Starwood Hotels & Resorts Worldwide, Inc. announced that it has completed the sale of W Chicago - City Center to Chesapeake Lodging Trust for $128.8 million, or approximately $350,000 per key. Starwood has entered into a 40-year management agreement with full extensions to continue operating the hotel under the W flag."We continue to look for opportunities to sell high quality assets like W Chicago - City Center as we complete our transition to an 'asset light' hospitality company," said Frits van Paasschen, President and CEO, Starwood Hotels & Resorts. "Today, Starwood is increasingly focused on developing and operating distinct and compelling brands while delivering high quality experiences that meet the changing needs and expectations of our global customers.""We continue to look for opportunities to sell high quality assets like W Chicago - City Center as we complete our transition to an 'asset light' hospitality company," said Frits van Paasschen, President and CEO, Starwood Hotels & Resorts. "Today, Starwood is increasingly focused on developing and operating distinct and compelling brands while delivering high quality experiences that meet the changing needs and expectations of our global customers."
