Chesapeake Lodging Trust sells NYC hotels

Chesapeake Lodging Trust has entered into an agreement to sell the 122-room Hyatt Herald Square New York and the 185-room Hyatt Place New York Midtown South, both located in New York, New York, for $138.0 million.

The proposed sale by Chesapeake Lodging Trust of these New York hotels is anticipated to occur in mid-to-late September 2019 prior to completion of the Chesapeake Lodging Trust’s proposed merger with Park Hotels & Resorts.

The proposed merger remains subject to receipt of the required approval of the Chesapeake Lodging Trust’s shareholders and completion of other customary closing requirements and conditions.

Chesapeake Lodging Trust acquired the Hyatt Herald Square New York in December 2011 for $52 million, and the Hyatt Place New York Midto