{"id":1004350037,"date":"2019-09-04T10:31:07","date_gmt":"2019-09-04T18:31:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004350037"},"modified":"2019-09-04T10:31:07","modified_gmt":"2019-09-04T18:31:07","slug":"park-hotels-lands-950m-in-financing-for-chesapeake-acquisition","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/park-hotels-lands-950m-in-financing-for-chesapeake-acquisition\/","title":{"rendered":"Park Hotels Lands $950M in Financing for Chesapeake Acquisition"},"content":{"rendered":"<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/business-deals.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004309684\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jll-to-acquire-hff-for-2b\/business-deals\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/business-deals.jpg\" data-orig-size=\"800,620\" 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;0&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=\"business-deals\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/business-deals.jpg?w=800\" class=\"alignright wp-image-1004309684 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/business-deals.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/business-deals.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/business-deals.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/business-deals.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Park Hotels &amp; Resorts Inc. announced it has secured a $950 million loan from Bank of America to finance its previously announced acquisition of Chesapeake Lodging Trust. The loan terms consist of a $100 million two-year tranche and an $850 million five-year tranche.<\/p>\n<hr>\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/chesapeake-lodging-trust-agrees-to-sell-nyc-hotels-for-138m\/\">Chesapeake Agrees to Sell NYC Hotels for $138M<\/a><\/p>\n<hr>\n<p>Back in May, the two hospitality REITs <a href=\"https:\/\/www.commercialsearch.com\/news\/park-hotels-chesapeake-to-merge-in-2-7b-deal\/\">announced they agreed to merge<\/a> in a cash and stock deal valued at approximately $2.7 billion. Once the two companies officially merge, which Park is expecting by the end of the month, the new combined firm will have an estimated value of $12 billion and will be the second-largest hospitality REIT.<\/p>\n<p>The merger will initially combine Park\u2019s 51-property portfolio with Chesapeake\u2019s 20-asset portfolio. Also spelled out in the agreement is the pre-closing <a href=\"https:\/\/www.commercialsearch.com\/news\/park-hotels-resorts-sells-3-assets-for-166m\/\">disposition of non-core assets<\/a>, including three Park properties currently under contract and Chesapeake\u2019s New York holdings, which consist of the 122-key Hyatt Herald Square New York and the 185-key Hyatt Place New York Midtown South.<\/p>\n<p>Once the merger closes, the new company will own a 35,383-key portfolio of 66 assets across 17 states and the District of Columbia. Notable assets in the portfolio include the Hyatt Regency Mission Bay Spa and Marian, a 438-key hotel in San Diego, the 403-key W Chicago City Center and the 292-key Royal Palm South Beach Miami, a Tribute Portfolio Resort.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The previously announced merger between the two REITs is expected to close by the end of the month.<\/p>\n","protected":false},"author":745,"featured_media":1004309684,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21743,21808,21751,23891,21742],"tags":[33250,38230,36272],"class_list":["post-1004350037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-deals","category-featured","category-hotel","category-national","category-latest","tag-bank-of-america","tag-chesapeake-lodging-trust","tag-park-hotels-and-resorts"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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