Chesapeake REIT acquires 2 Marriott-affiliated hotels

ANNAPOLIS, MARYLAND Chesapeake Lodging Trust has acquired a pair of Marriott International-branded hotels: the 153-room Courtyard by Marriott Anaheim at Disneyland Resort and the 430-room Boston Marriott Newton in Newton, Massachusetts.

The purchase prices were US$25 million and US$77 million, respectively, and the two acquisitions were funded by a US$105 million borrowing under the company’s revolving credit facility.

The Disneyland Courtyard, acquired from Tarsadia Hotels, is the REIT’s second property in Southern California. Tarsadia will continue to manage the four-year-old hotel.

The sale was brokered by Jordan Richman at Grubb & Ellis Co., in conjunction with Felix Cacciato of Hotel Equity Advisers. Richman and Cacciato represented both parties.

TPG Hospitality Inc. will operate Boston Marriott Newton, which will retain its Marriott affiliation.

Boston Marriott Newton
Boston Marriott Newton