Chesapeake Trust Aquires W New Orleans, French Quarter for $25.5 million
ANNAPOLIS, MD - April 2, 2013 - Chesapeake Lodging Trust (NYSE: CHSP) (the "Trust") announced today that it has purchased the W New Orleans - French Quarter from Starwood Hotels & Resorts Worldwide, Inc (NYSE: HOT) for $25.5 million. The Trust has entered into a long-term management contract with Starwood to continue to operate the Hotel.
“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,” stated James L. Francis, President and Chief Executive Officer of the 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.”
The W New Orleans - French Quarter is located on Chartres Street, just steps from Jackson Square and the many retail and jazz clubs of the French Quarter. The property features 97 well-appointed guestrooms, including four carriage house studio suites. The renovation program resulted in the addition of a new SWEAT state-of-the-art fitness center, and SoBou, a contemporary Creole cuisine restaurant that was named one of the top 10 new restaurants by Esquire Magazine.
The renovation program was influenced by the rich history and culture of New Orleans. There are two distinct guestroom themes; Jazz, with vibrant golden yellow walls and a floor-to-ceiling brass image modeled after a horn and Tarot, which was inspired by the New Orleans' voodoo queen, Marie Laveau. Rooms feature a 40” LCD flat screen, signature W brand bedding, iPod docking station and Bliss bath amenities.
“From the new Living Room lobby to the large outdoor, tree-lined courtyard with its heated pool, the W New Orleans - French Quarter is the perfect place to enjoy all that New Orleans has to offer,” continued Mr. Francis. “This is another outstanding addition to our growing portfolio of high-quality lodging assets.”
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 17 hotels with an aggregate of 5,004 rooms in eight states and the District of Columbia. Additional information can be found on the Trust's website at www.chesapeakelodgingtrust.com.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
