Chesapeake Lodging Trust Announces Agreements to Acquire JW Marriott San Francisco Union Square and Sell Courtyard Anaheim at Disneyland Resort

ANNAPOLIS, Md.--(BUSINESS WIRE)--

Chesapeake Lodging Trust CHSP (the “Trust”) announced today that it has entered into an agreement to acquire the 337-room JW Marriott San Francisco Union Square located in San Francisco, California, for a purchase price of $147.2 million, or approximately $437,000 per key, subject to customary pro-rations at closing. The Trust expects to assume the existing management agreement with Marriott International, Inc., as well as the existing ground lease covering the property on which the hotel is located, which expires in 2083. Completion of the proposed acquisition is expected within the next 45 days, subject to satisfaction of customary closing requirements and conditions.

The Trust also announced today that it has entered into an agreement to sell the 153-room Courtyard Anaheim at Disneyland Resort located in Anaheim, California, for a purchase price of $32.5 million, or approximately $212,000 per key, subject to customary pro-rations at closing. Completion of the proposed sale is expected to close within the next 45 days, subject to customary closing requirements and conditions.

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 20 hotels with an aggregate of 5,932 rooms in eight states and the District of Columbia. Additional information can be found on the Trust's website at www.chesapeakelodgingtrust.com.

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 expectation that the acquisition and disposition described will be consummated on the terms described and within their anticipated timetables. 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.