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Chesapeake Lodging to shed Santa Barbara, Calif., hotel for $90M

Chesapeake Lodging Trust agreed to sell the Hyatt Centric Santa Barbara hotel in Santa Barbara, Calif., for $90.0 million, subject to customary pro-rations at closing.

The per-key price for the 200-room hotel comes to about $450,000. The total sale price translates to a 5.4% trailing 12-month net operating income cap rate and is expected to produce a 15.3% unlevered internal rate of return over the trust's ownership period.

The deal is expected to be completed within the next 60 days, conditional upon the fulfillment of customary closing requirements.

Chesapeake bought the Hyatt Centric Santa Barbara for $61.0 million, or $305,000 per key, in June 2013. It divested a separate, five-room villa asset and related land parcel at the Hyatt Centric Santa Barbara for $2.1 million to a different buyer in April 2016.