STAMFORD, Conn.—Starwood Hotels and Resorts Worldwide announced that it has completed the sale of W New Orleans to Chesapeake Lodging Trust for $65 million. This sale comes on the heels of the sale of W New Orleans – French Quarter to Chesapeake Lodging Trust in March of this year.
“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. 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.