Hotel Transaction New York City

Chesapeake Lodging Trust Completes Sale of Two New York Hotels for $138.0 Million

Rooftop Bar at Hyatt Herald Square New York
Chesapeake Lodging Trust Completes Sale of Two New York Hotels

Chesapeake Lodging Trust

Chesapeake Lodging Trust (NYSE:CHSP announced yesterday that it has closed on the sale of the 122-room Hyatt Herald Square New York and the 185-room Hyatt Place New York Midtown South, both located in New York, New York, for an aggregate sale price of $138.0 million, or approximately $450,000 per key. A portion of the proceeds from the sale of the two hotels was used to defease the mortgage loan secured by the hotels, with an outstanding balance of approximately $85 million.

The Trust’s proposed merger with Park Hotels & Resorts Inc. (“Park”) (NYSE: PK) is expected to close on September 18, 2019, subject to completion of customary closing requirements and conditions.



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