Remington Hotels / Ashford Acquires Chesapeake Hospitality
April 18, 2022
Remington Hotels, a wholly-owned portfolio company of Ashford Inc., has acquired Chesapeake Hospitality for initial consideration of $15.75 million (paid $6.3M cash and $9.45M in a new convertible preferred unit) with up to $10.25 million of additional earnout consideration, for a potential total of $26 million. The deal expands Remington's third-party hotel management business—adding IHG properties and the 877-key Showboat Atlantic City—growing the combined portfolio to 121 hotels and increasing Remington's third-party mix from ~20% to ~40%.
- Buyers
- Remington Hotels, Ashford Inc.
- Targets
- Chesapeake Hospitality
- Platforms
- Remington Hotels
- Industry
- Restaurants & Hospitality
- Location
- United States
- Transaction Type
- Addon
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