Starwood Hotels has announced the completion of the sale of the W Chicago - Lakeshore, situated in Chicago, Illinois, to Chesapeake Lodging Trust. The $126 million acquisition was funded with available cash and cash equivalents and a borrowing under Chesapeake's revolving credit facility. As part of the sale, Chesapeake is to undertake a comprehensive property renovation. Starwood has entered into a 40-year management agreement with full extensions to continue operating the 520-room hotel under its W brand."As part of our asset light strategy, we continue to look for opportunities to sell our owned real estate at the right time to the right owners, which is in the best interest of our shareholders," said Simon Turner, President of Global Development for Starwood.Chesapeake thus adds a property to its 13-hotel portfolio. Last year the REIT acquired the W Chicago City Center property (pictured above) from Starwood Hotels.