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Chesapeake Lodging Trust Acquires Hyatt Hotels Corp's Hyatt Santa Barbara


Thursday, 27 Jun 2013 02:05pm EDT 

Chesapeake Lodging Trust and Hyatt Hotels Corp (Hyatt) announced that the Trust has acquired the fee simple interest in the Hyatt Santa Barbara and two adjoining properties totaling 200 rooms from a Hyatt affiliate for $61.0 million, or approximately $305,000 per key. The Trust entered into a management agreement with HEI Hotels and Resorts to operate the hotel under a franchise agreement with a Hyatt affiliate. The property is comprised of the 171-room Hyatt Santa Barbara, the 24-room Parkside Inn and a five-villa apartment building that is currently used for long-term, monthly lease stays. Hyatt Santa Barbara is made up of four historic, three-story Spanish colonial buildings that have been carefully restored and are primarily located across from the Santa Barbara beach along East Cabrillo Boulevard. 

Company Quote

36.55
-0.03 -0.08%
18 Dec 2014