Chesapeake Lodging Trust Acquires Le Meridien San Francisco

Le-Meridien-hotelChesapeake Lodging Trust has finalized its acquisition of the Le Meridien hotel in San Francisco. The purchase cost $143 million. CLT has negotiated with HEI Hotels and Resorts, the hotel’s current operator, and has agreed to manage the hotel as the Le Meridien. The hotel group subsidized the acquisition with a $60 million term-loan, a $45 million borrowing from its revolving credit facility, and funds remaining from its recent equity offering.

The hotel features 360 rooms, 3,962 square meters of meeting space, a business service center and a gym. The hotel also has a recently modernized bar, restaurant and lounge.

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