Chesapeake Lodging Trust Completes $60.0 Million Mortgage Financing on Boston Marriott Newton

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Chesapeake Lodging Trust Completes $60.0 Million Mortgage Financing on Boston Marriott Newton

ANNAPOLIS, Md.--(BUSINESS WIRE)-- Chesapeake Lodging Trust (NYS: CHSP) announced today that it has closed on a $60.0 million fixed-rate mortgage loan. The loan is secured by the 430-room Boston Marriott Newton. The seven-year loan was provided by PNC Bank, N.A. and carries a fixed interest rate of 3.63% per annum, with principal and interest payments based on a 25-year principal amortization. Proceeds from the loan will be used to invest in future acquisitions of hotels and for general corporate purposes.

ABOUT CHESAPEAKE LODGING TRUST


Chesapeake Lodging Trust is a self-advised lodging real estate investment trust (REIT) focused on investments primarily in upper-upscale hotels in major business and convention markets and, on a selective basis, premium select-service hotels in urban settings or unique locations in the United States. The Trust owns 18 hotels with an aggregate of 5,414 rooms in eight states and the District of Columbia. Additional information can be found on the Trust's website at www.chesapeakelodgingtrust.com.



Chesapeake Lodging Trust
Douglas W. Vicari, 410-972-4142

KEYWORDS:   United States  North America  Maryland  Massachusetts  New York

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