Chesapeake Lodging Trust Acquires Midtown Hotel for $52M

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.