Starwood Hotels Continues Asset-Light Strategy with the Sale of W New Orleans to Chesapeake Lodging Trust

  Starwood Hotels Continues Asset-Light Strategy with the Sale of W New
  Orleans to Chesapeake Lodging Trust

  Sale Marks Second Starwood Hotel in New Orleans Sold to Chesapeake Lodging
                               Trust This Year

Business Wire

STAMFORD, Conn. -- April 25, 2013

Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced that it
has completed the sale of W® New Orleans to Chesapeake Lodging Trust (NYSE:
CHSP) for $65 million. This sale comes on the heels of the sale of W New
Orleans – French Quarter to Chesapeake Lodging Trust in March 2013.

“We aredelighted tofurther expand our partnership with Chesapeake Lodging
Trust with the saleof our second hotel in New Orleans this year,”said Simon
Turner, President ofGlobal Development for Starwood.“Starwood continues its
systematicpursuit of an asset-light strategy by selling hotels to owners who
share our vision for each property.”

Mr. Turner added: “We are fortunate to have a quality portfolio of owned
assets in a number of high barrier-to-entry markets. With
continuingimprovements in hotel industry fundamentals, historically low
interest rates and improving capital markets conditions, we’ve seen a
meaningful increase in buyer interest in our assets from an increasingly
diverse global buyer universe.”

As part of the agreement, Chesapeake Lodging Trust will renovate the 410-room
hotel located at 333 Poydras Street. Walking distance to the boutiques, art
galleries and jazz clubs of the city’s historic French Quarter and the Ernest
N. Morial Convention Center, W New Orleans is also convenient to the Riverwalk
Marketplace, Harrah’s Casino and the Warehouse District.

The hotel is Chesapeake Lodging Trust’s fifth Starwood property, joining W New
Orleans – French Quarter, 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

(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.)


Starwood Hotels & Resorts
Carrie Bloom, 203-964-5755
Press spacebar to pause and continue. Press esc to stop.