NEWS | Le Meridien to Debut in New Orleans Following Strategic Conversion

Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announced plans to debut Le Méridien in New Orleansamidst rising demand for the Paris-born brand in markets across North America. Le Méridien New Orleans, ideally situated within walking distance from the city's world-famous French Quarter, is set to open in Fall 2014. The hotel, which currently operates under Starwood's W brand, was recently sold by the company to Chesapeake Lodging Trust(NYSE: CHSP) for $65 millionthis past April. Chesapeake will begin the comprehensive $29 millionrenovation and conversion in April 2014and complete the project by the end of the fourth quarter.

"We are proud to debut the Le Méridien brand in the culturally rich city of New Orleans," saidBrian Povinelli, Global Brand Leader, Le Méridien andWestin Hotels. "With a bullish pipeline and re-developed brand strategy, Le Méridien continues on a remarkable growth trajectory, connecting with guests through the arts, culture, and cuisine in key cities around the world.

" Le MéridienNew Orleanswill offer 410 fully renovated guestrooms and bathrooms as well as upgraded fitness center, rooftop pool and more than 10,000 square feet of state-of-the-art meeting facilities, ideal for weddings and business functions. The hotel's restaurant and lounge, along with all other public areas, will also be transformed to implement Le Méridien brand elements and signature offerings. "With strong brand appeal among cosmopolitan travelers worldwide, Le Méridien continues its aggressive deal signing momentum with Le Méridien New Orleans," saidAllison Reid, Senior Vice President ofNorth America Development,Starwood Hotels & Resorts Worldwide, Inc."We have a great partner inChesapeake Lodging, and look forward to working together to bring Le Méridien to the Crescent City."  

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