Chesapeake Lodging Trust completes rooms expansion at W Chicago - City Center

Chesapeake Lodging Trust has completed its 35-room expansion at the W Chicago - City Center for $5.1 million or approximately $146,000 per key. Chesapeake bought the hotel in May 2011 for around $128 million. This past August it acquired the W Chicago - Lakeshore for $126 million. The room addition at W Chicago - City Center raises the hotel's total keys to 403. W Chicago - Lakeshore, by comparison, has 520 rooms.

"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," said James L. Francis, CEO of Chesapeake Lodging Trust.

Mike Cassidy, VP of Operations at Starwood Hotels and Resorts Worldwide said, "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."

The 22-story W Chicago - City Center is located at 172 West Adams Street and has more than 12,000 square feet of meeting and function space, a SWEAT fitness center, and the recently renovated and repositioned IPO restaurant.

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