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.
Marriott plans to launch a U.S. home-sharing business next month.
Brokers expect that hotel sales volume in 2019 will match last year’s level.
Marriott International plans to build the world’s tallest modular hotel in New York City.