LOS ANGELES—Annapolis, Md.-based Chesapeake Lodging Trust has closed a couple deals recently in California, including the gain of $32 million in mortgage financing secured by the 188-room Hilton Checkers Los Angeles, here, and adding Hotel Adagio San Francisco to Marriott’s Autograph Collection.
The 10-year loan was provided by Goldman Sachs Mortgage Co. and carries a fixed interest rate of 4.11 percent per annum, with principal and interest based on a 30-year amortization. Proceeds from the loan will be used to invest in future acquisitions of hotels and for general corporate purposes, the company says in a statement.
Also, Chesapeake says it has entered into an agreement with Marriott International Inc. to make 171-room Hotel Adagio into an Autograph property. The trust recently completed a renovation of the property’s guestrooms, penthouse suites and public spaces, expansion of the meeting and event space, and creation of a new restaurant and lobby bar.
James Francis, president and CEO of Chesapeake, says in a statement that the trust is in the process of completing minor brand upgrades that will allow for the seamless interface into the Marriott International global reservation and service systems, and anticipates completion of this process within the next 60 days. “We are thrilled to bring our second Autograph Collection hotel into the portfolio,” says Francis. “Beginning in April, guests will enjoy the many benefits of staying with an Autograph Collection hotel, including the opportunity to earn Marriott Rewards points for their stay.”