Chesapeake Lodging, a self-advised lodging real estate investment trust (REIT) that focuses on up-scale hotels, is acquiring it’s second hotel in New York City, the Hyatt Place in Midtown South. The company will pay $76.5 million for the acquistion, $414,000 per room, as well as providing $6.5 million for financing to help complete the development of the hotel.
The Hyatt Place is a 25-story, 185-bedroom hotel. The room will be equipped with an HV C system, upgraded stylish bathrooms with glass-enclosed showers and granite vanity tops, a 42” high definiton flat panel TV and other luxury trimmings. There are also four suites on the top floor with private terraces.