by Michael C. Lowe | May 11, 2011

The W Chicago - City Center was sold to Chesapeake Lodging Trust for $128.8 million yesterday by Starwood Hotels & Resorts Worldwide, though the hotel chain will continue managing the property as a W Hotel, after signing a 40-year contract. The 368-room hotel includes more than 12,000 square feet of meeting space, a fitness center and the recently renovated IPO restaurant. The 22-story building is in Chicago's West Loop near the financial district.