Keyword: Chesapeake Lodging Trust
The sale is the latest step in Park's asset-light strategy.
Chesapeake Lodging Trust's shareholders have approved its proposed merger with a subsidiary of Park Hotels & Resorts.
The real estate investment trust agreed to offload the 122-room Hyatt Herald Square New York and the 185-room Hyatt Place New York/Midtown-South.
The merger of the two real estate investment trusts places the combined company’s estimated enterprise value at $12 billion.
Hilton Worldwide expanded its flagship brand by adding another location in Denver. Colo.
REITs are on the buying sidelines and not acquiring hotels at a time when the delta between new supply and demand is shrinking.