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Chesapeake Lodging to Acquire Hyatt Place for $77M

NEW YORK CITY-The REIT, on an acquisition spree of late, will enter a management agreement with Real Hospitality Group once the hotel is completed.

By Miriam Lamey | Updated on January 31, 2012

NEW YORK CITY-For a purchase price of $76.5 million–or approximately $414,000 per key–Chesapeake Lodging Trust has entered into an acquisition agreement for the soon-to-be completed 185-room Hyatt Place New York Midtown South. The deal will be set in stone when the hotel is finished which, according to Chesapeake, should take place in the third quarter of 2012.

Further, the REIT will provide the seller with $6.5 million in bridge financing to expedite construction of the hotel. The Hyatt will eventually be co-managed by Chesapeake and Real Hospitality Group, a company which currently operates the REIT’s other hotel in Midtown on 31st Street.

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