Chesapeake Lodging Trust closes NYC hotel acquisition

Chesapeake Lodging Trust has closed on its purchase of the Hyatt Place New York Midtown South hotel, its second hotel in Manhattan.

Chesapeake (NYSE: CHSP) paid $76.2 million for the hotel. It paid for the purchase using cash on hand, $35 million borrowed from a $60 million term loan and a credit equal to the amount of a construction loan it provided to the seller. Chesapeake first announced the deal in January 2012 when the hotel was under construction.

Chesapeake owns 16 hotels in business markets…