Starwood Hotels Completes Sale of W New Orleans – French Quarter
STAMFORD, Conn. - April 1, 2013 - (BUSINESS WIRE) - Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced that it has completed the sale of W® New Orleans – French Quarter to Chesapeake Lodging Trust (NYSE: CHSP) for $25.5 million. As part of the agreement, the hotel will continue to fly the W brand flag under a long-term management contract with Starwood Hotels.
“The sale of W New Orleans – French Quarter helps advance Starwood’s asset light strategy, as we continue to pursue opportunities to sell owned real estate at the right time to the right owners,” said Simon Turner, President of Global Development for Starwood. “We have seen an increase in investor interest in our other owned assets and believe marked improvements in hotel industry fundamentals and capital markets will pave the way for further sales in 2013.”
W New Orleans – French Quarter is ideally located at the heart of the city’s historic center, adjacent to Jackson Square and walking distance to boutiques, art galleries and jazz clubs. The hotel property was acquired by Starwood in 1997 and converted to W New Orleans – French Quarter in 2000. In 2012, the hotel completed a comprehensive renovation that transformed all 97 guest rooms and public area, while expanding its offering to include a Sweat® state-of-the-art fitness center, and SoBou – a contemporary Creole cuisine restaurant.
The hotel is Chesapeake Lodging Trust’s fourth Starwood property, joining 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.)
Starwood Hotels & Resorts