Park Hotels & Resorts, Chesapeake Lodging Trust Announce Merger Deal

(RTTNews) - Park Hotels & Resorts Inc. (PK) has agreed to acquire Chesapeake in a cash and stock deal valued at approximately $2.7 billion. Chesapeake shareholders will receive $11.00 in cash and 0.628 of a share of Park common stock for each Chesapeake share. Thomas Baltimore, Jr., Park's CEO, will lead the combined company. The merger is expected to close in late third quarter or early fourth quarter of 2019.

Park plans to sell five non-core hotels prior to the proposed closing, including both of Chesapeake's New York City hotels, and three non-core Park hotels.