>DOWNTOWN LOS ANGELES – Chesapeake Lodging Trust, an Annapolis, Maryland-based lodging and real estate investment trust, is in escrow to purchase the Hilton Checkers in Downtown.
Chesapeake is buying the 188-room hotel at 535 S. Grand Ave. for $46 million, said Doug Vicari, the company’s chief financial officer. The deal is expected to close by May 30 and the hotel will remain a Hilton, Vicari said.
The company, which went public in January and purchased its first hotel, the Boston Hyatt Regency, in March, was drawn to Downtown Los Angeles by the lure of L.A. Live and signs of a turnaround in what has recently been a dismal hospitality industry market, said Vicari.
“We think the combination of L.A. Live and the Marriot/Ritz Carlton is going to add value and draw demand into the marketplace,” Vicari said.