Starwood Hotels & Resorts has completed the sale of the W Chicago – City Center hotel to Chesapeake Lodging Trust for $128.8m.

The 22-storey property is located in West Loop in Chicago’s financial district.

Following the transaction, Starwood signed a 40-year management agreement to continue to operate the hotel under the W brand.

The AAA Four Diamond W Chicago – City Center features 368 rooms, 1,115m² of meeting and event space, a fitness centre, and a recently renovated restaurant.

Starwood, which operates brands Westin and Sheraton, has been selling assets to focus on management. Last year the firm sold two of its W properties: one in Manhattan, New York, and the other in Aspen, Colorado.