June 27, 2017 11:19 PM ET

Equity Real Estate Investment Trusts (REITs)

Company Overview of Chesapeake Lodging Trust

Company Overview

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

Suite 410

Annapolis, MD 21401

United States

Founded in 2009

15 Employees

Phone:

410-972-4140

Key Executives for Chesapeake Lodging Trust

Chief Executive Officer, President and Trustee
Age: 54
Total Annual Compensation: $1.2M
Chief Financial Officer, Executive Vice President and Trustee
Age: 57
Total Annual Compensation: $641.7K
Chief Operating Officer and Executive Vice President
Age: 52
Total Annual Compensation: $641.7K
Chief Accounting Officer, Senior Vice President and Secretary
Age: 43
Total Annual Compensation: $448.0K
Compensation as of Fiscal Year 2016.

Chesapeake Lodging Trust Key Developments

Chesapeake Lodging Trust Declares Quarterly Dividend on Common Share and Series A Cumulative Redeemable Preferred Shares, Payable on July 14, 2017

Chesapeake Lodging Trust announced that its board of trustees has declared a quarterly dividend payment of $0.40 per common share. The dividend will be paid on July 14, 2017 to shareholders of record at the close of business on June 30, 2017. The dividend represents a 7.0% annualized yield based on the closing price of the Trust’s common shares on May 16, 2017. The Trust also announced that its board of trustees has declared a quarterly dividend payment of $0.484375 per share of the Trust’s 7.75% Series A Cumulative Redeemable Preferred Shares. The dividend will be paid on July 14, 2017 to shareholders of record at the close of business on June 30, 2017.

Chesapeake Lodging Trust Announces Five-Year $225.0 Million Unsecured Term Loan

Chesapeake Lodging Trust announced that it has closed on a five-year, $225.0 million unsecured term loan. The term loan was led by Wells Fargo Bank, N.A., as administrative agent, JPMorgan Chase Bank, N.A., as syndication agent, and PNC Bank, N.A., as documentation agent. The term loan provides for the possibility of future increases, up to a maximum amount borrowed of $375.0 million, in accordance with the terms of the term loan agreement. The loan bears interest equal to LIBOR, plus 1.45% - 2.20% (the spread over LIBOR based on the Trust’s consolidated leverage ratio). Contemporaneous with the closing of the unsecured term loan, the trust entered into an interest rate swap to fix LIBOR at 1.86% for the five-year term. As of April 25, 2017, the effective interest rate on the unsecured term loan was 3.31%. Proceeds from the term loan were used to repay outstanding borrowings under the revolving credit facility. The term loan agreement contains the same financial covenants as those contained in the Trust's revolving credit facility.

Chesapeake Lodging Trust to Report Q1, 2017 Results on Apr 25, 2017

Chesapeake Lodging Trust announced that they will report Q1, 2017 results at 5:00 PM, US Eastern Standard Time on Apr 25, 2017

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