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Chesapeake Lodging Trust Acquires W New Orleans – French Quarter

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By Business Wirevia The Motley Fool

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Chesapeake Lodging Trust Acquires W New Orleans – French Quarter

ANNAPOLIS, Md.–(BUSINESS WIRE)– Chesapeake Lodging Trust (NYS: CHSP) (the “Trust”) announced today that it has purchased the W New Orleans – French Quarter from Starwood Hotels & Resorts Worldwide, Inc (NYS: HOT) for $25.5 million. The Trust has entered into a long-term management contract with Starwood to continue to operate the Hotel.

“We are very excited to expand our Starwood relationship with our third W hotel and fourth Starwood-branded hotel, including the Le Meridien San Francisco,” stated James L. Francis, President and Chief Executive Officer of the Trust. “This Hotel is in a fantastic location and is in exceptional condition following Starwood’s recently completed comprehensive renovation program. With the Hotel’s first four diamond rating in its history, we believe this is the perfect asset for Chesapeake to enter the rebounding New Orleans marketplace.”

The W New Orleans – French Quarter is located on Chartres Street, just steps from Jackson Square and the many retail and jazz clubs of the French Quarter. The property features 97 well-appointed guestrooms, including four carriage house studio suites. The renovation program resulted in the addition of a new SWEAT state-of-the-art fitness center, and SoBou, a contemporary Creole cuisine restaurant that was named one of the top 10 new restaurants by Esquire Magazine.

The renovation program was influenced by the rich history and culture of New Orleans. There are two distinct guestroom themes; Jazz, with vibrant golden yellow walls and a floor-to-ceiling brass image modeled after a horn and Tarot, which was inspired by the New Orleans‘ voodoo queen, Marie Laveau. Rooms feature a 40″ LCD flat screen, signature W brand bedding, iPod docking station and Bliss bath amenities.

“From the new Living Room lobby to the large outdoor, tree-lined courtyard with its heated pool, the W New Orleans – French Quarter is the perfect place to enjoy all that New Orleans has to offer,” continued Mr. Francis. “This is another outstanding addition to our growing portfolio of high-quality lodging assets.”

ABOUT CHESAPEAKE LODGING TRUST

Chesapeake Lodging Trust is a self-advised lodging real estate investment trust (REIT) focused on investments primarily in upper-upscale hotels in major business and convention markets and, on a selective basis, premium select-service hotels in urban settings or unique locations in the …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Starwood Hotels Completes Sale of W New Orleans – French Quarter

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By Business Wirevia The Motley Fool

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Starwood Hotels Completes Sale of W New Orleans – French Quarter

STAMFORD, Conn.–(BUSINESS WIRE)– Starwood Hotels & Resorts Worldwide, Inc. (NYS: HOT) today announced that it has completed the sale of W® New Orleans – French Quarter to Chesapeake Lodging Trust (NYS: CHSP) for $25.5 million. As part of the agreement, the hotel will continue to fly the W brand flag under a long-term management contract with Starwood Hotels.

“The sale of W New Orleans – French Quarter helps advance Starwood’s asset light strategy, as we continue to pursue opportunities to sell owned real estate at the right time to the right owners,” said Simon Turner, President of Global Development for Starwood. “We have seen an increase in investor interest in our other owned assets and believe marked improvements in hotel industry fundamentals and capital markets will pave the way for further sales in 2013.”

W New Orleans – French Quarter is ideally located at the heart of the city’s historic center, adjacent to Jackson Square and walking distance to boutiques, art galleries and jazz clubs. The hotel property was acquired by Starwood in 1997 and converted to W New Orleans – French Quarter in 2000. In 2012, the hotel completed a comprehensive renovation that transformed all 97 guest rooms and public area, while expanding its offering to include a Sweat® state-of-the-art fitness center, and SoBou – a contemporary Creole cuisine restaurant.

The hotel is Chesapeake Lodging Trust‘s fourth Starwood property, joining W Chicago – City Center, W Chicago – Lakeshore and Le Méridien San Francisco.


About Starwood Hotels & Resorts Worldwide, Inc.

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 1,134 properties in nearly 100 countries and 171,000 employees at its owned and managed properties. Starwood is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, Aloft®, and ElementSM. The Company boasts one of the industry’s leading loyalty programs, Starwood Preferred Guest (SPG), allowing members to earn and redeem points for room stays, room upgrades and flights, with no blackout dates. Starwood also owns Starwood Vacation Ownership, Inc., a premier …read more
Source: FULL ARTICLE at DailyFinance