Chesapeake Lodging Trust (NYSE:CHSP) announced that it has closed on the previously announced acquisition of the 195-room Homewood Suites Seattle Convention Center located in Seattle, Washington for a purchase price of $53 million, or approximately $272,000 per key. The Company funded the acquisition with proceeds from its recent equity offering. The Company entered into an agreement with Evolution Hospitality (formerly Tarsadia Hotels) to manage the hotel under the Homewood Suites flag.
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 six hotel properties with an aggregate of 1,824 rooms in three states. Additional information can be found on the Company’s website at www.chesapeakelodgingtrust.com.
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