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Chesapeake Lodging Trust Completes Acquisition of the 185-room Hyatt Place
New York Midtown South for $76.2 million, or Approximately $412,000 per key


Real Hospitality Group Selected as Manager

ANNAPOLIS, Md.--March 14, 2013 --Chesapeake Lodging Trust (NYSE: CHSP) (the "Trust") announced today that it has closed on the previously announced acquisition of the newly developed, 185-room Hyatt Place New York Midtown South located in New York, New York for a purchase price of $76.2 million, or approximately $412,000 per key. The Trust entered into an agreement with Real Hospitality Group, the operator of the Trust’s other hotel in New York located in Midtown on 31st Street, to manage the hotel.

James L. Francis, Chesapeake’s President and Chief Executive Officer, stated, “We are very pleased to acquire our second hotel in the highly desired Midtown area of Manhattan at a very compelling per key price. Similar to the Holiday Inn New York City Midtown – 31st Street, which we acquired in late December 2011 and opened for business in January 2012, we expect the Hyatt Place to ramp-up very quickly given the robust demand in Manhattan, the strength of the Hyatt brand, and our operator’s extensive experience managing hotels in New York City."

The Trust funded the acquisition with available cash on hand, a credit at closing equal to the outstanding balance of a construction loan provided to the seller, and a $35.0 million advance under the Trust’s $60 million term loan obtained in July 2012. The $35.0 million advance bears interest equal to LIBOR, plus 3.25%. Contemporaneous with the $35.0 million advance, the Trust entered into an interest rate swap to effectively fix the interest rate on the $35.0 million advance for the remaining initial term of the loan at 3.65% per annum. Under the terms of the interest rate swap, the Trust pays fixed interest of 0.40% per annum on a notional amount of $35.0 million and receives floating rate interest equal to the one-month LIBOR.

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 16 hotels with an aggregate of 4,907 rooms in seven states and the District of Columbia. Additional information can be found on the Trust’s website at www.chesapeakelodgingtrust.com.
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Contact:

Chesapeake Lodging Trust
Douglas W. Vicari
410-972-4142




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Also See: Chesapeake Lodging Trust Repositions the 174-key Hotel Adagio San Francisco as it Joins Marriott's Autograph Collection; A Multi-Million Dollar Renovation of the Property was Recently Completed / February 2013

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 / October 2012

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

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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

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