The Company funded the acquisition with a borrowing under its revolving credit facility. The Company has assumed the existing management agreement with Joie de Vivre Hospitality to continue operating the hotel as a full-service, upper upscale boutique property.
James L. Francis (middle right photo), Chesapeake’s President and Chief Executive Officer, stated, “We are excited to have acquired our second asset in the highly sought after San Francisco lodging market.
“With its desirable location in the prominent Union Square area, our planned full repositioning of the hotel, and the boutique operating expertise of Joie de Vivre, the Hotel Adagio is a tremendous opportunity and valuable addition to our growing portfolio.”
Hotel Adagio, located at 550 Geary Street, is a 16-story, historic hotel originally constructed in 1929. The property is located in Union Square, the heart of San Francisco’s world-renowned shopping and entertainment district.
The hotel features large guestrooms that average over 400 square feet, approximately 2,000 square feet of dedicated meeting space with catering capacity to expand to over 5,000 square feet, a large 24-hour fitness center and a 24-hour business center.
The hotel is in close proximity to numerous retail outlets, restaurants, art galleries, entertainment and theater venues, including the Geary Theater and the Curran Theater, the Moscone Convention Center, Chinatown, and the Financial District, all of which provide numerous business and leisure demand generators.
“We are excited about the repositioning plans for the property,” continued Mr. Francis. “We will give the Hotel Adagio a new identity that draws upon its outstanding location in Union Square, the unique San Francisco culture and demand generators that surround this high-quality hotel.”
Additional information can be found on the Company’s website at http://www.chesapeakelodgingtrust.com/
Contacts: Chesapeake Lodging Trust, Douglas W. Vicari, 410-972-4142
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