Starwood Hotels & Resorts Worldwide Inc. (HOT: Quote) announced that it has completed the sale of W Chicago - Lakeshore to Chesapeake Lodging Trust for $126 million.
As part of the sale, Chesapeake has agreed to undertake a comprehensive property renovation to the hotel's 520 guestrooms; public spaces, including the Living Room, Wave restaurant, Whiskey Sky rooftop bar and the Welcome Desk; and prime meeting space, Altitude, with 360 degree views of the city.
Starwood said it has entered into a 40-year management agreement with full extensions to continue operating the hotel under the W flag.
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by RTT Staff Writer
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