Chesapeake Lodging Trust (NYSE: CHSP) (the "Trust") announced today that it has completed its 35 room expansion at the W Chicago – City Center for $5.1 million or approximately $146,000 per key. The Trust purchased the property in May 2011 and, as a result of this project, has expanded the hotel’s room count from 368 to 403 keys.
James L. Francis, the Trust’s President and Chief Executive Officer, stated, “This was a tremendous value-add project that demonstrates our ability to quickly execute our business plan and create incremental value for the portfolio. We successfully converted the hotel’s top two vacant floors into some of the largest and highest value rooms in the property at a cost well below market values.”
Mike Cassidy, Vice President of Operations at Starwood Hotels and Resorts stated, “This was a terrific project and creates numerous new revenue strategy opportunities for the property. The hotel’s brand, product quality, service levels and outstanding location has historically created over 100 sell-out days per year. With the additional inventory, City Center’s opportunities to expand its market share are outstanding.”
The 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 function space, a SWEAT fitness center, and the recently renovated and repositioned IPO restaurant. The 22-story building is strategically located in the West Loop, in the center of the financial and business district of Chicago and nearby many of the city’s corporate business and the majority of the city’s Class A office inventory. The hotel is conveniently accessible to the Willis Tower (formerly Sears Tower), the Civic Opera House, the Magnificent Mile, the Millenium Park, and the premier Art Institute of Chicago.ABOUT CHESAPEAKE LODGING TRUST Chesapeake Lodging Trust is a self-advised lodging real estate investment trust (REIT) focused on investments primarily in upper-upscale hotels in major business and convention markets and, on a selective basis, premium select-service hotels in urban settings or unique locations in the United States. The Trust owns 14 hotels with an aggregate of 4,500 rooms in six states and the District of Columbia. Additional information can be found on the Trust’s website at www.chesapeakelodgingtrust.com.
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