Chesapeake REIT Secures $130M Loan

Chesapeake Lodging Trust has secured a credit facility worth $130 million.

Chesapeake Lodging Trust has secured a credit facility worth $130 million. The three year term loan is secured by the Le Meridien San Francisco in California and the W Chicago -- City Center located in Chicago, Illinois.

The real estate investment trust (REIT) has used the proceeds from the loan to prepay its previous $60 million term loan, repay outstanding borrowings under its revolving credit facility and for general business purposes. Wells Fargo Bank is the provider of the credit facility.

Click here for the release from Business Wire.