Shareholders approve Chesapeake-Park merger

Hilton Sao Paulo
Park has one hotel in Brazil—the Hilton Sao Paulo. Photo credit: Park Hotels & Resorts

Shareholders of Chesapeake Lodging Trust have approved its proposed merger with a subsidiary of Park Hotels & Resorts, the lodging real estate investment trust spun off from Hilton in 2017, which will acquire Chesapeake for $2.7 billion, putting the combined company's estimated enterprise value at $12 billion.

Chesapeake's assets include 20 hotels with 6,288 rooms in eight states and the District of Columbia. Park has a smattering of hotels in the United States and a small international presence, with hotels in Ireland, the U.K. and Brazil.

At a special meeting of Chesapeake's shareholders, approximately 88 percent of the outstanding shares of the REIT'S common shares of beneficial interest were voted, with approximately 99 percent of the votes cast in favor of the merger.

Virtual Event


Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.

Related: Park Hotels & Resorts acquires Chesapeake Lodging Trust for $2.7B

The merger is expected to close on or about Sept. 18. Upon completion of the transaction, each issued and outstanding common share of beneficial interest of the trust will be converted into the right to receive 0.628 of a share of Park common stock and $11 in cash. Park common stock will continue to trade on the New York Stock Exchange under the symbol “PK” following the merger.

Suggested Articles

The Urban Park Hotel Collection is currently looking at hotels with 25 to 85 rooms, which will include both independent and franchise properties.

The new features are meant to facilitate low-contact stays while also incorporating gamification into the guest experience.

Teams working remotely or apart can use group video and real-time collaboration for mobile and desktop.