Chesapeake Lodging Trust Upsizes And Prices Public Offering Of Common Shares

Chesapeake Lodging Trust (NYSE: CHSP) (the “Trust”) announced it has priced its public offering of 6,500,000 common shares at a public offering price of $18.50 per share, for a total of approximately $115.2 million of net proceeds, after deducting the underwriting discount and other estimated offering costs. The size of the offering represents an increase over the 5,500,000 shares that the Trust had previously announced. The offering is expected to close on September 18, 2012. The underwriters have been granted a 30-day option to purchase up to an additional 975,000 common shares at the public offering price, less the underwriting discount.

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

The Trust intends to use the net proceeds of the offering to repay outstanding borrowings under its revolving credit facility and for general corporate purposes, including the acquisition of hotels.

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

Copies of the prospectus supplement and the related prospectus for the offering, when available, may be obtained from Deutsche Bank Securities Inc., Attn: Prospectus Group, 60 Wall Street, New York, NY 10005-2836, by calling 1-800-503-4611, or by emailing [e-mail]; J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by calling 1-866-803-9204; or Wells Fargo Securities, LLC, Attention: Equity Syndicate Dept., 375 Park Avenue, New York, New York 10152, or by calling [phone], or by e-mail at [e-mail].

ABOUT CHESAPEAKE LODGING TRUST

Chesapeake Lodging Trust is a self-advised lodging real estate investment trust (REIT) focused on investments primarily in upper-upscale hotels in major business and convention markets and, on a selective basis, premium select-service hotels in urban settings or unique locations in the United States. The Trust owns 14 hotels with an aggregate of 4,465 rooms in six states and the District of Columbia. Additional information can be found on the Trust’s website at www.chesapeakelodgingtrust.com.

Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such forward-looking statements include, but are not limited to, the expected timing of closing of the offering and contemplated use of proceeds. Similarly, there is no assurance that the underwriters will exercise their option to acquire additional common shares. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Chesapeake Lodging Trust's control. The Trust undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances, except as required by law.

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