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Chesapeake Lodging Trust agrees to purchase Denver hotel

Chesapeake Lodging Trust of Annapolis, a hotel real estate investment trust, said it has entered into a definitive agreement to acquire the 613-room Denver Marriott City Center for $119 million, or approximately $194,000 per key.

CLT said it intends to fund the acquisition with available cash on hand and by borrowing under its revolving credit facility.

The acquisition is expected to close during the third week of September, subject to customary closing conditions.

The existing management agreement with Marriott International Inc. will be maintained.

The hotel is located on the first 20 floors of a 1 million-square-foot, 43-story building that also contains office space.