CHICAGO Chesapeake Lodging Trust has agreed to acquire the 368-key W Chicago City Center for US$128.8 million, or about US$350,000 per key, according to a report.
Annapolis, Maryland-based Chesapeake Lodging Trust has announced that it expects to close on the acquisition of a full-service hotel in downtown Chicago this month. It has not identified the property, but sources tell Crain’s Chicago Business that it is the W City Center. Chesapeake and Starwood Hotels & Resorts Worldwide Inc. have not commented on the report.
At least three other prominent Chicago hotels are also on the sale market—Hotel 71, The Sutton Place Hotel Chicago and Wyndham Chicago Downtown. A fourth, the historic Allerton Hotel, filed for bankruptcy last week.