Skip to content

Chesapeake Lodging Trust Acquires W New Orleans

ANNAPOLIS, Md.–(BUSINESS WIRE)–Apr. 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.

[quote]?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.?[/quote]

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.

[quote]?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.[/quote]

[box type=”tick”]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.[/box]