Chesapeake Lodging Trust is an equity real estate investment trust. The firm invests in the real estate markets of the United States. It primarily invests 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. The firm was formerly known as Crown Hospitality Trust. Chesapeake Lodging Trust was founded in June 2009 and is based in Annapolis, Maryland.
1997 Annapolis Exchange Parkway
Annapolis, MD 21401
Founded in 2009
Chesapeake Lodging Trust Promotes D. Rick Adams as Executive Vice President and Chief Operating Officer
Mar 18 15
On March 18, 2015, Chesapeake Lodging Trust announced that D. Rick Adams had been promoted to serve as Executive Vice President and Chief Operating Officer of the Trust, effective immediately. Adams previously served as Executive Vice President and Chief Investment Officer of the Trust since February 2014, and previously served as Senior Vice President and Chief Investment Officer of the Trust from November 2009 until January 2014.
Chesapeake Lodging Trust Completes Unsecured Revolving Credit Facility
Mar 14 15
Chesapeake Lodging Trust reported that it has amended its credit agreement by converting it from a secured to an unsecured credit facility, increasing the maximum size of the facility, lowering the interest rate spread over LIBOR charged on outstanding borrowings, and extending the initial term. According to the company, the facility is led by Wells Fargo Bank, N.A., as administrative agent, JPMorgan Chase Bank, N.A., as syndication agent, and Deutsche Bank Securities Inc., as documentation agent. The amended credit agreement increases the maximum amount the Trust may borrow under the unsecured revolving credit facility from $250.0 million to $300.0 million, and also provides for the possibility of further future increases, up to a maximum of $450.0 million, in accordance with the terms of the amended credit agreement. The actual amount that the Trust can borrow under the unsecured revolving credit facility continues to be based on the value of the Trust's hotels included in the borrowing base, as defined in the amended credit agreement. The interest rate spread over LIBOR for borrowings under the unsecured revolving credit facility was reduced to LIBOR, plus 1.55% - 2.30% (the spread over LIBOR based on the Trust's consolidated leverage ratio). The initial term of the amended credit agreement will now expire in March 2019, but the term may be extended for one year subject to satisfaction of certain customary conditions. The amended credit agreement has more favorable financial covenants, including the leverage ratio and minimum tangible net worth requirement, as compared to those in effect prior to the amendment, and has additional financial covenants typically found in similar unsecured revolving credit facilities, including a consolidated secured debt ratio, an unsecured leverage ratio and an unsecured debt service coverage ratio.
Chesapeake Lodging Trust Obtains $125 Million Term Loan
Mar 9 15
Chesapeake Lodging Trust announced that it has closed on a $125.0 million two-year term loan to partially fund the acquisition of The Royal Palm-Miami South Beach. The term loan was provided by Wells Fargo Bank, N.A., and subject to customary conditions, provides for a one-year extension. The loan is secured by The Royal Palm-Miami South Beach and bears interest equal to LIBOR, plus 2.40%. Contemporaneous with the closing of the term loan, the Trust entered into an interest rate swap to effectively fix the interest rate for the original two-year term at 3.34% per annum.