CHICAGO-Starwood Hotels & Resorts Worldwide Inc. has sold its W Chicago City Center hotel, a 368-room hotel in downtown Chicago, to Chesapeake Lodging Trust for $128.8 million or nearly $350,000 per room. Chesapeake Lodging based in Annpolis financed the acquisition using the proceeds of $212.2 million worth equity offering raised recently by it.
The 22-floor hotel will continue to be operated under the W brand and under the management of Starwood.For the full story, go to Washington Business Journal.
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