Chesapeake Lodging Trust Acquires W New Orleans
ANNAPOLIS, Md. -- April 25, 2013
Chesapeake Lodging Trust (NYSE: CHSP) (the "Trust") announced today that it
has purchased the 410-room W New Orleans from Starwood Hotels & Resorts
Worldwide, Inc (NYSE: HOT) for $65.0 million. The Trust will renovate the
property and continue to work with Starwood on a long-term basis.
“We are very excited to expand our Starwood relationship with the purchase of
our fourth W property and fifth Starwood-branded hotel,” stated James L.
Francis, President and Chief Executive Officer of the Trust. “Adding to the
97-room W New Orleans – French Quarter that we purchased last month, we now
have approximately 500 rooms in the rebounding New Orleans marketplace.”
The 24-story W New Orleans is located on Poydras Street and is centrally
located just steps from the many retail and jazz clubs of the French Quarter,
Riverwalk Marketplace and the Ernest N. Morial Convention Center. The property
is also adjacent to Harrah’s Casino and the many art galleries of the
Warehouse District. The property features 410 guestrooms, including 22 large
suites, approximately 10,000 square feet of flexible meeting space, two bars
and a full-service restaurant, a roof top pool with a large deck, and a SWEAT
state-of-the-art fitness center.
Renovation planning is underway for the $29.0 million project, which will
begin in April 2014 around the business demand of the property. The
repositioning renovation will be comprehensive and will impact all areas of
the property, including each guestroom with new hard and softgoods, corridors,
relocation of the restaurant and creation of approximately 3,000 square feet
of additional meeting space, and new orientation and finishes throughout the
Living Room lobby.
“Historically, we have not acquired many assets with significant renovation
needs yet we have a very talented team that can execute on this renovation and
add value to the property. The timing of this project is such to minimize the
operational disruption and will result in another outstanding addition to our
growing portfolio of high-quality lodging assets,” continued Mr. Francis.
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 18 hotels with an aggregate of 5,414 rooms in eight
states and the District of Columbia. Additional information can be found on
the Trust’s website at www.chesapeakelodgingtrust.com.
Chesapeake Lodging Trust
Douglas W. Vicari, 410-972-4142
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