We are a self-advised real estate investment trust (“REIT”) that was organized in June 2009. We are 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 of America. We believe current industry dynamics will create attractive opportunities to acquire high-quality hotel properties, at prices well below replacement costs, with attractive yields on investment and significant upside potential.
In January 2010, we completed our initial public offering. In March 2010, we acquired our first hotel property, the 498-room Hyatt Regency Boston in Boston, Massachusetts. In April 2010, we entered into definitive agreements to acquire two additional hotel properties, the 188-room Hilton Checkers Los Angeles in Los Angeles, California and the 153-room Courtyard Anaheim at Disneyland Resort in Anaheim, California. We closed on the Hilton Checkers Los Angeles in June 2010 and expect the Courtyard Anaheim at Disneyland Resort acquisition to close by the end of July 2010. In July 2010, we entered into an additional definitive agreement to acquire the 430-room Boston Marriott Newton in Newton, Massachusetts. We expect the Boston Marriott Newton acquisition to close in early August 2010.
Our senior executive officers have extensive experience in the lodging industry, including the acquisition, development, financing, repositioning, asset management and disposition of hotels. They have established and maintained a broad network of hotel industry contacts, including long-standing relationships with hotel owners, independent hotel managers, global hotel brands, hotel brokers, financiers and institutional investors that we believe will provide us with attractive acquisition opportunities.
We intend to elect and qualify to be treated as a REIT for U.S. federal income tax purposes, commencing with our taxable year ending December 31, 2010.
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ANNAPOLIS, Md., Jul 21, 2010 (BUSINESS WIRE) --Chesapeake Lodging Trust (NYSE:CHSP) will release its earnings for the
quarter ended June 30, 2010 before the market opens on Wednesday, August
4, 2010, and will host a conference call that morning at 10:00 a.m.
Eastern Time. Participating on the call will be James L. Francis,
President and Chief Executive Officer, and Douglas W. Vicari, Executive
Vice President and Chief Financial Officer.
Interested ind...
ANNAPOLIS, Md., Jul 06, 2010 (BUSINESS WIRE) --Chesapeake Lodging Trust (NYSE:CHSP) announced today that it has entered
into a definitive agreement to acquire the 430-room Boston Marriott
Newton located in Newton, Massachusetts for a purchase price of $77.25
million, or approximately $180,000 per key. The Company expects to close
this transaction within the next 30 days. The Company intends to enter
into an agreement with a third-party manager to operate t...
ANNAPOLIS, Md., Jun 01, 2010 (BUSINESS WIRE) --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...
ANNAPOLIS, Md., May 05, 2010 (BUSINESS WIRE) --Chesapeake Lodging Trust (NYSE:CHSP), a lodging real estate investment
trust (REIT), reported today its financial results for the quarter ended
March 31, 2010.
CONSOLIDATED FINANCIAL RESULTS
For the first quarter 2010, the Company reported total revenue of $2.4
million and net loss of $(1.3) million, or $(.14) per diluted share.
Funds from operations (FFO) were $(1.1) million, or $(.12) per diluted
share, ...
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