Shareholders of Chesapeake Lodging Trust approved the company's merger with fellow lodging real estate investment trust Park Hotels & Resorts Inc.
Following the deal's completion, each issued and outstanding common share of Chesapeake will be converted into the right to receive 0.628 of a share of Park common stock, along with $11.00 in cash. Park will be the surviving entity and will continue to trade on the New York Stock Exchange under the symbol PK.
The deal is expected to close Sept. 18, subject to the satisfaction of related closing conditions.
