Chesapeake Lodging to sell Santa Barbara hotel for $90M [Seeking Alpha]
CHESAPEAKE LODGING TRUST (CHSP)
Last chesapeake lodging trust earnings: 8/1 07:30 am
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chesapeakelodgingtrust.com
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Source: Seeking Alpha
Chesapeake Lodging to sell Santa Barbara hotel for $90MChesapeake Lodging Trust (NYSE:CHSP) agrees to sell 200-room Hyatt Centric Santa Barbara for $90M, or about $450,000 per key.CHSP bought the hotel in June 2013 for $61M, or $305,000 per key. The company also sold a separate, five-room villa building and related land parcel at the Hyatt Centric Santa Barbara for $2.1 million to an unrelated buyer.CHSP says the $90.0 million sale price represents a 5.4% trailing 12-month NOI cap rate and is expected to produce a 15.3% unlevered IRR over the Trust’s ownership period.Source:Press ReleasePreviously:Chesapeake Lodging amends credit pact to cut borrowing costs, extend maturity (June 1)Click to subscribe to real-time analytics on CHSPNow read:This Net Lease REIT Is 'Finger Lickin' Good' »
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