Starwood Hotels & Resorts Worldwide, Inc. announced that it has completed the sale of W Chicago. Lakeshore to Chesapeake Lodging Trust for $126 million. As part of the sale, Chesapeake has agreed to undertake a comprehensive property renovation to the hotel’s 520 guestrooms; public spaces, including the Living Room, Wave restaurant, Whiskey Sky rooftop bar and the Welcome Desk; and prime meeting space, Altitude, with 360 degree views of the city. Starwood has entered into a 40-year management agreement with full extensions to continue operating the hotel under the W flag.
“As part of our asset light strategy, we continue to look for opportunities to sell our owned real estate at the right time to the right owners, which is in the best interest of our shareholders,” said Simon Turner, President of Global Development for Starwood. “Chesapeake has been one of our valued partners, and we are pleased to expand our relationship with them to deliver an unparalleled W experience to our guests at W Lakeshore for many years to come.”
W Lakeshore, located at 644 North Lake Shore Drive, is a full-service, luxury property with deluxe guest rooms, more than 12,000 square feet of meeting and event space, a SWEAT state-of-the-art fitness center, a 9,600 square foot Bliss® Spa and the acclaimed Wave restaurant. The hotel is the only hotel on Lake Michigan, and is the closest hotel to Navy Pier and within walking distance of East Michigan Avenue and Chicago’s business districts.