Starwood Sells W New Orleans to Chesapeake Lodging Trust
Friday April 26th, 2013 - 10:25AM HBG
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STAMFORD, CT—As part of its asset-light strategy, Starwood Hotels & Resorts Worldwide, Inc. has sold the W New Orleans to Chesapeake Lodging Trust for $65 million.
As part of the agreement, Chesapeake Lodging Trust will renovate the 410-room hotel, which is located near to the boutiques, art galleries and jazz clubs of the city's historic French Quarter and the Ernest N. Morial Convention Center.
The W New Orleans 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.
Tags: • Hospitality • Brands • Construction/Renovation • Ownership •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.