Trust Closes on Denver Marriott City Center Acquisition
October 5, 2011 - Chesapeake Lodging Trust (NYSE: CHSP) announced that it has closed on the previously announced acquisition of the 613-room Denver Marriott City Center located in Denver, Colorado for a purchase price of $119 million, or approximately $194,000 per key.
Chesapeake Lodging Trust (NYSE: CHSP) announced that it has closed on the previously announced acquisition of the 613-room Denver Marriott City Center located in Denver, Colorado for a purchase price of $119 million, or approximately $194,000 per key. The Trust funded the acquisition with available cash on hand and by borrowing under its revolving credit facility. The Trust also assumed the existing management agreement under which Marriott International, Inc. will continue to operate the hotel.
Chesapeake Lodging Trust is a self-advised lodging real estate investment trust (REIT) focused on investments primarily in upper-upscale hotels in major business and convention markets and, on a selective basis, premium select-service and extended-stay hotels in urban settings or unique locations in the United States. The Trust owns 11 hotels with an aggregate of 3,390 rooms in five states and the District of Columbia.
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 
