Chesapeake Lodging Trust (NYSE:CHSP) announced today that it reopened its Royal Palm South Beach Miami, a Tribute Portfolio Resort on Tuesday, September 12th, just 48 hours after Hurricane Irma passed through the state of Florida.
“I can’t thank enough our asset management and onsite management teams for the incredible preparation work completed at the hotel. Without question, all the detailed efforts contributed to our ability to quickly reopen the hotel and serve those in the community displaced from their homes and out-of-town guests alike,” stated James L. Francis, President and Chief Executive Officer of the Trust.
The Trust maintains a comprehensive named windstorm, flood, property, fire and business interruption insurance policy that covers the Royal Palm South Beach Miami, a Tribute Portfolio Resort. “While it will take several weeks to fully assess the hotel, at this point, the physical damage we see is limited to only a few cosmetic issues,” continued Mr. Francis. “Our business interruption claim is expected to take several months to complete as we determine the impact of what this historic storm has on our hotel and the Miami Beach market.”