April 25, 2013 at 15:33 PM EDT
Chesapeake Lodging Trust Acquires W New Orleans

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.

Contacts:

Chesapeake Lodging Trust
Douglas W. Vicari, 410-972-4142
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here