Starwood Hotels & Resorts Worldwide Inc. sold the 520-room W Chicago - Lakeshore in Chicago, IL, for $126 million or $242,308 per room. Chesapeake Lodging Trust, a hotel real estate investment trust, was the buyer.
Ther REIT also owns W City Center, a 368-key hotel in the Central Loop it purchased from Starwood in May of last year for $128.8 million.
W Chicago - Lakeshore is a 32-story, 1.01 million-square-foot hospitality property at 644 N. Lake Shore Drive along the lakefront close to Navy Pier. It features a restaurant, two bars, including the roof top Whiskey Sky, the 9,600-square-foot Bliss Spa, SWEAT fitness center and more than 12,000 square feet of meeting and event space.
Chesapeake plans to invest $35 million to $38 million to renovate the property beginning in the fourth quarter of next year. Starwood will continue to manage the hotel under the W flag.
See CoStar COMPS #2537005 for more information.