Chesapeake Lodging Trust (NYSE:CHSP) (the “Trust”) announced today that it reopened its Royal Palm South Beach Miami, a Tribute Portfolio Resort on Tuesday, September 12th, just 48 hours after Hurricane Irma passed through the state of Florida. “I can’t thank enough our asset management and onsite management teams for the incredible preparation work completed at the hotel. Without question, all the detailed efforts contributed to our ability to quickly reopen the hotel and serve those in the community displaced from their homes and out-of-town guests alike,” stated James L. Francis, President and Chief Executive Officer of the Trust.
The Trust maintains a comprehensive named windstorm, flood, property, fire and business interruption insurance policy that covers the Royal Palm South Beach Miami, a Tribute Portfolio Resort. “While it will take several weeks to fully assess the hotel, at this point, the physical damage we see is limited to only a few cosmetic issues,” continued Mr. Francis. “Our business interruption claim is expected to take several months to complete as we determine the impact of what this historic storm has on our hotel and the Miami Beach market.”
ABOUT CHESAPEAKE LODGING TRUST
Chesapeake Lodging Trust is a self-advised lodging real estate investment trust (REIT) focused on investments primarily in upper-upscale hotels in major business and convention markets and, on a selective basis, premium select-service hotels in urban settings or unique locations in the United States. The Trust owns 22 hotels with an aggregate of 6,694 rooms in nine states and the District of Columbia. Additional information can be found on the Trust’s website at www.chesapeakelodgingtrust.com.
Note: Certain statements and assumptions in this press release contain or are based upon “forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Chesapeake Lodging Trust's control. The Trust undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances, except as required by law.
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Contacts:
Douglas W. Vicari, 571-349-9452
