ARLINGTON, Va.–(BUSINESS WIRE)–Chesapeake Lodging Trust (NYSE:CHSP) (the “Trust”) announced today that
it has entered into a management agreement with Hilton (NYSE:HLT) to
rebrand its previous 613-room Marriott hotel, located in Denver,
Colorado, to the Hilton Denver City Center. “We appreciate the years of
service by our Marriott friends and partners; however, we are happy to
welcome Hilton into our hotel,” stated James L. Francis, President and
Chief Executive Officer of the Trust.
The Trust recently completed a multiyear, comprehensive repositioning
program for the Denver property, reinvesting in excess of $27 million
over the past 36 months. “Our strategic plans in Denver began several
years ago when we began a transformational renovation of all public
areas, food and beverage facilities and every guestroom and bathroom.
The fully renovated hotel will be the only Hilton branded property in
all of downtown Denver,” continued Mr. Francis.
The Hilton rebranding and management change is expected to occur on
December 1, 2017. The new management agreement with Hilton contains
customary market terms and conditions.
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 22 hotels with an
aggregate of 6,694 rooms in nine states and the District of Columbia.
Additional information can be found on the Trust’s website at www.chesapeakelodgingtrust.com.
Note: Certain statements and assumptions in this press release
contain or are based upon “forward-looking” information and are being
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
subject to risks and uncertainties. When we use the words “will likely
result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,”
“intend,” or similar expressions, we intend to identify forward-looking
statements. Such forward-looking statements include, but are not limited
to, the timing of the expected rebranding and management change. Such
statements are subject to numerous assumptions and uncertainties, many
of which are outside Chesapeake Lodging Trust’s control. The Trust
undertakes no obligation to publicly release the result of any revisions
to these forward-looking statements that may be made to reflect any
future events or circumstances, except as required by law.
Chesapeake Lodging Trust
Douglas W. Vicari, 571-349-9452