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Chesapeake Lodging Trust Acquires The Hotel Minneapolis



  Chesapeake Lodging Trust Acquires The Hotel Minneapolis

Business Wire

ANNAPOLIS, Md. -- October 30, 2012

Chesapeake Lodging Trust (NYSE: CHSP) (the "Trust") announced today that it
has acquired the 222-room The Hotel Minneapolis, a Marriott Autograph
Collection hotel, located in Minneapolis, Minnesota for a purchase price of
$46.0 million, or approximately $207,000 per key. The Trust funded the
acquisition with a borrowing under its revolving credit facility. The Trust
entered into an agreement with a subsidiary of HEI Hotels and Resorts, the
hotel’s current operator, to manage the property and will continue its
affiliation with Marriott under the Autograph Collection.

James L. Francis, the Trust’s President and Chief Executive Officer, stated,
“We are thrilled to expand our portfolio with another high-quality,
full-service boutique lifestyle property located in the core CBD of
Minneapolis. The property has been meticulously restored and is one of the
premier hotels in the city.”

The Hotel Minneapolis, located at 215 Fourth Street South, is conveniently
connected to the city skywalk system which links more than 80 blocks and over
26 million square feet of prominent office and retail buildings throughout
downtown Minneapolis. The 10-story property features 22 suites, 6,000 square
feet of meeting and catering space, the 250-seat Max Restaurant and Bar, a
large business center, fitness center and approximately 12,000 square feet of
leased tenant space. “While we don’t value the tenant cash flow separately
from the hotel’s operations, these spaces enhance the cash flow of the
property by over 10%,” continued Mr. Francis.

The Hotel Minneapolis’ lobby and ground floor, through a thoughtful
restoration program, retained original details and features of the historic
1906 Midland Bank building, including the marble floors and panels, marble
columns, and expansive ceilings with detailed hand carved plaster
ornamentations. Original bank vaults have been incorporated throughout its
modern design, including Audrey’s Vault, the original bank cashier vault now
serving as the hotel’s social catering space centerpiece and the hotel’s wine
cellar. Mr. Francis continued, “The overall attention to the smallest of
details is remarkable; this is truly a special property and excellent addition
to our portfolio.”

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 15 hotels with an aggregate of 4,722 rooms in seven
states and the District of Columbia. Additional information can be found on
the Trust’s website at www.chesapeakelodgingtrust.com.

Contact:

Chesapeake Lodging Trust
Douglas W. Vicari, (410) 972-4142
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