Chesapeake Shareholders Approve $2.7B Acquisition by Park Hotels
The combined entity, when the deal closes, will have an enterprise value of $12 billion.
ARLINGTON, VA—Chesapeake Lodging Trust shareholders have approved the previously-announced $2.7 billion stock-and-cash acquisition by Park Hotels & Resorts.
The deal is expected to close on or about Sept. 18, 2019. The deal calls for Chesapeake Lodging Trust’s stock to be converted into 0.628 of a share of Park common stock and $11 in cash. Park common stock will continue to trade on the New York Stock Exchange following the acquisition under the symbol “PK.”
The transaction has already been approved by the board of directors and board of trustees of Park and Chesapeake.
The combined entity, when the deal closes, will have an enterprise value of $12 billion. It will own 66 hotels in urban and resort markets in 17 states and the District of Columbia—a number that takes into account the pending sale of 5 Park hotels.