Chesapeake Lodging Trust Prices its 6.5M Share Offering, to Raise $115.2M

Chesapeake Lodging Trust

announced it has priced its public offering of 6,500,000 common shares at a public offering price of $18.50 per share, for a total of approximately $115.2 million of net proceeds, after deducting the underwriting discount and other estimated offering costs. The size of the offering represents an increase over the 5,500,000 shares that the Trust had previously announced. The offering is expected to close on September 18, 2012. The underwriters have been granted a 30-day option to purchase up to an additional 975,000 common shares at the public offering price, less the underwriting discount. Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are the joint book-running managers for the offering. Robert W. Baird & Co. Incorporated, KeyBanc Capital Markets Inc., RBC Capital Markets, LLC, and JMP Securities LLC are co-managers for the offering. The Trust intends to use the net proceeds of the offering to repay outstanding borrowings under its revolving credit facility and for general corporate purposes, including the acquisition of hotels. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Trust'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.