Chicago W Hotel Changes Hands In $126M Chesapeake Deal

Law360, New York (August 22, 2012, 5:44 PM EDT) -- Chesapeake Lodging Trust has doubled its number of Chicago properties with the purchase of a W-branded hotel for $126 million from Starwood Hotel & Resorts Worldwide Inc., and plans to follow up the deal with an extensive renovation, the company announced Tuesday.

The real estate investment trust used a mix of cash and credit to pick up the 520-room waterfront hotel in the Lakeshore neighborhood and is planning a $35 million to $38 million renovation of the property that will start at the end of next...
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