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Chesapeake Lodging Trust Sells Hyatt Centric Santa Barbara for $90M
Arlington, VA-based Chesapeake Lodging Trust divested the 200-room Hyatt Centric Santa Barbara, CA for $90 million, or $450,000 per key. The Trust used the net proceeds from the sale to repay all outstanding borrowings under its revolving credit facility. The buyer was undisclosed.
The trust acquired the property located at 1111 East Cabrillo Blvd. in June 2013 for $61 million, or $305,000 per key. In April 2016, Chesapeake 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.
The $90-million sale price represents a 5.4% trailing 12-month NOI cap rate, after factoring in a required 2019 renovation estimated at $6 million, the sale price represents a 5% NOI cap rate, and produced a 15.3% unlevered IRR over the Trust’s ownership period.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


