City Business New Orleans Reports that the sale is complete for the sleek hotel , commonly referred to as The W
Starwood Hotels & Resorts announced today it has completed the sale of W New Orleans-French Quarter to Chesapeake Lodging Trust for $25.5 million. As part of the agreement, the hotel will continue to fly the W brand flag under a long-term management contract with Starwood Hotels.
“The sale of W New Orleans-French Quarter helps advance Starwood’s asset light strategy, as we continue to pursue opportunities to sell owned real estate at the right time to the right owners,” Simon Turner, Starwood’s president of global development, said in a statement from the company. “We have seen an increase in investor interest in our other owned assets and believe marked improvements in hotel industry fundamentals and capital markets will pave the way for further sales in 2013.”
Starwood acquired the hotel at 316 Chartres St. in 1997 and converted to W location in 2000. A comprehensive renovation was completed last year that included all 97 guest rooms and its restaurant space, SoBou.
Chesapeake Lodging Trust now owns 17 hotel properties in the U.S. comprising more than 5,000 rooms. The W-French Quarter is its first New Orleans holding.
Starwood still owns six New Orleans market hotels, including the W Hotel on Poydras Street, the Westin at Canal Place and the Sheraton Hotel on Canal Street.