US: Park Hotels & Resorts has reached a deal to acquire Chesapeake Lodging Trust in a deal that will bring its market value to $12 billion.
It will pay around $2.7 billion for Arlington-based Chesapeake. Both REITS are owners of extended stay hotels under brands including Embassy Suites and Homewood Suites.
The acquisition, subject to a vote from Chesapeake shareholders, is expected to close in late Q3 or Q4. The combined company will be the second-largest lodging REIT in the US. Along with the acquisition, Park announced plans to sell five hotels, including two New York City properties from Chesapeake’s portfolio — the Hyatt Herald Square and the Hyatt Place New York Midtown South — and three non-core hotels from Park’s portfolio.
Following the sales, the merged company’s portfolio would consist of 66 hotels across 17 states and D.C. </p
