Chesapeake Lodging Trust Acquires W Chicago-Lakeshore Hotel
- Aug 29, 2012
Chesapeake Lodging Trust announced that it has purchased the W Chicago-Lakeshore hotel from Starwood Hotels & Resorts Worldwide Inc. The Annapolis-based real estate investment trust paid $126 million, or around $242,000 per key, for the 32-story hotel.
Located at 644 North Lake Shore Dr. overlooking Lake Michigan, the luxury property features 520 rooms, including 42 suites. The full-service hotel also includes a three-meal restaurant, two full-service bars—including the rooftop Whiskey Sky, a 9,600-square-foot spa, over 12,000 square feet of meeting space and a state-of-the-art fitness center.
James L. Francis, president and chief executive officer of the trust said: “This is a unique opportunity for Chesapeake to expand its Chicago footprint with the only lakefront, luxury-branded hotel in Chicago.”
The W Chicago-Lakeshore hotel is the second acquisition of the investment trust from Starwood in the Chicago market after the purchase of the W City Center last year in May. James L. Francis said the recent purchase “further complements and creates operational and sales synergies with our W City Center property.”
Chesapeake Lodging Trust is planning to invest around $38 million in a comprehensive renovation of the property, which is scheduled to start in the fourth quarter of 2013. The W Chicago-Lakeshore, just like the W City Center, will continue to be operated by Starwood under the W flag following a long-term management agreement with the Stamford-based hotel company. Chesapeake Lodging Trust now owns 13 hotels with a total of 4,036 rooms in six states and the District of Columbia.
Photo Courtesy of: www.starwoodhotels.com