Chesapeake Lodging Trust Acquires W New Orleans - French Quarter
ANNAPOLIS, Md.--(BUSINESS WIRE)-- Chesapeake Lodging Trust (NYS: CHSP) (the "Trust") announced today that it has purchased the W New Orleans - French Quarter from Starwood Hotels & Resorts Worldwide, Inc (NYS: 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.
Chesapeake Lodging Trust
Douglas W. Vicari, 410-972-4142
KEYWORDS: United States North America Maryland
The article Chesapeake Lodging Trust Acquires W New Orleans - French Quarter originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.