UPDATE: Park Hotels & Resorts (PK) Tops Q1 EPS by 19c
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Park Hotels & Resorts (PK) Reports Acquisition of Chesapeake Lodging Trust (CHSP) for $2.7B
May 6, 2019 6:05 AM EDTPark Hotels & Resorts Inc. (NYSE: PK) and Chesapeake Lodging Trust (NASDAQ: CHSP) today announced that they have entered into a definitive merger agreement under which Park will acquire all the outstanding shares of Chesapeake in a cash and stock transaction valued at approximately $2.7 billion (inclusive of transaction costs). Upon completion of the merger, the combined company will have an estimated enterprise value of $12 billion, firmly solidifying Parks position as the second largest lodging REIT while also advancing the Companys strategic goals of portfolio enhancement and... More
