Chesapeake Lodging Trust (NYSE:CHSP) announced today that it has entered into a management agreement with Hilton (NYSE:HLT) to rebrand its previous 613-room Marriott hotel, located in Denver, Colorado, to the Hilton Denver City Center.
“We appreciate the years of service by our Marriott friends and partners; however, we are happy to welcome Hilton into our hotel,” stated James L. Francis, President and Chief Executive Officer of the Trust.
The Trust recently completed a multiyear, comprehensive repositioning program for the Denver property, reinvesting in excess of $27 million over the past 36 months. “Our strategic plans in Denver began several years ago when we began a transformational renovation of all public areas, food and beverage facilities and every guestroom and bathroom. The fully renovated hotel will be the only Hilton branded property in all of downtown Denver,” continued Mr. Francis.
The Hilton rebranding and management change is expected to occur on December 1, 2017. The new management agreement with Hilton contains customary market terms 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 22 hotels with an aggregate of 6,694 rooms in nine states and the District of Columbia.
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