W French Quarter hotel sells for $25.5 million

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Associated Press

Posted on April 1, 2013 at 9:35 PM

Updated Tuesday, Apr 2 at 2:36 AM

NEW ORLEANS (AP) — The W hotel in New Orleans' French Quarter has been sold but will keep its name.

News releases say Chesapeake Lodging Trust bought the W New Orleans-French Quarter for $25.5 million from Starwood Hotels & Resorts Worldwide Inc.

Both chains say Starwood has a longterm contract to manage the hotel. Starwood says that also will keep the W name.

President of global development Simon Turner says Starwood expects to sell more hotels this year. He did not say whether that might include any of the company's other six hotels in the New Orleans area.

Starwood owns more than 1,100 properties worldwide and the trust now owns 17 hotels.

Trust president James Francis says this is its third W hotel and the fourth with a Starwood brand.

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Online:

http://www.chesapeakelodgingtrust.com

http://www.starwoodhotels.com

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