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Press release from Business Wire

Chesapeake Lodging Trust Upsizes and Prices Public Offering of Common Shares

Tuesday, March 01, 2011

Chesapeake Lodging Trust Upsizes and Prices Public Offering of Common Shares09:00 EST Tuesday, March 01, 2011 ANNAPOLIS, Md. (Business Wire) -- Chesapeake Lodging Trust (NYSE: CHSP) (the "Company") today announced it has priced its public offering of 12,500,000 common shares at a public offering price of $17.75 per share, for a total of approximately $212.2 million of net proceeds, after deducting the underwriting discount and other offering costs. The size of the offering represents an increase over the 11,500,000 shares that the Company had previously announced. The offering is expected to close on March 4, 2011. The underwriters have been granted a 30-day option to purchase up to an additional 1,875,000 common shares at the public offering price, less the underwriting discount. Deutsche Bank Securities Inc., Wells Fargo Securities, LLC, J.P. Morgan Securities LLC and KeyBanc Capital Markets Inc. are the joint book-running managers for the offering. RBC Capital Markets, LLC, Robert W. Baird & Co. Incorporated, and JMP Securities LLC are co-managers for the offering. The Company intends to use the net proceeds of the offering to repay debt under its revolving credit facility, for hotel investments and for general business purposes. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company'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., Attention: Prospectus Department, Harborside Financial Center, 100 Plaza One, Jersey City, NJ 07311-3988, or by calling (800) 503-4611, or by e-mail at prospectus.cpdg@db.com; or Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 375 Park Avenue, New York, NY 10152, or by calling (800) 326-5897, or by email at cmclientsupport@wellsfargo.com; or J.P. Morgan Securities LLC, Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling (866) 803-9204; or KeyBanc Capital Markets Inc., Attention: Equity Syndicate Department, 127 Public Square, Cleveland, OH 44114, or by calling (800) 859-1783. 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 and extended-stay hotels in urban settings or unique locations in the United States. The Company owns five hotel properties with an aggregate of 1,629 rooms in two states. Additional information can be found on the Company'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 company 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. Chesapeake Lodging TrustDouglas W. Vicari, 410-972-4142