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Chesapeake Lodging Trust Acquires the 222-room The Hotel Minneapolis,
a Marriott Autograph Collection Hotel, for $46 million, or approximately
$207,000 per key, from HEI Hotels & Resorts

ANNAPOLIS, Md.--October 30, 2012--Chesapeake Lodging Trust (NYSE: CHSP) (the "Trust") announced today that it has acquired the 222-room The Hotel Minneapolis, a Marriott Autograph Collection hotel, located in Minneapolis, Minnesota for a purchase price of $46.0 million, or approximately $207,000 per key. The Trust funded the acquisition with a borrowing under its revolving credit facility. The Trust entered into an agreement with a subsidiary of HEI Hotels and Resorts, the hotel’s current operator, to manage the property and will continue its affiliation with Marriott under the Autograph Collection.

James L. Francis, the Trust’s President and Chief Executive Officer, stated, “We are thrilled to expand our portfolio with another high-quality, full-service boutique lifestyle property located in the core CBD of Minneapolis. The property has been meticulously restored and is one of the premier hotels in the city.”

The Hotel Minneapolis, located at 215 Fourth Street South, is conveniently connected to the city skywalk system which links more than 80 blocks and over 26 million square feet of prominent office and retail buildings throughout downtown Minneapolis. The 10-story property features 22 suites, 6,000 square feet of meeting and catering space, the 250-seat Max Restaurant and Bar, a large business center, fitness center and approximately 12,000 square feet of leased tenant space. “While we don’t value the tenant cash flow separately from the hotel’s operations, these spaces enhance the cash flow of the property by over 10%,” continued Mr. Francis.

The Hotel Minneapolis’ lobby and ground floor, through a thoughtful restoration program, retained original details and features of the historic 1906 Midland Bank building, including the marble floors and panels, marble columns, and expansive ceilings with detailed hand carved plaster ornamentations. Original bank vaults have been incorporated throughout its modern design, including Audrey’s Vault, the original bank cashier vault now serving as the hotel’s social catering space centerpiece and the hotel’s wine cellar. Mr. Francis continued, “The overall attention to the smallest of details is remarkable; this is truly a special property and excellent addition to our portfolio.”

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

Chesapeake Lodging Trust
Douglas W. Vicari

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Also See: Chesapeake Lodging Trust Acquires the 429-room Hyatt Regency Mission Bay Spa and Marina in San Diego, California for $62.0 Million / September 2012

Starwood Hotels Completes Sale of W Chicago - Lakeshore to Chesapeake Lodging Trust for $126 Million; Chesapeake to Launch Renovation of the 520 Guestrooms and Public Spaces, Starwood to Continue to Manage Hotel Under the W Flag / August 2012

Chesapeake Lodging Trust Enters Definitive Agreement to Acquire the 185-room Hyatt Place New York Midtown, Currently Under Development, for $76.5 million, or Approximately $414,000 per key / January 2012

Chesapeake Lodging Trust Acquires the 122-room Holiday Inn New York City Midtown – 31st Street in New York, New York for $52.2 Million or $428,000 per key; to be Managed by Real Hospitality Group / December 2011

Chesapeake Hospitality Selected to Manage the Newly Converted Doubletree by Hilton Raleigh Brownstone University Adjacent to North Carolina State University, Owned by MHI Hospitality Corporation / December 2011

Chesapeake Lodging Trust Completes Acquisition of the 613-room Denver Marriott City Center in Denver, Colorado / October 2011

Chesapeake Lodging Trust Enters Agreement to Acquire the 613-room Denver Marriott City Center in Denver, Colorado for $119 million, or Approximately $194,000 Per Key / August 2011

Chesapeake Lodging Trust Acquires the 171-room Hotel Adagio in San Francisco for $42.25 million; Management of Property to Remain with Joie de Vivre Hospitality / July 2011

Chesapeake Lodging Trust Acquires 204-room Courtyard Washington Capitol Hill/Navy Yard in Washington, DC for $68 Million or About $333,000 per Key / July 2011

IHG Sells 210-room Hotel Indigo San Diego to Chesapeake Lodging Trust for $55.5 Million / June 2011

Chesapeake Lodging Trust Acquires Homewood Suites Seattle Convention Center for $53 million, or Approximately $272,000 per key / May 2011

Chesapeake Lodging Trust Announces a Definitive Agreement to Acquire the 195-room Homewood Suites by Hilton Seattle Convention Center for $53 million or Approximately $272,000 per key / November 2010

Chesapeake Lodging Trust Acquires the 153-room Courtyard Anaheim at Disneyland Resort in Anaheim, California for $25.0 million ($163,000 per key) and the 430-room Boston Marriott Newton in Newton, Massachusetts for $77.25 million ($180,000 per key) / August 2010

Chesapeake Lodging Trust Acquires the 498-room Hyatt Regency Boston for $112 million, or Approximately $225,000 per Key; Hyatt Continues as Operator /March 2010
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