New York City– Chesapeake Lodging Trust, a Virginia-based real estate investment firm, completed the purchase of two New York City Hyatt hotels for $138 million, or $450,000 per key, as it joins the Park Hotels & Resorts Inc. this week.
Comprised of the 122-room Hyatt Herald Square and the 185-room Hyatt Place New York in Midtown South, the hotels sit in the heart of Manhattan. A fraction of the sale proceeds will go to defeasing the estimated $85 million mortgage loan on the hotels.
Park Hotels & Resorts Inc. completed the acquisition of Chesapeake Lodging Trust this week for an estimated $2.5 billion, including transaction costs, according to news reports.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
