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W Chicago-Lakeshore Hotel Sold to Starwood for $126 Mil

Luxury hotel mogul Starwood Hotels & Resorts worldwide has bought the Chicago hotspot, with plans to revamp its glory
 W Hotel Chicago- Lakeshore is to be Revamped
 
 

W Chicago- Lakeshore has built an elite reputation in the Chicago area as one of the premiere full service luxury properties in town. Home of the renowned Bliss Spa – the 9,600 square foot stress free haven – and with sparkling views of Lake Michigan, the W property has wowed Chicagonites with its cultural staples including the Whiskey Sky rooftop bar, Wave restaurant and the Living room.

The luxury hotel has also been a cherished meeting spot for culturally in-the-know executives who love the W’s space ‘Altitude’ which offers 360 views of Chicago. The W Lakeshore makes a mighty impression- sprawling over 12,000 square feet of meeting and event space, it is the only hotel on the shore of Lake Michigan and it is in walking distance to the business district.

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However, the move to join Starwood came out of the owner’s dedication to revamping the hotel for the demands of the future. According to a press release from the company, “As part of the sale, Chesapeake has agreed to undertake a comprehensive property renovation to the hotel’s 520 guestrooms and prime spaces,” in addition, “Starwood has entered a 40-year management agreement with full extensions to continue operating the hotel under the W flag.”

Starwood also expressed their confidence in their purchase within the press release,"As part of our asset light strategy, we continue to look for opportunities to sell our owned real estate at the right time to the right owners, which is in the best interest of our shareholders," said Simon Turner, President of Global Development for Starwood. "Chesapeake has been one of our valued partners, and we are pleased to expand our relationship with them to deliver an unparalleled W experience to our guests at W Lakeshore for many years to come."

Here’s to keeping Chicago on the up and up!

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