SAN FRANCISCO—Chesapeake Lodging Trust said today that it has closed on the previously announced acquisition of the JW Marriott San Francisco Union Square for a purchase price of $147.2 million, or approximately $437,000 per key. The Trust assumed the existing management agreement with Marriott International, Inc., as well as the existing ground lease covering the property, which expires in 2083.

“We are delighted to close on the previously announced acquisition of the JW Marriott San Francisco Union Square and further expand our presence in the high-growth San Francisco market,” said James Francis, president and CEO of the Chesapeake. “We believe that San Francisco provides some of the strongest lodging fundamentals in the world and we are excited to grow Chesapeake's footprint in this incredible marketplace to approximately 1,200 keys. The hotel's excellent downtown, Union Square location and strong operating fundamentals make this acquisition an outstanding addition to our high-quality portfolio.”

The JW Marriott San Francisco Union Square is a 337-room Quiet Luxury brand offered by Marriott International. The iconic 21-story building sits on a prime corner location at Mason and Post in the heart of Union Square and features a 17-story atrium lobby. The hotel contains some of the largest accommodations in San Francisco, including 23 luxury suites that range from 600-1,500 square feet. Each guestroom contains a 42-inch flat screen television, Revive Collection bedding including pillow top mattresses, a Bose radio, wired and wireless HSIA, a generous work area with an ergonomic chair, and floor-to-ceiling marble encased four or five-fixture bathrooms with granite counters and separate tubs.