Chesapeake Lodging Trust Upsizes and Prices Offering of Common Shares

Chesapeake Lodging Trust (NYSE:CHSP) (the “Trust”) announced today that it has priced its public offering of 4,000,000 common shares for a total of approximately $136.0 million of gross proceeds, before deducting underwriting discounts and estimated offering costs. The size of the offering represents an increase over the 3,000,000 shares that the Trust previously announced. The offering is expected to close on or about March 27, 2015. The underwriters may offer the common shares from time to time in one or more transactions on the New York Stock Exchange, in the over-the-counter market or through negotiated transactions at market prices or at negotiated prices. The underwriters have been granted a 30-day option to purchase up to an additional 600,000 common shares.

J.P. Morgan and Deutsche Bank Securities acted as joint book-running managers for the offering.

The Trust intends to use the net proceeds from the offering to repay borrowings outstanding under its revolving credit facility.

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; or Deutsche Bank Securities Inc., Attn: Prospectus Group, 60 Wall Street, New York, NY 10005-2836, by calling 1-800-503-4611, or by emailing prospectus.cpdg@db.com.

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.

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 21 hotels with an aggregate of 6,509 rooms in nine states and the District of Columbia.

Note: 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 timing of the offering and contemplated use of proceeds. 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.

Chesapeake Lodging TrustDouglas W. Vicari, 410-972-4142

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