WHITE PLAINS, N.Y., May 10, 2011-- Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced that it has completed the sale of W Chicago - City Center to Chesapeake Lodging Trust for $128.8 million, or approximately $350,000 per key. Starwood has entered into a 40-year management agreement with full extensions to continue operating the hotel under the W flag.
"We continue to look for opportunities to sell high quality assets like
W Chicago - City Center as we complete our transition to an 'asset
light' hospitality company," said Frits van Paasschen, President and
CEO, Starwood Hotels & Resorts. "Today, Starwood is increasingly
focused on developing and operating distinct and compelling brands
while delivering high quality experiences that meet the changing needs
and expectations of our global customers."
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 event space, a SWEAT
state-of-the-art fitness center, and the recently renovated IPO
restaurant. The 22-story building is located in Chicago's West Loop, in
the center of financial district and conveniently accessible to the
Willis Tower (formerly Sears Tower), the Civic Opera House, the
Magnificent Mile, the Millennium Park, and the premier Art Institute of
About Starwood Hotels &
Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading
hotel and leisure companies in the world with 1051 properties in 100
countries and territories with 145,000 employees at its owned and
managed properties. Starwood Hotels is a fully integrated owner,
operator and franchisor of hotels, resorts and residences with the
following internationally renowned brands: St. Regis(R), The Luxury
Collection(R), W(R), Westin(R), Le Méridien(R), Sheraton(R),
Four Points(R) by Sheraton, and the recently launched Aloft(R), and
Element SM. The company boasts one of the industry's leading loyalty
programs, Starwood Preferred Guest (SPG), allowing members to earn and
redeem points for room stays, room upgrades and flights, with no
blackout dates. Starwood Hotels also owns Starwood Vacation Ownership,
Inc., one of the premier developers and operators of high quality
vacation interval ownership resorts. For more information, please visit
SOURCE: Starwood Hotels & Resorts Worldwide, Inc.