{"id":1004029353,"date":"2011-05-12T06:07:21","date_gmt":"2011-05-12T14:07:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004029353"},"modified":"2022-12-06T06:35:09","modified_gmt":"2022-12-06T14:35:09","slug":"w-chicago-hotel-trades-for-128-8m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/w-chicago-hotel-trades-for-128-8m\/","title":{"rendered":"W Chicago Hotel Trades for $128.8M"},"content":{"rendered":"<p>May 11, 2011<br \/>\nBy Barbra Murray, Contributing Editor<\/p>\n<div id=\"attachment_1004029354\" style=\"width: 310px\" class=\"wp-caption alignright\"><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/05\/Elizabeth-Table4Five.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004029354\" data-attachment-id=\"1004029354\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/w-chicago-hotel-trades-for-128-8m\/elizabeth-table4five\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/05\/Elizabeth-Table4Five.jpg\" data-orig-size=\"500,333\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Elizabeth-Table4Five\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Courtesy Flickr Creative Commons user Elizabeth\/Table4Five&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/05\/Elizabeth-Table4Five.jpg?w=500\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/05\/Elizabeth-Table4Five.jpg\" alt=\"\" title=\"Elizabeth-Table4Five\" width=\"300\" height=\"199\" class=\"size-medium wp-image-1004029354\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/05\/Elizabeth-Table4Five.jpg 500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/05\/Elizabeth-Table4Five.jpg?resize=300,200 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004029354\" class=\"wp-caption-text\">Courtesy Flickr Creative Commons user Elizabeth\/Table4Five<\/p><\/div>\n<p>Ten years after making its debut, W Chicago City Center has come under new ownership. Starwood Hotels &amp; Resorts Worldwide Inc. sold the 368-room hotel to Chesapeake Lodging Trust in a transaction valued at<br \/>\n$128.8 million.<\/p>\n<p>W Chicago&#8217;s downtown address at 172 W. Adams St. places it right in the middle of the Windy City&#8217;s financial district. Back in 1998, Starwood acquired the 22-story building, known as the Midland Hotel at the time, and by 2001, the company had transformed the historic property into the full-service, luxury lodging destination it is today. Originally built in 1928, the building&#8217;s walls also envelope 12,000 square feet of meeting and event space, a fitness facility and a newly updated restaurant.<\/p>\n<p>The last 12 months have been good to W Chicago. At the close of April 2011, the recently renovated hotel had experienced a year-over-year increase in RevPAR of 19.5 percent. Things are looking up for Chicago&#8217;s hotel market in general. &#8220;Until 2013, growth in demand is projected to outpace growth in supply,&#8221; hotel consulting firm HVS Global Hospitality Services notes in a forecast. &#8220;As a result, occupancies are expected to increase in the near-term. As occupancies recover, ADR growth should follow. By year-end 2013, ADR is projected to be slightly above the previous nominal peak level achieved in 2008, and a market-wide occupancy of 65.6 percent is projected to be slightly below 2007\u2019s peak occupancy of 67.5 percent.&#8221;<\/p>\n<p>Starwood&#8217;s disposition of W Chicago takes the company one step closer to achieving its goal of transforming into what Frits van Paasschen, President and CEO of Starwood, describes as &#8220;an &#8216;asset light&#8217; hospitality company.&#8221; Starwood will stay onboard to oversee the property as a W-brand hotel under a 40-year management agreement featuring full extensions. For Chesapeake, which relied on proceeds from its March equity offering and a borrowing under its $150 million secured revolving credit facility to facilitate the purchase, W Chicago marks the lodging REIT&#8217;s seventh acquisition since its January 2010 IPO, and its entry into the Midwest market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Starwood Hotels &amp; Resorts Worldwide Inc. sold the 368-room property to Chesapeake Lodging Trust.<\/p>\n","protected":false},"author":936,"featured_media":1004029354,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21751,21742],"tags":[],"class_list":["post-1004029353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-hotel","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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