Wired News – Chesapeake Lodging Closes Sale of Hyatt Centric Santa Barbara
Stock Monitor: Four Corners Property Trust Post Earnings Reporting
LONDON, UK / ACCESSWIRE / July 31, 2018 / If you want access to our free research report on Chesapeake Lodging Trust (NYSE: CHSP), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CHSP as the Company's latest news hit the wire. On July 27, 2018, the Company announced that it has sold the 200-room Hyatt Centric Santa Barbara located in Santa Barbara, California, for $90.0 million, or $450,000 per key. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Four Corners Property Trust, Inc. (NYSE: FCPT), which also belongs to the Financial sector as the Company Chesapeake Lodging Trust. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Chesapeake Lodging Trust most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/?symbol=CHSP
$90.0 Million Sale Price is Expected to Produce a 15.3% Unlevered IRR over the Trust's Ownership Period
The $90.0 million sale price represents a 5.4% trailing 12-month NOI cap rate (after factoring in a required 2019 renovation estimated at $6.0 million, the sale price represents a 5.0% NOI cap rate); and it is expected to produce a 15.3% unlevered IRR over the Trust's ownership period. The Trust used the net proceeds from the sale to repay all of the outstanding borrowings under its revolving credit facility.
The Trust acquired the Hyatt Centric Santa Barbara in June 2013 for $61.0 million, or $305,000 per key. In April 2016, the Trust sold a separate, five-room villa building and related land parcel at the Hyatt Centric Santa Barbara for $2.1 million to an unrelated buyer.
Chesapeake Lodging's Second Quarter Results
On July 27, 2018, the Trust also reported its financial results for the quarter ended June 30, 2018. The Trust reported an increase in RevPAR of 4.7% for the 21-hotel portfolio compared to the same period in 2017. Encouraging levels of demand at the hotels from corporate transient customers whom the Trust's portfolio is most focused on serving, led to this increase. The Trust's comparable adjusted hotel EBITDA margin increased by 110 basis point to 36.3% for the 21-hotel portfolio versus the same period in 2017. It reported adjusted Hotel EBITDA of $59.2 million and adjusted Corporate EBITDA of $54.5 million. The Company's net income available to common shareholders was $23.8 million, or $0.40 per diluted common share, in the reported period. The Trust's adjusted FFO was $42.9 million, or $0.72 per diluted common share. The Trust amended its revolving credit facility by extending its initial term and reducing cost of borrowings.
Chesapeake Lodging's Last Hotel Sale
In November 2017, the Trust closed on the sale of the 222-room The Hotel Minneapolis, Autograph Collection located in Minneapolis, Minnesota, for a sale price of $46.0 million, or $207,000 per key. The Trust used the net proceeds from the sale to repay all of the outstanding borrowings under its revolving credit facility. The Hotel Minneapolis, Autograph Collection was acquired in October 2012 for $46.0 million, or $207,000 per key. The $46.0 million sale price represented a 6.2% trailing 12-month NOI cap rate (after factoring in a needed 2018 renovation estimated at $5.0 million, the sale price represented a 5.6% NOI cap rate).
About Chesapeake Lodging Trust
Established in 2009, Chesapeake Lodging is a self-advised real estate investment trust (REIT). The Company focuses on investments primarily in upper-upscale hotels in major business and convention markets and, on a selective basis, premium select-service hotels in urban settings or unique locations in the US. The Trust currently own 20 hotels with an aggregate of 6,279 rooms, in 8 states and the District of Columbia.
Stock Performance Snapshot
July 30, 2018 - At Monday's closing bell, Chesapeake Lodging Trust's stock was marginally up 0.74%, ending the trading session at $31.35.
Volume traded for the day: 214.79 thousand shares.
Stock performance in the last three-month – up 6.13%; previous six-month period – up 13.55%; past twelve-month period – up 25.60%; and year-to-date - up 15.73%
After yesterday's close, Chesapeake Lodging Trust's market cap was at $1.96 billion.
Price to Earnings (P/E) ratio was at 27.28.
The stock has a dividend yield of 5.10%.
The stock is part of the Financial sector, categorized under the REIT - Hotel/Motel industry.
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