Chesapeake Lodging Trust Aquires Hilton Checkers Los Angeles
June 2, 2010 - Chesapeake Lodging Trust (NYSE:CHSP) announced today that it has closed on the previously announced acquisition of the 188-room Hilton Checkers Los Angeles hotel located in Los Angeles, California for a purchase price of $46 million, or approximately $245,000 per key.
Chesapeake Lodging Trust (NYSE:CHSP) announced today that it has closed on the previously announced acquisition of the 188-room Hilton Checkers Los Angeles hotel located in Los Angeles, California for a purchase price of $46 million, or approximately $245,000 per key. The acquisition was funded with proceeds from the Company's initial public offering. The Company entered into an agreement with Crestline Hotels and Resorts, Inc. to operate the hotel under the Hilton flag.
Chesapeake Lodging Trust is a self-advised lodging real estate investment trust (REIT) focused on investments primarily in upper-upscale hotels in major business, airport and convention markets and, on a selective basis, premium select-service hotels in urban settings or unique locations in the United States. With the acquisition of the Hilton Checkers Los Angeles hotel, the Company now owns two hotel properties with an aggregate of 686 rooms in two states.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
