WHITE PLAINS, N.Y., May 10, 2011 (BUSINESS WIRE) -- Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced that it has completed the sale of W Chicago - City Center to Chesapeake Lodging Trust for $128.8 million, or approximately $350,000 per key. Starwood has entered into a 40-year management agreement with full extensions to continue operating the hotel under the W flag.
"We continue to look for opportunities to sell high quality assets like W Chicago - City Center as we complete our transition to an 'asset light' hospitality company," said Frits van Paasschen, President and CEO, Starwood Hotels & Resorts. "Today, Starwood is increasingly focused on developing and operating distinct and compelling brands while delivering high quality experiences that meet the changing needs and expectations of our global customers."
W Chicago - City Center, located at 172 West Adams Street, is a full-service, luxury property with modern guestrooms and suites, more than 12,000 square feet of meeting and event space, a SWEAT state-of-the-art fitness center, and the recently renovated IPO restaurant. The 22-story building is located in Chicago's West Loop, in the center of financial district and conveniently accessible to the Willis Tower (formerly Sears Tower), the Civic Opera House, the Magnificent Mile, the Millennium Park, and the premier Art Institute of Chicago.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 1051 properties in 100 countries and territories with 145,000 employees at its owned and managed properties. Starwood Hotels is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis(R), The Luxury Collection(R), W(R), Westin(R), Le Méridien(R), Sheraton(R), Four Points(R) by Sheraton, and the recently launched Aloft(R), and Element SM. 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 Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com.
SOURCE: Starwood Hotels & Resorts Worldwide, Inc.