Brookfield, Fortress, Blackstone and Singapore’s sovereign wealth fund are among the bidders for the 15-hotel portfolio.
Westbrook Partners LLC and Korea Investment Corp. are in discussion with Qatar’s Katara Hospitality and Trinity White City Ventures about a $600 million sale.
Park agreed to pay Chesapeake shareholders $11 and 0.628 of a Park common share for each of their shares.
Part of the attraction of full-service hotels for value-add investors may be their strong performance.
Hospitality properties in Western and Southern U.S. are performing better than those in gateway markets.