust (NYSE:CHSP) (the “Trust”) announced today that it has closed on the sale of the 222-room The Hotel Minneapolis, Autograph Collection located in Minneapolis, Minnesota for a sale price of $46.0 million, or $207,000 per key. The Trust used the net proceeds from the sale to repay outstanding borrowings under its revolving credit facility.
The Trust acquired The Hotel Minneapolis, Autograph Collection in October 2012 for $46.0 million, or $207,000 per key. The $46.0 million sale price represents a 6.2% trailing twelve month NOI cap rate (after factoring in a needed 2018 renovation estimated at $5.0 million, the sale price represents a 5.6% NOI cap rate).
Tags: chesapeake lodging trust,
the hotel minneapolis
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 21 hotels with an aggregate of 6,472 rooms in eight states and the District of Columbia. Additional information can be found on the Trust’s website at www.chesapeakelodgingtrust.com.
Contact: Douglas W. Vicari
Chesapeake Lodging Trust Sells 200-Room Hyatt Centric Santa Barbara for $90 Million ($450K Per Key)
Chesapeake Lodging Trust Enters Agreement to Sell Hyatt Centric Santa Barbara for $90.0 Million, or Approximately $450,000 Per Key
Chesapeake Lodging Trust Opens Hilton Denver City Center Following $27 Million Multi-Phased Renovation and Rebranding
Davidson Hotels & Resorts Welcomes The Hotel Minneapolis, Autograph Collection to Its Pivot Hotels & Resorts Portfolio
Chesapeake Lodging Trust Announces Agreement to Sell The Hotel Minneapolis, Autograph Collection for $46.0 Million, or Approximately $207,000 Per Key
Chesapeake Lodging Trust Enters Agreement for Rebranding of its Marriott Denver Hotel to Hilton Denver City Center
Boston Marriott Newton Completes Extensive Multi-Million Dollar Renovation
Q2 2017 Financial Reports Round Up - Part 3: Choice, Chesapeake, Chatham, Sunstone & ESA
Chesapeake Lodging Trust Reports Q1 2017 Net Income of $5.6 Million Compared to $7.6 Million in the Year Ago Quarter
Chesapeake Lodging Trust Reports Decrease in Q4 Net Income and RevPAR Growth
Chesapeake Lodging Trust Reports Q3 2016 Net Income of $23.5 million, a Slight Decrease Over 2015; RevPAR Down 0.7% Over the Same Year Ago Period
Chesapeake Lodging Trust Reports Second Quarter 2016 Net Income of $26.1 million, compared to $21.6 million in the Year-Ago Quarter
Chesapeake Lodging Trust Reports First Quarter Net Income of $7.6 million Compared to a net Loss of $0.9 million in Same Quarter 2015
Chesapeake Lodging Trust Reports Q4 2015 Net Income of $12.3 million Compared to $6.4 million in Q4 2014; RevPAR Increased 3.8%
Q3 2015 Financial Reports Round Up: Hyatt, Chesapeake, Ryman & Summit
Hyatt Regency Boston Debuts New $13 million Guestroom Renovation
Chesapeake Lodging Trust Acquires the Ace Hotel and Theater Downtown Los Angeles for $103 Million
Chesapeake Lodging Trust Promotes D. Rick Adams to Chief Operating Officer
Hyatt Herald Square New York Hosts Event With City Dignitaries And Community Members
Hyatt Hotels and Chesapeake Lodging Trust Open the 122-room Hyatt Herald Square New York
Please login or register to post a comment.