Chesapeake Lodging Trust Buys New Orleans Hotel

Posted by Orb Staff on April 01, 2013 No Comments
Categories : Commercial Mortgage

13562_wneworleans Chesapeake Lodging Trust Buys New Orleans Hotel Annapolis, Md.-based Chesapeake Lodging Trust has purchased the W New Orleans – French Quarter from Starwood Hotels & Resorts Worldwide Inc. for $25.5 million.

Chesapeake Lodging Trust has also entered into a long-term management contract with Starwood to continue to operate the hotel, which features 97 well-appointed guestrooms, including four carriage house studio suites.

‘We are very excited to expand our Starwood relationship with our third W hotel and fourth Starwood-branded hotel, including the Le Meridien San Francisco,’ says James L. Francis, president and CEO of Chesapeake Lodging Trust. ‘This hotel is in a fantastic location and is in exceptional condition following Starwood's recently completed comprehensive renovation program. With the hotel's first four diamond rating in its history, we believe this is the perfect asset for Chesapeake to enter the rebounding New Orleans marketplace.’

Chesapeake Lodging Trust owns 17 hotels with an aggregate of 5,004 rooms in eight states and the District of Columbia.

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