Chesapeake Lodging Trust is selling the Hyatt Centric Santa Barbara for $90m. Located in Santa Barbara, California, the 200-room property will trade for $450,000 per room key. The $90m sale price represents a 5.4-percent trailing 12-month NOI cap rate and is expected to produce a 15.3-percent unlevered IRR over the Chesapeake’s ownership period. The sale is slated to be completed in 60 days subject to customary closing requirements and conditions. Chesapeake acquired the asset in June 2013 for $61m, or $305,000 per key. In April 2016, the company sold a separate, five-room villa building and related land parcel at the Hyatt Centric Santa Barbara for $2.1m.
