Chesapeake Lodging Trust has bought the W Chicago -City Center for $128.8 million. The property, which is located in Chicago, was acquired from Starwood Hotels & Resorts Worldwide.

Maryland-based Chesapeake funded the acquisition with earnings from its recent equity sale and a borrowing under its revolving credit facility. Starwood will continue to manage the hotel under the W banner.

Click here for the release from Business Wire.