Park Hotels To Purchase Chesapeake Lodging Trust
Hotel owner Park Hotels & Resorts Inc has agreed to purchase smaller rival Chesapeake Lodging Trust in a cash and stock deal valued at $2.7 billion.
The merged entity will have an enterprise value of about $12 billion, following the close of the deal by the fourth quarter of 2019, and is closely behind No.1 Host Hotels & Resorts Inc's enterprise value of about $17.7 billion, Park Hotels said.
Park's portfolio of properties consists of 51 premium-branded hotels and resorts, which have more than 30,000 rooms located in prime US markets.
Chesapeake Lodging owns 20 hotels, which have a total of 6,288 rooms in eight US states and the District of Columbia.
Advisers And Legal Counsels
BofA Merrill Lynch and Barclays were financial advisers to Park Hotels, while Hogan Lovells acted as legal counsel.
JP Morgan Securities was financial adviser to Chesapeake, and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Polsinelli PC acted as legal counsel.