Chesapeake Lodging Trust, a Maryland lodging real estate investment trust (REIT), has acquired the 498-room Hyatt Regency Boston for $112 million and will invest additional capital in hotel renovations.

The companies have entered into a long-term management agreement and Hyatt will continue to operate the hotel under the Hyatt Regency flag.

"We are very excited that our first acquisition is located in the central business district of a strong gateway market like Boston," said James L. Francis, Chesapeake’s president and chief executive officer. "Hyatt Regency Boston is a well-maintained, high-quality asset that will continue to benefit from Hyatt’s brand strength and management expertise. We look forward to working with Hyatt as we continue to grow our portfolio."

"We are committed to the Boston market and are pleased that this agreement with Chesapeake Lodging Trust allows us to continue to serve our guests at Hyatt Regency Boston," said Steve Haggerty, Hyatt Hotels Corp.’s global head – real estate and development. "We purchased this hotel with the intent to sell it to a strategic partner and secure a long-term management agreement to maintain a strong presence in Boston. This transaction allows us to accomplish that objective."

Hyatt Regency Boston, located at One Avenue de Lafayette, has more than 20,000 square feet of meeting and function space, including a 5,000-square-foot grand ballroom. The 21-story hotel is located within Boston’s Financial District and Downtown Crossing at the intersection of Chauncy Street and Avenue de Lafayette.