Starwood Hotels Completes Sale of W Chicago - Lakeshore
STAMFORD, Conn.—Starwood Hotels & Resorts Worldwide, Inc. today announced that it has completed the sale of W Chicago - Lakeshore to Chesapeake Lodging Trust for $126 million. As part of the sale, Chesapeake has agreed to undertake a comprehensive property renovation to the hotel's 520 guestrooms; public spaces, including the Living Room, Wave restaurant, Whiskey Sky rooftop bar and the Welcome Desk; and prime meeting space, Altitude. Starwood has entered into a 40-year management agreement with full extensions to continue operating the hotel under the W flag. READER COMMENTS
"As part of our asset light strategy, we continue to look for opportunities to sell our owned real estate at the right time to the right owners, which is in the best interest of our shareholders," said Simon Turner, President of Global Development for Starwood, in an announcement. "Chesapeake has been one of our valued partners, and we are pleased to expand our relationship with them to deliver an unparalleled W experience to our guests at W Lakeshore for many years to come."
W Lakeshore is a full-service, luxury property with more than 12,000 square feet of meeting and event space, a SWEAT fitness center, a 9,600 square foot Bliss Spa, and the Wave restaurant. The hotel is the only hotel on Lake Michigan, and is the closest hotel to Navy Pier and within walking distance of East Michigan Avenue and Chicago's business districts.