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<\/a>The Annapolis-based real estate investment trust paid $126 million, or around $242,000 per key, for the 32-story hotel.<\/p>\nLocated at 644 North Lake Shore Dr. overlooking Lake Michigan, the luxury property features 520 rooms, including 42 suites. The full-service hotel also includes a three-meal restaurant, two full-service bars\u2014including the rooftop Whiskey Sky, a 9,600-square-foot spa, over 12,000 square feet of meeting space and a state-of-the-art fitness center.<\/p>\n
James L. Francis, president and chief executive officer of the trust said: \u201cThis is a unique opportunity for Chesapeake to expand its Chicago footprint with the only lakefront, luxury-branded hotel in Chicago.\u201d<\/p>\n
The W Chicago-Lakeshore hotel is the second acquisition of the investment trust from Starwood in the Chicago market after the purchase of the W City Center last year in May. James L. Francis said the recent purchase \u201cfurther complements and creates operational and sales synergies with our W City Center property.\u201d<\/p>\n
Chesapeake Lodging Trust is planning to invest around $38 million in a comprehensive renovation of the property, which is scheduled to start in the fourth quarter of 2013. The W Chicago-Lakeshore, just like the W City Center, will continue to be operated by Starwood under the W flag following a long-term management agreement with the Stamford-based hotel company. Chesapeake Lodging Trust now owns 13 hotels with a total of 4,036 rooms in six states and the District of Columbia.<\/p>\n
Photo Courtesy of: www.starwoodhotels.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"By Gabriel Circiog, Associate Editor Chesapeake Lodging Trust announced that it has purchased the W Chicago-Lakeshore hotel from Starwood Hotels & Resorts Worldwide Inc. The Annapolis-based real estate investment trust paid $126 million, or around $242,000 per key, for the 32-story hotel. Located at 644 North Lake Shore Dr. overlooking Lake Michigan, the luxury property […]<\/p>\n","protected":false},"author":264,"featured_media":1004506374,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21742],"tags":[1815],"class_list":["post-1004051675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-latest","tag-national"],"acf":[],"yoast_head":"\n
Chesapeake Lodging Trust Acquires W Chicago-Lakeshore Hotel - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/chesapeake-lodging-trust-acquires-w-chicago-lakeshore-hotel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chesapeake Lodging Trust Acquires W Chicago-Lakeshore Hotel\" \/>\n<meta property=\"og:description\" content=\"By Gabriel Circiog, Associate Editor Chesapeake Lodging Trust announced that it has purchased the W Chicago-Lakeshore hotel from Starwood Hotels & Resorts Worldwide Inc. The Annapolis-based real estate investment trust paid $126 million, or around $242,000 per key, for the 32-story hotel. 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