Maryland-based Chesapeake Lodging Trust Inc. has purchased the 429-room Hyatt Regency Mission Bay Spa and Marina hotel for $62 million. The seller was Kencal Ownership LLC of Seattle, according to CoStar Group.

A company statement said Chesapeake will assume the property’s existing management agreement with Hyatt Hotels Corp.

“With the previous owner’s extensive renovation completed in 2007 and our planned $6 million soft-good refresh, the Hyatt is the best positioned asset within the immediate marketplace,” said Chesapeake President and CEO James L. Francis.

The property was built in 1987 on 19 acres at 1441 Quivira Road. It has a 187-slip marina that is 97 percent occupied, the statement said.

Chesapeake, based in Annapolis, is a real estate investment trust that owns 14 hotels with more than 4,400 rooms in six states and the District of Columbia. Its holdings include Hotel Indigo in downtown San Diego.