Chesapeake Lodging Trust Acquires W New Orleans – French Quarter

  Chesapeake Lodging Trust Acquires W New Orleans – French Quarter

Business Wire

ANNAPOLIS, Md. -- April 01, 2013

Chesapeake Lodging Trust (NYSE: CHSP) (the "Trust") announced today that it
has purchased the W New Orleans – French Quarter from Starwood Hotels &
Resorts Worldwide, Inc (NYSE: 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 United
States. The Trust owns 17 hotels with an aggregate of 5,004 rooms in eight
states and the District of Columbia. Additional information can be found on
the Trust’s website at www.chesapeakelodgingtrust.com.

Contact:

Chesapeake Lodging Trust
Douglas W. Vicari, 410-972-4142
 
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