Park Hotel's New Orleans Riverside Hotel
ARLINGTON, VA—Park Hotels & Resorts is acquiring Chesapeake Lodging Trust for $2.7 billion in a cash-and-stock transaction. The combined entity, when the deal closes, will have an enterprise value of $12 billion. It will own 66 hotels in urban and resort markets in 17 states and the District of Columbia—a number that takes into account the pending sale of 5 Park hotels.
The transaction has been approved by the board of directors and board of trustees of Park and Chesapeake.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
