Chesapeake Lodging Trust has completed the its acquisition of the Le Meridien hotel located in San Francisco, US, for $143m.

The 360-room hotel features 3962m² of meeting space, a fitness centre and a 24-hour business service centre.

The 29-storey property also features a recently renovated bar on the lobby floor, and restaurant and lounge on the third floor.

The hotel group funded the acquisition with a $60m term-loan, a $45m borrowing from its revolving credit facility, and remaining proceeds from its recent equity offering.

Chesapeake Lodging Trust has signed an agreement with a subsidiary of HEI Hotels and Resorts, the hotel’s current operator, to manage the hotel under the Le Meridien flag.