Chesapeake Trust to Debut Le Meridien New Orleans in 2014 Following a $29 Million Renovation
Currently Operating Under Starwood's W Brand
NEW YORK - June 3, 2013 - Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announced plans to debut Le Meridien in New Orleans amidst rising demand for the Paris-born brand in markets across North America. Le Meridien New Orleans, ideally situated within walking distance from the city's world-famous French Quarter, is set to open in Fall 2014. The hotel, which currently operates under Starwood's W brand, was recently sold by the company to Chesapeake Lodging Trust (NYSE: CHSP) for $65 million this past April. Chesapeake will begin the comprehensive $29 million renovation and conversion in April 2014 and complete the project by the end of the fourth quarter.
“We are proud to debut the Le Meridien brand in the culturally rich city of New Orleans,” said Brian Povinelli, Global Brand Leader, Le Meridien and Westin Hotels. “With a bullish pipeline and re-developed brand strategy, Le Meridien continues on a remarkable growth trajectory, connecting with guests through the arts, culture, and cuisine in key cities around the world.”
Le Meridien New Orleans will offer 410 fully renovated guestrooms and bathrooms as well as upgraded fitness center, rooftop pool and more than 10,000 square feet of state-of-the-art meeting facilities, ideal for weddings and business functions. The hotel's restaurant and lounge, along with all other public areas, will also be transformed to implement Le Meridien brand elements and signature offerings.
“With strong brand appeal among cosmopolitan travelers worldwide, Le Meridien continues its aggressive deal signing momentum with Le Meridien New Orleans,” said Allison Reid, Senior Vice President of North America Development, Starwood Hotels & Resorts Worldwide, Inc. “We have a great partner in Chesapeake Lodging, and look forward to working together to bring Le Meridien to the Crescent City.”
Le Meridien New Orleans will also feature the Le Meridien Hub™ experience, which re-interprets the traditional lobby into a social gathering place for creative people to converse, debate, and exchange. Le Meridien Hub offers both guests and locals a creative atmosphere where contemporary, curated artwork sets the environment. Le Meridien Hub further builds on the brand's award-winning curated arrival experience and coffee culture. Le Meridien arrival consists of four elements: large-scale artwork in high impact areas to reset the mind and stimulate dialogue and curiosity; the sensory experience, illustrated through Le Meridien signature scent, sound and use of light, creating a unique and distinctive atmosphere; UNLOCK ART™ programme, featuring LM100™ artist designed key card collections that not only offer access to the guestroom but also to Le Meridien affiliated contemporary cultural centers in the city; and a 24-hour curated soundtrack.
Located at 333 Poydras Street, Le Meridien New Orleans will be conveniently located near the Ernest N. Morial Convention Center and just a few blocks from the boutiques, art galleries and jazz clubs in the French Quarter as well as 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 Meridien San Francisco.
About Chesapeake Lodging Trust
Chesapeake Lodging Trust is a self-advised lodging real estate investment trust (REIT) focused on investments primarily in upper-upscale hotels in major business and convention markets and, on a selective basis, premium select-service hotels in urban settings or unique locations in the United States. The Trust owns 18 hotels with an aggregate of 5,414 rooms in eight states and the District of Columbia. Additional information can be found on the Trust's website at www.chesapeakelodgingtrust.com.
About Le Meridien Hotels & Resorts
Le Meridien, the Paris-born hotel brand currently represented by 100 properties in more than 40 countries, was acquired by Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) in November 2005. With over 80 of its properties located in Europe, Africa, the Middle East, and Asia-Pacific, Le Meridien provided a strong international complement to Starwood's then primarily North American holdings at the time of purchase. Since then, Le Meridien has gone through a brand re-launch, which included a large scale hotels product consolidation as well as redefining its brand strategy. By appointing a full-time Cultural Curator - French arts-provocateur Jerome Sans - Le Meridien transformed numerous guest touch points, thus bringing unique and interactive experiences to its guests. Plans call for dynamic expansion of Le Meridien Hotels and Resorts within the next five years, concentrating on markets in Asia-Pacific and the Americas. Le Meridien recently opened new hotels in Istanbul, Oran (Algeria), Arlington (Virginia, USA), Coimbatore (India), Koh Samui (Thailand), and Taipei, and will open in the next 12 months in Bali, Atlanta, Chicago, Zhengzhou (China), Mahabaleshwar (India), Ho Chi Minh City (Vietnam), Cairo (Egypt), Qingdao (China), and Dhaka (Bangladesh). For more information, please visit www.lemeridien.com or facebook.com/lemeridien.
( Note : This press release contains forward-looking statements within the meaning of federal securities regulations. Forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties and other factors that may cause actual results or events to differ materially from those anticipated at the time the forward-looking statements are made. These risks and uncertainties are presented in detail in our filings with the Securities and Exchange Commission. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results and events will not materially differ. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.)
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