Starwood Hotels & Resorts Worldwide on Monday announced that it has completed the sale of W New Orleans – French Quarter to Chesapeake Lodging Trust for US$25.5 million. The hotel will continue to fly the W brand flag under a long-term management contract.
“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,” said Simon Turner, president of Global Development for Starwood. “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.”
The New Orleans property, Chesapeake Lodging Trust’s fourth Starwood property, was acquired by Starwood in 1997 and converted to W New Orleans – French Quarter in 2000.