Park Hotels’ Chesapeake Lodging Trust Lands Two New York Hotels
The Hyatt hotels sold for an aggregate sale price of $138 million.
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.