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ANNAPOLIS-During Chesapeake Lodging Trust‘s earnings call last month, CEO Jim Francis teased the audience with talked of two deals under LOI. The 313-room Hyatt Fisherman’s Wharf, it turns out, is one. As reported, the REIT purchased the fee simple interest in the 313-room Hyatt Fisherman’s Wharf in San Francisco from an affiliate of Hyatt Hotels Corp. for $103.5 million, or approximately $331,000 per key. Chesapeake entered into an agreement with Evolution Hospitality to manage the hotel under a franchise agreement with a Hyatt affiliate.

But more is coming, according to Francis’ comments. After noting that deal activity has increased moderately this year from a relatively modest pace in the second half of 2012, he said that the REIT has “two additional hotels under LOI, which total approximately $175 million, including some modest renovation costs. We should be in a position to announce the details of these transactions in the near future.”

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