ANNAPOLIS, Md.--October 22, 2012 --
Chesapeake Lodging Trust (NYSE: CHSP) (the "Trust") announced today
that it has completed its 35 room expansion at the W Chicago – City Center for $5.1 million or
approximately $146,000 per key. The Trust purchased the property in May
2011 and, as a result of this project, has expanded the hotel’s room
count from 368 to 403 keys.
James L. Francis, the Trust’s President and Chief Executive Officer,
stated, “This was a tremendous value-add project that demonstrates our
ability to quickly execute our business plan and create incremental
value for the portfolio. We successfully converted the hotel’s top two
vacant floors into some of the largest and highest value rooms in the
property at a cost well below market values.”
Mike Cassidy, Vice President of Operations at Starwood Hotels and
Resorts stated, “This was a terrific project and creates numerous new
revenue strategy opportunities for the property. The hotel’s brand,
product quality, service levels and outstanding location has
historically created over 100 sell-out days per year. With the
additional inventory, City Center’s opportunities to expand its market
share are outstanding.”
The W Chicago – City Center, located at 172 West Adams Street, is a
full-service, luxury property with modern guestrooms and suites, more
than 12,000 square feet of meeting and function space, a SWEAT fitness
center, and the recently renovated and repositioned IPO restaurant. The
22-story building is strategically located in the West Loop, in the
center of the financial and business district of Chicago and nearby
many of the city’s corporate business and the majority of the city’s
Class A office inventory. The hotel is conveniently accessible to the
Willis Tower (formerly Sears Tower), the Civic Opera House, the
Magnificent Mile, the Millenium Park, and the premier Art Institute of
Chicago.
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 14 hotels with an
aggregate of 4,465 rooms in six states and the District of Columbia.
Additional information can be found on the Trust’s website at www.chesapeakelodgingtrust.com.