Chesapeake Lodging Trust has announced that it has purchased the W New Orleans – French Quarter from Starwood Hotels & Resorts 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 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.
“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.”
Chesapeake Lodging Trust, www.chesapeakelodgingtrust.com