Starwood Hotels Completes Sale of W New Orleans – French Quarter

  Starwood Hotels Completes Sale of W New Orleans – French Quarter

Business Wire

STAMFORD, Conn. -- April 01, 2013

Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced that it
has completed the sale of W® New Orleans – French Quarter to Chesapeake
Lodging Trust (NYSE: 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
provider of world-class vacation experiences through villa-style resorts and
privileged access to Starwood brands. For more information, please visit
www.starwoodhotels.com.

(Note: This press release contains forward-looking statements within the
meaning of federal securities regulations. Forward-looking statements are not
guarantees of future performance or events and involve risks and uncertainties
and other factors that may cause actual results or events to differ materially
from those anticipated at the time the forward-looking statements are made.
These risks and uncertainties are presented in detail in our filings with the
Securities and Exchange Commission. Although we believe the expectations
reflected in such forward-looking statements are based upon reasonable
assumptions, we can give no assurance that our expectations will be attained
or that results and events will not materially differ. We undertake no
obligation to publicly update or revise any forward-looking statement, whether
as a result of new information, future events or otherwise.)

Contact:

Starwood Hotels & Resorts
Carrie Bloom, 203-964-5755
 
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