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. We acquired our second hotel property, the 188-room Hilton Checkers Los Angeles in Los Angeles, California in June 2010. In July 2010, we obtained a credit facility and acquired two additional hotel properties, the 153-room Courtyard Anaheim at Disneyland Resort in Anaheim, California and the 430-room Boston Marriott Newton in Newton, Massachusetts. With these acquisitions, we currently own four hotel properties with an aggregate of 1,269 rooms in two states.
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.
ANNAPOLIS, Md., Aug 04, 2010 (BUSINESS WIRE) --Chesapeake Lodging Trust (NYSE:CHSP), a lodging real estate investment
trust (REIT), reported today its financial results for the quarter ended
June 30, 2010.
CONSOLIDATED FINANCIAL RESULTS
For the second quarter 2010, the Company reported total revenue of $11.8
million and net income of $1.4 million, or $.15 per diluted share. Funds
from operations (FFO) were $2.1 million, or $.23 per diluted share, and
...
ANNAPOLIS, Md., Aug 02, 2010 (BUSINESS WIRE) --Chesapeake Lodging Trust (NYSE:CHSP) announced today that it has entered
into a credit agreement to obtain a $115 million, two-year secured
revolving credit facility with a syndicate of banks. The facility is led
by Wells Fargo Bank, N.A., as administrative agent, and JPMorgan Chase
Bank, N.A., as syndication agent. The amount that the Company can borrow
under the revolving credit facility is based on the valu...
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...
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