ARLINGTON, Va.--(BUSINESS WIRE)--Chesapeake Lodging Trust (NYSE:CHSP) (the “Trust”) announced today that it has closed on the sale of the 222-room The Hotel Minneapolis, Autograph Collection located in Minneapolis, Minnesota for a sale price of $46.0 million, or $207,000 per key. The Trust used the net proceeds from the sale to repay outstanding borrowings under its revolving credit facility.
The Trust acquired The Hotel Minneapolis, Autograph Collection in October 2012 for $46.0 million, or $207,000 per key. The $46.0 million sale price represents a 6.2% trailing twelve month NOI cap rate (after factoring in a needed 2018 renovation estimated at $5.0 million, the sale price represents a 5.6% NOI cap rate).
ABOUT CHESAPEAKE LODGING TRUST
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 hotels in urban settings or unique locations in the United States. The Trust owns 21 hotels with an aggregate of 6,472 rooms in eight states and the District of Columbia. Additional information can be found on the Trust’s website at www.chesapeakelodgingtrust.com.