Aju Hotels & Resorts entered into an agreement to acquire Hyatt Herald Square New York and Hyatt Place New York Midtown South from Chesapeake Lodging Trust (NYSE:CHSP) for approximately $140 million on July 25, 2019. The 122-room Hyatt Herald Square New York and the 185-room Hyatt Place New York Midtown South will be sold for approximately $450,000 per key, subject to customary pro-rations at closing. The closing of the transaction is anticipated to occur in mid-to-late September 2019. Aju Hotels & Resorts completed the acquisition of Hyatt Herald Square New York and Hyatt Place New York Midtown South from Chesapeake Lodging Trust (NYSE:CHSP) on September 17, 2019. A portion of the proceeds from the sale of the two hotels was used to defease the mortgage loan secured by the hotels, with an outstanding balance of approximately $85 million.