Chesapeake Lodging Trust (NYSE:CHSP) announced today that it has closed on the previously announced sale of the Courtyard Anaheim at Disneyland Resort for a sale price of $32.5 million, or $212,000 per key.
“We are thrilled to have closed on the sale of this non-strategic asset,” commented James L. Francis, President and Chief Executive Officer of the Trust. “We purchased the Courtyard Anaheim in 2010 as a part of our acquisition of the Hilton Checkers in downtown Los Angeles. While the Courtyard Anaheim has been a very solid performer for the Trust, its non-core CBD location was not consistent with the high-quality portfolio that we have built over the past four years.”
The Courtyard Anaheim at Disneyland Resort was one of the Trust’s earliest investments, purchased in July 2010 for $25.0 million, or $163,000 per key. The $32.5 million sale price represents a 7.1% trailing twelve month NOI cap rate and produces a 13.3% unleveraged internal rate of return for the Trust over its ownership period.
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 19 hotels with an aggregate of 5,779 rooms in eight states and the District of Columbia.
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