{"id":1004071913,"date":"2013-04-29T07:59:21","date_gmt":"2013-04-29T15:59:21","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=121735"},"modified":"2022-12-05T20:21:06","modified_gmt":"2022-12-06T04:21:06","slug":"chesapeake-lodging-pays-65m-for-second-w-acquisition-in-april","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chesapeake-lodging-pays-65m-for-second-w-acquisition-in-april\/","title":{"rendered":"Chesapeake Lodging Pays $65M for Second W Acquisition in April"},"content":{"rendered":"<p><em>By Eliza Theiss, Associate Editor<\/em><\/p>\n<p>Annapolis, Md.-based Chesapeake Lodging Trust has acquired the <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/04\/W-of-New-Orleans.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-121736\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/04\/W-of-New-Orleans.jpg\" alt=\"\" width=\"212\" height=\"300\" \/><\/a>410-key W New Orleans from Starwood Hotels &amp; Resorts Worldwide Inc. for $65 million.<\/p>\n<p>The hotel&#8217;s 410 guest rooms include 22 large suites. Among its amenities are a 24-hour, 1,500-square-foot signature Sweat Fitness Center, signature WET outdoor rooftop pool complete with poolside cabana and TV sets and high-tech signature WIRED business center. In addition, its 13,000 square feet of state-of-the-art meeting space comprises 13 flexible banquet and meeting rooms, with the largest space clocking in at 4,992 square feet. The 24-story hotel features two bars \u2013\u00a0the Living Room Bar and Whiskey Blue \u2013 as well as full-service on-site restaurant Zo\u00eb, offering Southern New Orleans cuisine.<\/p>\n<p>The hotel\u2019s 333 Poydras St. address locates it in Downtown New Orleans, in close proximity to the French Quarter with its world-famous jazz clubs, the Ernest N. Morial Convention Center, Riverwalk Marketplace, Harrah\u2019s Casino and the Warehouse District\u2019s art galleries.<\/p>\n<p>According to a press release, Chesapeake will embark on a $29 million repositioning renovation of the property, set to kick off in April 2014 with plans to minimize operational disruption. \u201cHistorically, we have not acquired many assets with significant renovation needs, yet we have a very talented team that can execute on this renovation and add value to the property\u201d declared James Francis, president &amp; CEO at Chesapeake. Planning for the renovation is currently underway, with work reportedly to include the addition of about 3,000 square feet of meeting space, relocation of the restaurant, new hard and soft goods in the guestrooms, as well as refreshing the Living Room lobby.<\/p>\n<p>Starwood will stay on as property manager under a long-term contract.<\/p>\n<p>W New Orleans is the second W-branded New Orleans hotel acquired by Chesapeake in April 2013. The company acquired the 97-key W of New Orleans \u2013 French Quarter<strong><em> <\/em><\/strong>earlier this month.<a href=\"https:\/\/www.multihousingnews.com\/cities\/new-orleans\/w-of-new-orleans-french-quarter-trades-for-25-5m\/1004076919.html\"><strong><em> Click here<\/em> <\/strong><\/a>for further information about the transaction.<\/p>\n<p><em>For more New Orleans market data, <strong><a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-employment-continues-to-grow-in-new-orleans-expanding-population-and-multifamily-demand\/1004074075.html\">click here<\/a>.<\/strong><\/em><\/p>\n<p><em>Photo courtesy of W New Orleans\u2019 Facebook page<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Annapolis, Md.-based Chesapeake Lodging has announced the acquisition of the 410-key W New Orleans from Starwood Hotels &amp; Resorts Worldwide, Inc for $65 million.<\/p>\n","protected":false},"author":49,"featured_media":1004506872,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1599,21742],"tags":[],"class_list":["post-1004071913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-new-orleans","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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