Key Developments: Chesapeake Lodging Trust (CHSP.N)
23.30USD
22 May 2013
$-0.45 (-1.89%)
$23.75
$23.84
$23.98
$23.03
54,971
73,777
$24.12
$15.69
Latest Key Developments (Source: Significant Developments)
Chesapeake Lodging Trust Declares Dividends for Second Quarter
Chesapeake Lodging Trust announced that board of trustees has declared a quarterly dividend payment of $.24 per common share. The dividend will be paid on July 15, 2013 to shareholders of record at the close of business on June 28, 2013. Full Article
Chesapeake Lodging Trust Reaffirms FY 2013 RevPAR Outlook; Raises FY 2013 Earnings Outlook; Comments On Q2 2013 RevPAR Outlook; Issues Q2 2013 Earnings Outlook; AFFO Outlook Above Analysts' Estimates
Chesapeake Lodging Trust announced that for fiscal 2013, it expects pro forma RevPAR to increase in the range of 5.0% to 7.0% over fiscal 2012; net income available to common shareholders to range from $34.0-$37.7 million, adjusted Hotel EBITDA in the range of $126.3-130.3 million and AFFO per diluted share to range from $1.64-$1.72. (prior fiscal 2013 guidance: Pro forma RevPAR increase over fiscal 2012-5.0% to 7.0%; net income-$32.7-$36.4 million, adjusted Hotel EBITDA-$120.3-$124.3 million; and AFFO per diluted share-$1.56-$1.64). For the second quarter of 2013, it expects pro forma RevPAR to increase in the range of 7.5% to 8.0%; Net income available to common shareholders, excluding amounts attributable to unvested time-based awards $13.9-$15.4 million, adjusted Hotel EBITDA in the range of $39.1-$ 40.6 million and AFFO per diluted share to range from $0.50-$0.54. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report net income of $36.7 million and AFFO per share of $1.37 for fiscal 2013; net income of $15.3 million and AFFO per share of $0.45 for the second quarter of 2013. Full Article
Chesapeake Lodging Trust Acquires W New Orleans From Starwood Hotels & Resorts Worldwide Inc
Chesapeake Lodging Trust announced that it has purchased the 410-room W New Orleans from Starwood Hotels & Resorts Worldwide Inc for $65.0 million. The Trust will renovate the property and continue to work with Starwood on a long-term basis. Full Article
Starwood Hotels & Resorts Worldwide Inc Completes Sale Of W New Orleans – French Quarter To Chesapeake Lodging Trust
Starwood Hotels & Resorts Worldwide Inc announced that it has completed the sale of W New Orleans - French Quarter to Chesapeake Lodging Trust for $25.5 million. As part of the agreement, the hotel will continue to fly the W brand flag under a long-term management contract with Starwood Hotels. Full Article
Chesapeake Lodging Trust Acquires Hyatt Place New York Midtown South
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. Full Article
Chesapeake Lodging Trust Increases Quarterly Dividend By 9%
Chesapeake Lodging Trust announced that it has declared dividends in the amounts of $0.24 per share payable to its common shareholders and $0.484375 per share payable to its preferred shareholders, both of record as of March 29, 2013. The dividends will be paid on April 15, 2013. Full Article
Chesapeake Lodging Trust Issues Q1 AFFO Guidance, Net Income Guidance Below Analysts' Estimates; Issues FY 2013 Earnings Guidance Below Analysts' Estimates; Comments On Q1, FY 2013 RevPAR Guidance
Chesapeake Lodging Trust announced that for fiscal 2013, it expects pro forma RevPAR to increase in the range of 5.0% to 7.0% over fiscal 2012; net income (loss) available to common shareholders to range from $32.7-$36.4 million, adjusted Hotel EBITDA in the range of $120.3-124.3 million and AFFO per diluted share to range from $1.56-$1.64. For the first quarter of 2013, it expects pro forma RevPAR to increase in the range of 3.5% to 4.5%; net income (loss) available to common shareholders to range from $(5.9)-$(5.2) million, adjusted Hotel EBITDA in the range of $14.5-15.0 million and AFFO per diluted share to range from $0.12-$0.14. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report net income of $37.5 million and AFFO per share of $1.71 for fiscal 2013; net income of $(1.58) million and AFFO per share of $0.14 for the first quarter of 2013. Full Article
Chesapeake Lodging Trust Completes $32.0 Million Mortgage Financing On Hilton Checkers Los Angeles
Chesapeake Lodging Trust announced that it has closed on a $32.0 million fixed-rate mortgage loan. The loan is secured by the 188-room Hilton Checkers Los Angeles. The 10-year loan was provided by Goldman Sachs Mortgage Company and carries a fixed interest rate of 4.11% per annum, with principal and interest based on a 30-year amortization. Proceeds from the loan will be used to invest in future acquisitions of hotels and for general corporate purposes. Full Article
Chesapeake Lodging Trust Completes Public Offering Of Common Shares
Chesapeake Lodging Trust announced that it has completed its public offering of 8,337,500 common shares, including 1,087,500 shares sold pursuant to the full exercise by the underwriters of their option to purchase additional shares. Through the offering, the Trust raised approximately $165.8 million of net proceeds, after deducting the underwriting discount and other estimated offering costs.J.P. Morgan, Deutsche Bank Securities, Wells Fargo Securities and RBC Capital Markets acted as joint book-running managers for the offering. Baird, KeyBanc Capital Markets, and JMP Securities acted as co-managers for the offering.The Trust intends to use the net proceeds of the offering to repay outstanding borrowings under its revolving credit facility, invest in future acquisitions of hotels, and for general corporate purposes. Full Article
Chesapeake Lodging Trust Upsizes and Prices Public Offering of Common Shares
Chesapeake Lodging Trust announced it has priced its public offering of 7,250,000 common shares at a public offering price of $20.75 per share, for a total of approximately $144.2 million of net proceeds, after deducting the underwriting discount and other estimated offering costs. The size of the offering represents an increase over the 6,250,000 shares that the Trust had previously announced. The offering is expected to close on or about February 6, 2013. The underwriters have been granted a 30-day option to purchase up to an additional 1,087,500 common shares at the public offering price, less the underwriting discount. J.P. Morgan, Deutsche Bank Securities, Wells Fargo Securities and RBC Capital Markets acted as joint book-running managers for the offering. Baird, KeyBanc Capital Markets, and JMP Securities acted as co-managers for the offering. The Trust intends to use the net proceeds of the offering to repay outstanding borrowings under its revolving credit facility, invest in future acquisitions of hotels, and for general corporate purposes. Full Article
Earnings vs. 
Estimates
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