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Chesapeake Lodging Trust Acquires Hyatt Place New York Midtown South


Thursday, 14 Mar 2013 01:59pm EDT 

Chesapeake Lodging Trust announced that it has closed on the previously announced acquisition of the newly developed, 185-room Hyatt Place New York Midtown South located in New York, New York for a purchase price of $76.2 million, or approximately $412,000 per key. The Trust entered into an agreement with Real Hospitality Group, the operator of the Trust`s other hotel in New York located in Midtown on 31st Street, to manage the hotel. The Trust funded the acquisition with available cash on hand, a credit at closing equal to the outstanding balance of a construction loan provided to the seller, and a $35.0 million advance under the Trust`s $60 million term loan obtained in July 2012. The $35.0 million advance bears interest equal to LIBOR, plus 3.25%. Contemporaneous with the $35.0 million advance, the Trust entered into an interest rate swap to effectively fix the interest rate on the $35.0 million advance for the remaining initial term of the loan at 3.65% per annum. Under the terms of the interest rate swap, the Trust pays fixed interest of 0.40% per annum on a notional amount of $35.0 million and receives floating rate interest equal to the one-month LIBOR. 

Company Quote

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19 Sep 2014