Market Overview

I think you’ll love what you hear,
what you’ll see and the opportunities
that will be set before you.
- Jon Najarian
GET TICKETS

Chesapeake Lodging Trust Sells The Hotel Minneapolis, Autograph Collection

Share:

Chesapeake Lodging Trust (NYSE:CHSP) (the "Trust") announced today that
it has closed on the sale of the 222-room The Hotel Minneapolis,
Autograph Collection located in Minneapolis, Minnesota for a sale price
of $46.0 million, or $207,000 per key. The Trust used the net proceeds
from the sale to repay outstanding borrowings under its revolving credit
facility.

The Trust acquired The Hotel Minneapolis, Autograph Collection in
October 2012 for $46.0 million, or $207,000 per key. The $46.0 million
sale price represents a 6.2% trailing twelve month NOI cap rate (after
factoring in a needed 2018 renovation estimated at $5.0 million, the
sale price represents a 5.6% NOI cap rate).

ABOUT CHESAPEAKE LODGING TRUST

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 21 hotels with an
aggregate of 6,472 rooms in eight states and the District of Columbia.
Additional information can be found on the Trust's website at www.chesapeakelodgingtrust.com.

View Comments and Join the Discussion!