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June 2, 2013

Chesapeake Lodging Trust purchases Hyatt Fisherman’s Wharf hotel for $103.5m

Chesapeake Lodging Trust, a self-advised lodging real estate investment trust (REIT), has purchased Hyatt Fisherman’s Wharf hotel in San Francisco from an affiliate of Hyatt Hotels for $103.5m.

By admin-demo

Chesapeake Lodging Trust, a self-advised lodging real estate investment trust (REIT), has purchased Hyatt Fisherman’s Wharf hotel in San Francisco from an affiliate of Hyatt Hotels for $103.5m.

The Trust, which has a portfolio of 19 hotels and around 5,727 rooms, has signed an agreement with Evolution Hospitality to manage the hotel under a franchisee agreement with an affiliate of Hyatt Hotels.

"Hyatt Fisherman’s Wharf is an outstanding property with a terrific location that complements our hotels in the Financial District and Union Square."

Located on North Point Street in Fisherman’s Wharf, the five-storey hotel has Ghirardelli Square, the Cannery, Pier 39, North Beach, Chinatown, Alcatraz, the Maritime National Historic Park and the Cable Car turnaround in the vicinity.

The hotel features 313 guestrooms including eight suites, and other amenities such as 19,000ft² of meeting space, full service restaurant and lounge, coffee shop, heated outdoor pool, fitness centre and approximately 4,700ft² of ground level retail space.

The Trust aims to renovate the hotel in the fourth quarter of 2014.

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Chesapeake Lodging Trust CEO and president James L Francis said the Trust is pleased to acquire its third hotel in San Francisco.

"Hyatt Fisherman’s Wharf is an outstanding property with a terrific location that complements our hotels in the Financial District and Union Square," Francis added.

"While the hotel has been very well maintained by Hyatt, we see an opportunity to further enhance the asset.

"The timing of the eight million dollar project will be closely coordinated with our management team to minimise any operational disruption."

Hyatt Hotels real estate and capital strategy global head Stephen Haggerty said that one of the main ways the company will continue to achieve strategic growth is through capital recycling.

"This transaction creates value as it unlocks capital at a strong pricing level, maintains our long-term brand presence in the market, and expands a relationship with a good owner who is investing in the property through a renovation program," Haggerty added.

"With multiple Hyatt hotels in its portfolio, we are excited to deepen our relationship with Chesapeake and look forward to more collaboration in the future."

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