Industry Update
Press Release31 May 2013

Le Meridien to Debut in New Orleans Following Strategic Conversion

Le Méridien New Orleans to Open in 2014 following Extensive $29 Million Renovation to Reposition the Hotel, Currently Operated under Starwood's W Brand

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Le Meridien Hotels and Resorts

Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announced plans to debut Le Méridien in New Orleansamidst rising demand for the Paris-born brand in markets across North America. Le Méridien New Orleans, ideally situated within walking distance from the city's world-famous French Quarter, is set to open in Fall 2014. The hotel, which currently operates under Starwood's W brand, was recently sold by the company to Chesapeake Lodging Trust(NYSE: CHSP) for $65 millionthis past April. Chesapeake will begin the comprehensive $29 millionrenovation and conversion in April 2014and complete the project by the end of the fourth quarter.

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"We are proud to debut the Le Méridien brand in the culturally rich city of New Orleans," saidBrian Povinelli, Global Brand Leader, Le Méridien andWestin Hotels. "With a bullish pipeline and re-developed brand strategy, Le Méridien continues on a remarkable growth trajectory, connecting with guests through the arts, culture, and cuisine in key cities around the world."

Le MéridienNew Orleanswill offer 410 fully renovated guestrooms and bathrooms as well as upgraded fitness center, rooftop pool and more than 10,000 square feet of state-of-the-art meeting facilities, ideal for weddings and business functions. The hotel's restaurant and lounge, along with all other public areas, will also be transformed to implement Le Méridien brand elements and signature offerings.

"With strong brand appeal among cosmopolitan travelers worldwide, Le Méridien continues its aggressive deal signing momentum with Le Méridien New Orleans," saidAllison Reid, Senior Vice President ofNorth America Development,Starwood Hotels & Resorts Worldwide, Inc."We have a great partner inChesapeake Lodging, and look forward to working together to bring Le Méridien to the Crescent City."

Le MéridienNew Orleanswill also feature the Le Méridien HubTM experience, which re-interprets the traditional lobby into a social gathering place for creative people to converse, debate, and exchange. Le Méridien Hub offers both guests and locals a creative atmosphere where contemporary, curated artwork sets the environment. Le Méridien Hub further builds on the brand's award-winning curated arrival experience and coffee culture. Le Méridien arrival consists of four elements: large-scale artwork in high impact areas to reset the mind and stimulate dialogue and curiosity; the sensory experience, illustrated through Le Méridien signature scent, sound and use of light, creating a unique and distinctive atmosphere; UNLOCK ARTTM programme, featuring LM100TM artist designed key card collections that not only offer access to the guestroom but also to Le Méridien affiliated contemporary cultural centers in the city; and a 24-hour curated soundtrack.

Located at333 Poydras Street, Le MéridienNew Orleanswill be conveniently located near theErnest N. Morial Convention Centerand just a few blocks from the boutiques, art galleries and jazz clubs in theFrench Quarteras well as the Riverwalk Marketplace, Harrah's Casino and theWarehouse District. The hotel is Chesapeake Lodging Trust's fifth Starwood property, joiningW New Orleans-French Quarter, WChicago- City Center,W Chicago-Lakeshoreand Le MéridienSan Francisco.

About Chesapeake Lodging Trust

Chesapeake Lodging Trustis 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 18 hotels with an aggregate of 5,414 rooms in eight states and the District of Columbia. Additional information can be found on the Trust's website at www.chesapeakelodgingtrust.com.

About Le Méridien Hotels & Resorts

Le Méridien, the Paris-born hotel brand currently represented by 100 properties in more than 40 countries, was acquired by Starwood Hotels & Resorts Worldwide, Inc.(NYSE: HOT) in November 2005. With over 80 of its properties located in Europe, Africa, the Middle East, and Asia-Pacific, Le Méridien provided a strong international complement to Starwood's then primarily North American holdings at the time of purchase. Since then, Le Méridien has gone through a brand re-launch, which included a large scale hotels product consolidation as well as redefining its brand strategy. By appointing a full-time Cultural Curator - French arts-provocateur Jérôme Sans - Le Méridien transformed numerous guest touch points, thus bringing unique and interactive experiences to its guests. Plans call for dynamic expansion of Le Méridien Hotels and Resortswithin the next five years, concentrating on markets in Asia-Pacificand the Americas. Le Méridien recently opened new hotels in Istanbul, Oran (Algeria), Arlington(Virginia, USA), Coimbatore (India), Koh Samui (Thailand), and Taipei, and will open in the next 12 months in Bali, Atlanta, Chicago, Zhengzhou(China), Mahabaleshwar (India), Ho Chi Minh City(Vietnam), Cairo(Egypt), Qingdao(China), and Dhaka(Bangladesh). For more information, please visit www.lemeridien.com or facebook.com/lemeridien.

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About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels &

Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 1,300 properties in some 100 countries and approximately 188,000 employees at its owned and managed properties. Starwood is a fully integrated owner, operator and franchisor of hotels, resorts and residences under the renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®,Tribute Portfolio™, Four Points® by Sheraton, Aloft®, and Element®, along with an expanded partnership withDesign Hotels™. The company also boasts one of the industry’s leading loyalty programs, Starwood Preferred Guest (SPG®). Visit www.starwoodhotels.com for more information and stay connected @starwoodbuzz on Twitterand Instagram and facebook.com/Starwood.
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