Chesapeake Lodging Trust (NYSE:CHSP) announced yesterday that it has entered into an agreement to acquire the 337-room JW Marriott San Francisco Union Square located in San Francisco, California, for a purchase price of $147.2 million, or approximately $437,000 per key, subject to customary pro-rations at closing.
The Trust expects to assume the existing management agreement with Marriott International, Inc., as well as the existing ground lease covering the property on which the hotel is located, which expires in 2083. Completion of the proposed acquisition is expected within the next 45 days, subject to satisfaction of customary closing requirements and conditions.
The Trust also announced today that it has entered into an agreement to sell the 153-room Courtyard Anaheim at Disneyland Resort located in Anaheim, California, for a purchase price of $32.5 million, or approximately $212,000 per key, subject to customary pro-rations at closing. Completion of the proposed sale is expected to close within the next 45 days, subject to customary closing requirements and conditions.
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 20 hotels with an aggregate of 5,932 rooms in eight states and the District of Columbia.
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