Chesapeake REIT Picks Up 2nd NYC Hotel For $77M

Law360, New York (January 31, 2012, 1:50 PM EST) -- Hotel REIT Chesapeake Lodging Trust will pay $76.5 million for a 185-room Hyatt hotel currently under construction in midtown Manhattan, its second New York City property, the company said Tuesday.

Under the agreement, Chesapeake will also provide a $6.5 million bridge loan to finish construction of the planned 25-story Hyatt Place hotel on West 36th Street, which is expected to open in April.

The Maryland-based REIT did not disclose the seller. But Brisam West 36 LLC, a group associated with the McSam Hotel Group LLC, holds...
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