Chesapeake Lodging Trust Announces Pricing Of 7.75% Series A Cumulative Redeemable Preferred Share Offering

Chesapeake Lodging Trust (NYSE:CHSP) (the “Trust”) announced today that it priced its public offering of 4,400,000 of its 7.75% Series A Cumulative Redeemable Preferred Shares (the “Series A Preferred Shares”) at $25.00 per share. The offering, which is subject to customary closing conditions, is expected to close on July 17, 2012. The underwriters of the public offering have been granted a 30-day option to purchase up to an additional 660,000 Series A Preferred Shares to cover overallotments, if any.

The Trust estimates that the net proceeds from the offering, after deducting the underwriting discount and estimated offering expenses payable by the Trust, will be approximately $106.2 million, or approximately $122.2 million if the underwriters’ overallotment option is exercised in full. The Trust intends to use the net proceeds of the offering to repay debt outstanding on its revolving credit facility and for other general corporate purposes, including the acquisition of properties.

Wells Fargo Securities, LLC, J.P. Morgan Securities LLC and RBC Capital Markets, LLC are the joint book-running managers for the offering, and Robert W. Baird & Co. Incorporated and Deutsche Bank Securities Inc. are co-managers.

A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. When available, copies of the prospectus supplement and prospectus may be obtained by contacting Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262, Attention: Capital Markets Client Support, or by calling [phone], or by e-mail at [e-mail]; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, or by calling [phone]; or RBC Capital Markets, LLC, Attention: Prospectus Department, Three World Financial Center, 200 Vesey Street, 8th floor, New York, New York 10281-8098, or by calling [phone], or by email at [e-mail].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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