ANNAPOLIS, Maryland--Chesapeake Lodging Trust announced that it has closed on the previously announced acquisition of the newly developed, 122-room Holiday Inn New York City Midtown - 31st Street located in New York, New York for a purchase price of $52.2 million, or approximately $428,000 per key. The Trust funded the acquisition with a borrowing under its revolving credit facility. The Trust entered into an agreement with Real Hospitality Group to manage the hotel.
James L. Francis, Chesapeake's President and Chief Executive Officer, stated, "We are excited to acquire our first hotel in the New York City market at a very compelling entry point. Given the robust demand in midtown Manhattan, our operator's experience managing hotels in New York City, and the strength of the IHG reservation system, we expect the Holiday Inn New York City Midtown - 31st Street to ramp-up very quickly."
The newly developed Holiday Inn New York City Midtown - 31st Street, located on West 31st Street between 5th Avenue and Broadway, is an 18-story structure with 122 well appointed and modern guestrooms. Each room contains a central HVAC system, large upgraded bathrooms with glass tile walls and inset framed mirrors, glass-enclosed showers, an upgraded vanity and hardware, and large ceramic tile flooring. The room mix includes 94 king rooms, 20 double-bedded rooms, six standard rooms equipped for ADA access, and two suites. The hotel also has a roof top bar with unobstructed views of the Empire State Building and the Manhattan skyline. The Trust leases space on the first floor to Contorno's Restaurant, an 80-seat upscale Italian restaurant and bar.
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