Park Hotels & Resorts completed its $2.7bn acquisition of Chesapeake Lodging Trust.

Park Hotels & Resorts, the second-largest publicly traded lodging real estate investment trust, completed its $2.7bn acquisition of Chesapeake Lodging Trust, a self-advised lodging real estate investment trust. “Chesapeake’s high-quality portfolio of hotels will accelerate our strategic goals of upgrading the quality of our portfolio and achieving brand, operator and geographic diversity. This merger provides Park and its stockholders with identifiable synergies and opportunities to drive incremental growth through Park’s proven asset management capabilities. In short, we are expecting to have the same record of success and growth from the Chesapeake assets that we have enjoyed from the Hilton assets we took over in January 2017 – and we will be laser focused every day to create long-term value,” Thomas Baltimore Jr, Park Chairman and CEO.