NEW YORK CITY-Marking its first New York City transaction, Annapolis, MD-based lodging REIT Chesapeake Lodging Trust closed on its acquisition of a 122-room Holiday Inn at 30-32 W. 31^st St. in Midtown for $52.2 million, the company said Friday morning. The hotel, funded through the trust’s revolving credit facility, will be managed by Ocean City, MD-based Real Hospitality Group.

“We are excited to acquire our first hotel in the New York City market at a very compelling entry point,” says James L. Francis, president and CEO at Chesapeake Lodging Trust, in a statement following the deal. In total, the REIT now owns 12 hotels with an aggregate of 3,512 rooms in six states and the DC-metro market.

The newly-constructed, 18-story hotel, located on West 31st Street between 5th Avenue and Broadway, is situated in Midtown’s Herald Square submarket near retailers such as Macy’s, Victoria’s Secret, Daffy’s and several others. The hotel is also in close proximity to Penn Station and six major subway lines. It features 94 king rooms, 20 double-bedded rooms, six ADA-accessible rooms, two suites, a rooftop bar and Contorno’s Restaurant, an 80-seat upscale Italian restaurant on the ground floor. The property traded around $428,000 per key.