NEW YORK—Chesapeake Lodging Trust, based in Annapolis, Md., has closed on the acquisition of Hyatt Place New York Midtown South for approximately $76 million. The Trust entered into an agreement with Real Hospitality Group to manage the hotel, which is the second hotel the company has acquired in Midtown.

“We expect the Hyatt Place to ramp-up very quickly given the robust demand in Manhattan, the strength of the Hyatt brand, and our operator’s extensive experience managing hotels in New York City," said James L. Francis, Chesapeake’s president and CEO.

Located on West 36th Street between Fifth and Sixth avenues, the newly developed Hyatt Place New York/Midtown-South hotel offers close proximity to Times Square, Madison Square Garden, Rockefeller Center and Broadway.

Amenities available at the hotel include fitness center, self and valet parking, Wi-Fi Internet access and more.