Industry Update
Press Release 2 April 2013

Chesapeake Lodging Trust Acquires W New Orleans – French Quarter

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Chesapeake Lodging Trust

Chesapeake Lodging Trust (NYSE: CHSP) (the "Trust") announced today that it has purchased the W New Orleans – French Quarterfrom Starwood Hotels & Resorts Worldwide, Inc (NYSE: HOT) for $25.5 million. The Trust has entered into a long-term management contract with Starwood to continue to operate the Hotel.

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"We are very excited to expand our Starwood relationship with our third W hotel and fourth Starwood-branded hotel, including the Le Meridien San Francisco," stated James L. Francis, President and Chief Executive Officer of the Trust. "This Hotel is in a fantastic location and is in exceptional condition following Starwood's recently completed comprehensive renovation program. With the Hotel's first four diamond rating in its history, we believe this is the perfect asset for Chesapeake to enter the rebounding New Orleans marketplace."

The W New Orleans – French Quarter is located on Chartres Street, just steps from Jackson Square and the many retail and jazz clubs of the French Quarter. The property features 97 well-appointed guestrooms, including four carriage house studio suites. The renovation program resulted in the addition of a new SWEAT state-of-the-art fitness center, and SoBou, a contemporary Creole cuisine restaurant that was named one of the top 10 new restaurants by Esquire Magazine.

The renovation program was influenced by the rich history and culture of New Orleans. There are two distinct guestroom themes; Jazz, with vibrant golden yellow walls and a floor-to-ceiling brass image modeled after a horn and Tarot, which was inspired by the New Orleans' voodoo queen, Marie Laveau. Rooms feature a 40" LCD flat screen, signature W brand bedding, iPod docking station and Bliss bath amenities.

"From the new Living Room lobby to the large outdoor, tree-lined courtyard with its heated pool, the W New Orleans – French Quarter is the perfect place to enjoy all that New Orleans has to offer," continued Mr. Francis. "This is another outstanding addition to our growing portfolio of high-quality lodging assets."

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W

Born from the bold attitude and 24/7 culture of New York City, W Hotels, part of Marriott International, Inc., has disrupted and redefined the hospitality scene for nearly two decades. Trailblazing its way around the globe, with over 50 hotels, W is defying expectations and breaking the norms of traditional luxury wherever the iconic W sign lands.
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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 14 hotels with an aggregate of 4,465 rooms in six 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 scope and amount of the Trust's renovation plan. 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.

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