Starwood Hotels & Resorts Worldwide, Inc. 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 2013.
"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 located at 333 Poydras Street. Walking distance to the
boutiques, art galleries and jazz clubs of the city's historic French
Quarter and the Ernest N. Morial Convention Center, W New Orleans is
also convenient to the Riverwalk Marketplace, Harrah's Casino and the
Warehouse District.
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.
