This page is temporarily not available. Please check later as it should be available shortly. If you have any questions, please email customer support at email@example.com or call 800-767-3771 ext. 9339.
Chesapeake Lodging Trust (
- Snapshot Report
, a real estate investment trust (REIT), recently acquired the 429-room Hyatt Regency Mission Bay Spa and Marina hotel in San Diego, California for $62.0 million. The transaction was funded with available cash resources and borrowings under its existing revolving credit facility.
Located in the Mission Bay area, the luxury hotel features ocean views, a 187 slip marina, full-service spa, award-winning food and beverage outlets, and three slide pools. It also includes over 37,000 square feet of meeting space.
Chesapeake has planned a $6 million "softgood refresh" renovation to the hotel which underwent a major refurbishment in 2007. This is an important acquisition for Chesapeake Lodging, owing to the strength of the Hyatt brand and the compelling growth opportunity of the San Diego market. The strategic move is expected to be accretive to the long-term earnings and supplement its portfolio of premium high-quality properties.
The company has been active on acquisitions over the recent period of time. Chesapeake acquired the 520-room W Chicago – Lakeshore hotel located in Chicago for $126.0 million from Starwood Hotels & Resorts Worldwide, Inc. (HOT) in August 2012.
Chesapeake owns luxury and upper-upscale hotels in some of the most desirable locations in the United States. The company specifically focuses on owning and acquiring hotels at prices below replacement cost, with attractive return on investments and significant upside potential. Currently the company owns 14 hotels with an aggregate of 4,465 rooms in 6 states and the districts of Columbia.
Chesapeake currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We also have a long-term Neutral recommendation on the stock. One of its competitors, Host Hotels & Resorts Inc ( HST - Analyst Report ) also holds a Zacks #2 Rank, which translates into a short term Buy rating.
Please login to Zacks.com or register to post a comment.