Chesapeake Lodging Trust has entered into a definitive agreement to acquire the 430-room Boston Marriott Newton at 2345 Commonwealth Ave. in Newton for $77.25 million, or approximately $180,000 per key.

The company expects to close this transaction within the next 30 days, and intends to enter into an agreement with a third-party manager to operate the hotel under its current franchise flag. The acquisition will be funded by borrowings from a revolving credit facility that the company intends to have in place prior to the acquisition.

The Boston Marriott Newton is a full-service, upper-upscale property situated on 11.5 acres of scenic riverfront land along the Charles River. Over the last two years, the hotel underwent an extensive renovation of its guestrooms, public spaces and meeting rooms, including the addition of a junior ballroom and conversion to a 4-pipe HVAC system.

The seven-story structure contains approximately 20,000 square feet of meeting space offered in 20 flexible meeting rooms, including a 9,300-square-foot ballroom and a new 6,000-square-foot junior ballroom. The hotel’s room inventory includes four suites, 159 kings and 267 double-bedded rooms.

"We are very pleased to add the Boston Marriott Newton to our hotel portfolio. We believe that Boston is one of the most compelling lodging markets in the country to invest given its strong demand generators and limited new supply," said James L. Francis, Chesapeake’s president and chief executive officer. "RevPAR in the greater Boston market is up 13.3 percent year-to-date through May 2010. Having recently undergone a complete renovation, the hotel is in great physical condition and is poised to take advantage of improving industry fundamentals."