The 25-storey, 185-room hotel, currently under development, is slated for completion in the third quarter of 2012.
The trust has agreed to provide $6.5m in bridge financing to the seller to facilitate the completion of the hotel development, in conjunction with the proposed acquisition.
Chesapeake is expected to enter into a management agreement with Real Hospitality Group, the operator of the trust’s other hotel in New York.
Chesapeake president and CEO James Francis said: "Similar to the Holiday Inn New York City Midtown – 31st Street, which we acquired in late December 2011 and opened on January 19th, we expect the Hyatt Place to ramp-up very quickly given the robust demand in Manhattan, the strength of the Hyatt brand, and our operator’s extensive experience managing hotels in New York City."
Following the acquisition, 8% of the Chesapeake portfolio’s hotel rooms will be based in Midtown Manhattan.
Each room will contain a central HVAC system, upgraded bathrooms, a 42in flat panel television, the Hyatt Grand Bed, and a media and work centre.
Currently, the hotel room mix comprises 27 double-bedded rooms and 158 king-bedded rooms, including four king-bedded rooms on the top floor.
"This acquisition furthers our strategic relationship with Hyatt Hotels through ownership of the first Hyatt Place property in Manhattan. This brand is the perfect fit for New York and the blended lifestyle of work and play," Francis added.
Chesapeake Lodging Trust owns 12 hotels with an aggregate of 3,516 rooms in six US states and the district of Columbia.