Chesapeake Lodging Trust (NYSE: CHSP) (the “Trust”) announced it has priced its public offering of 7,250,000 common shares at a public offering price of $20.75 per share, for a total of approximately $144.2 million of net proceeds, after deducting the underwriting discount and other estimated offering costs. The size of the offering represents an increase over the 6,250,000 shares that the Trust had previously announced. The offering is expected to close on or about February 6, 2013. The underwriters have been granted a 30-day option to purchase up to an additional 1,087,500 common shares at the public offering price, less the underwriting discount. J.P. Morgan, Deutsche Bank Securities, Wells Fargo Securities and RBC Capital Markets acted as joint book-running managers for the offering. Baird, KeyBanc Capital Markets, and JMP Securities acted as 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, invest in future acquisitions of hotels, and for general corporate purposes. 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. Copies of the prospectus supplement and the related prospectus for the offering, when available, may be obtained from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by calling 1-866-803-9204; Deutsche Bank Securities Inc., Attn: Prospectus Group, 60 Wall Street, New York, NY 10005-2836, by calling 1-800-503-4611, or by emailing firstname.lastname@example.org; Wells Fargo Securities, LLC, Attention: Equity Syndicate Dept., 375 Park Avenue, New York, New York 10152, or by calling (800) 326-5897, or by e-mail at email@example.com; or RBC Capital Markets, LLC, Attention: Equity Syndicate, Three World Financial Center, 200 Vesey Street, 8th floor, New York, New York 10281-8098, or by calling (877) 822-4089. 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 15 hotels with an aggregate of 4,722 rooms in seven 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 the closing of the offering and the 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.