STAMFORD, Conn.--Apr. 26, 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 are delighted to further expand our partnership with Chesapeake
Lodging Trust with the sale of our second hotel in New Orleans this
year,” said Simon Turner, President of Global Development for Starwood.
“Starwood continues its systematic pursuit 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
continuing improvements 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 www.starwoodhotels.com
(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.)
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.