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Chesapeake Lodging To Buy Hilton

SEATTLE-The company intends to fund the $53-million acquisition by assuming approximately $28 million of existing mortgage debt and using proceeds from its recent equity offering.

By Natalie Dolce | Updated on November 16, 2010

SEATTLE-Lodging REIT Chesapeake Lodging Trust has entered into a definitive agreement to acquire the 195-room Homewood Suites by Hilton Seattle Convention Center here for $53 million, or approximately $272,000 per key. The company intends to fund the acquisition by assuming approximately $28 million of existing mortgage debt and using proceeds from its recent equity offering.

Completion of the proposed acquisition is expected within the next 30 days, subject to lender approval and satisfaction of customary closing conditions. The company intends to enter into an agreement with a third-party manager to operate the hotel under its current franchise flag.

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