ANNAPOLIS, Md.—Chesapeake Lodging Trust (the “Trust”) announced that it has completed its 35 room expansion at the W Chicago – City Center for $5.1 million or approximately $146,000 per key. The Trust purchased the 22-story property in May 2011 and, as a result of this project, has expanded the hotel’s room count from 368 to 403 keys.
In an announcement, James L. Francis, the Trust’s president and chief executive officer, stated, “This was a tremendous value-add project that demonstrates our ability to quickly execute our business plan and create incremental value for the portfolio. We successfully converted the hotel’s top two vacant floors into some of the largest and highest value rooms in the property at a cost well below market values.”
Mike Cassidy, Vice President of Operations at Starwood Hotels and Resorts stated, “This was a terrific project and creates numerous new revenue strategy opportunities for the property. The hotel’s brand, product quality, service levels and outstanding location has historically created over 100 sell-out days per year. With the additional inventory, City Center’s opportunities to expand its market share are outstanding.”
The W Chicago – City Center is a full-service, luxury property with more than 12,000 square feet of meeting and function space, a SWEAT fitness center, and the recently renovated and repositioned IPO restaurant.