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Chesapeake Lodging Trust Announces Agreement to Sell Hyatt Centric Santa Barbara


Chesapeake Lodging Trust (NYSE:CHSP) (the "Trust") announced today that
it has entered into an agreement to sell the 200-room Hyatt Centric
Santa Barbara located in Santa Barbara, California for a sale price of
$90.0 million, or approximately $450,000 per key, subject to customary
pro-rations at closing. Completion of the proposed sale is expected to
close within the next 60 days, subject to customary closing requirements
and conditions.

The Trust acquired the Hyatt Centric Santa Barbara in June 2013 for
$61.0 million, or $305,000 per key. In April 2016, the Trust sold a
separate, five-room villa building and related land parcel at the Hyatt
Centric Santa Barbara for $2.1 million to an unrelated buyer. The $90.0
million sale price represents a 5.4% trailing twelve month NOI cap rate
and is expected to produce a 15.3% unlevered IRR over the Trust's
ownership period.


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 6,479 rooms in eight states and the District of Columbia.
Additional information can be found on the Trust's website at

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 disposition will be consummated on the
terms described and within the anticipated timetable. 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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