Press release from Business Wire
Chesapeake Lodging Trust Completes $60.0 Million Mortgage Financing on Boston Marriott Newton
Monday, May 06, 2013
Chesapeake Lodging Trust Completes $60.0 Million Mortgage Financing on Boston Marriott Newton07:30 EDT Monday, May 06, 2013
ANNAPOLIS, Md. (Business Wire) -- Chesapeake Lodging Trust (NYSE: CHSP) announced today that it has closed on a $60.0 million fixed-rate mortgage loan. The loan is secured by the 430-room Boston Marriott Newton. The seven-year loan was provided by PNC Bank, N.A. and carries a fixed interest rate of 3.63% per annum, with principal and interest payments based on a 25-year principal amortization. Proceeds from the loan will be used to invest in future acquisitions of hotels and for general corporate purposes.
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 18 hotels with an aggregate of 5,414 rooms in eight states and the District of Columbia. Additional information can be found on the Trust's website at www.chesapeakelodgingtrust.com.
Chesapeake Lodging Trust
Douglas W. Vicari, 410-972-4142