{"id":1004342354,"date":"2019-07-29T03:30:07","date_gmt":"2019-07-29T11:30:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004342354"},"modified":"2019-07-29T04:34:10","modified_gmt":"2019-07-29T12:34:10","slug":"chesapeake-lodging-trust-agrees-to-sell-nyc-hotels-for-138m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chesapeake-lodging-trust-agrees-to-sell-nyc-hotels-for-138m\/","title":{"rendered":"Chesapeake Agrees to Sell NYC Hotels for $138M"},"content":{"rendered":"<div id=\"attachment_1004342357\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/Hyatt-Place.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004342357\" data-attachment-id=\"1004342357\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/chesapeake-lodging-trust-agrees-to-sell-nyc-hotels-for-138m\/hyatt-place-3\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/Hyatt-Place.jpg\" data-orig-size=\"800,599\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1564410115&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Hyatt-Place\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Hyatt Place New York Midtown South. &lt;i&gt;Image via Google Street View&lt;\/i&gt;&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/Hyatt-Place.jpg?w=800\" class=\"wp-image-1004342357 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/Hyatt-Place.jpg\" alt=\"Hyatt Place New York Midtown South. Image via Google Street View \" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/Hyatt-Place.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/Hyatt-Place.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/Hyatt-Place.jpg?resize=768,575 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004342357\" class=\"wp-caption-text\">Hyatt Place New York Midtown South. <em>Image via Google Street View <\/em><\/p><\/div>\n<p>Chesapeake Lodging Trust has agreed to sell two Hyatt-branded Manhattan hotels totaling 307 keys for a combined price of $138 million, or about $450,000 per key. The proposed sale to an undisclosed buyer is expected to occur in mid-to-late September, before the trust completes its prospective $2.7 billion merger with Park Hotels &amp; Resorts Inc. The deal includes the 122-key Hyatt Herald Square New York and the 185-key Hyatt Place New York Midtown South.&nbsp;<\/p>\n<p>The trust acquired the asset in Midtown Manhattan\u2019s Herald Square neighborhood for $52 million in December 2011 and teamed up with Hyatt Hotels &amp; Resorts to convert and rebrand the property. The new upscale Hyatt Herald Square New York at 30 W. 31st St. opened in September 2014. After picking up the second hotel in March 2013 for $76.2 million, the trust opened the asset at 52 W. 36th St. in the same month, marking the city\u2019s first Hyatt Place property. The aggregate sale price for the two hotels represents a trailing 12-month net operating income cap rate of 5.9 percent, according to a statement by the company.<\/p>\n<h2>Offloading non-core assets<\/h2>\n<p>Park Hotels &amp; Resorts, the second-largest lodging REIT, will acquire Chesapeake Lodging Trust under the terms of a <a href=\"https:\/\/www.commercialsearch.com\/news\/park-hotels-chesapeake-to-merge-in-2-7b-deal\/\">merger agreement announced in May<\/a>. The deal called for the pre-closing disposal of non-core assets, including the pair of New York City hotels as well as three Park properties currently under contract.<\/p>\n<p>Chesapeake\u2019s current collection of 20 hotels totals 6,288 keys in eight states and Washington, D.C. Following the merger\u2014which remains subject to receipt of the required approval of the trust\u2019s shareholders and completion of other customary closing requirements and conditions\u2014the combined company will own a 35,383-key portfolio of 66 assets, with an estimated enterprise value of $12 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The two Hyatt-branded Manhattan properties are slated to change hands in September, prior to the trust\u2019s prospective $2.7 billion merger with Park Hotels &#038; Resorts Inc. <\/p>\n","protected":false},"author":744,"featured_media":1004342357,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21751,21783,1600,21742,10],"tags":[38230,33185,36272],"class_list":["post-1004342354","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-hotel","category-investment","category-new-york","category-latest","category-northeast","tag-chesapeake-lodging-trust","tag-hyatt","tag-park-hotels-and-resorts"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chesapeake Agrees to Sell NYC Hotels for $138M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/chesapeake-lodging-trust-agrees-to-sell-nyc-hotels-for-138m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chesapeake Agrees to Sell NYC Hotels for $138M\" \/>\n<meta property=\"og:description\" content=\"The two Hyatt-branded Manhattan properties are slated to change hands in September, prior to the trust\u2019s prospective $2.7 billion merger with Park Hotels &amp; 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