Park Hotels Announces Acquisition of Chesapeake Lodging Trust, Reports Strong 1Q Results
In addition to reporting first-quarter results that saw strong fundamental growth, Park Hotels & Resorts announced that it is acquiring Chesapeake Lodging Trust in a combined cash and stock deal valued at $2.7 billion. As a result of the deal and the first-quarter results, we are raising our fair value estimate for no-moat Park to $33 from $31. Park is paying $11 in cash and a fixed 0.628 in Park common shares for each Chesapeake. Given each company's closing price on May 3, this represents ...Park Hotels & Resorts is a lodging real estate investment trust with a portfolio of hotels and resorts. The company's portfolio includes hotels in primary urban and convention areas, such as New York City, Washington, D.C., Chicago, San Francisco, Boston, New Orleans and Denver; resorts in key leisure destinations, including Hawaii, Orlando, Key West and Miami Beach; and hotels adjacent to primary gateway airports, such as Los Angeles International, Boston Logan International and Miami International, as well as hotels in select suburban locations. The company operates its business through two operating segments: consolidated hotels; and unconsolidated hotels.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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