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Starwood Completes Sale of the 410-room W New Orleans to
Chesapeake Lodging Trust for $65 million

Closely Follows Chesapeake's March 2013 Acquisition of W New Orleans – French Quarter

STAMFORD, Conn.--Apr. 26, 2013-- Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced that it has completed the sale of W® New Orleans to Chesapeake Lodging Trust (NYSE: CHSP) for $65 million. This sale comes on the heels of the sale of W New Orleans – French Quarter to Chesapeake Lodging Trust in March 2013.

“We are delighted to further expand our partnership with Chesapeake Lodging Trust with the sale of our second hotel in New Orleans this year,” said Simon Turner, President of Global Development for Starwood. “Starwood continues its systematic pursuit of an asset-light strategy by selling hotels to owners who share our vision for each property.”

Mr. Turner added: “We are fortunate to have a quality portfolio of owned assets in a number of high barrier-to-entry markets. With continuing improvements in hotel industry fundamentals, historically low interest rates and improving capital markets conditions, we’ve seen a meaningful increase in buyer interest in our assets from an increasingly diverse global buyer universe.”

As part of the agreement, Chesapeake Lodging Trust will renovate the 410-room hotel located at 333 Poydras Street. Walking distance to the boutiques, art galleries and jazz clubs of the city’s historic French Quarter and the Ernest N. Morial Convention Center, W New Orleans is also convenient to the Riverwalk Marketplace, Harrah’s Casino and the Warehouse District.

The hotel is Chesapeake Lodging Trust’s fifth Starwood property, joining W New Orleans – French Quarter, W Chicago – City Center, W Chicago – Lakeshore and Le Méridien San Francisco.

About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 1,134 properties in nearly 100 countries and 171,000 employees at its owned and managed properties. Starwood is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, Aloft®, and ElementSM. The Company boasts one of the industry’s leading loyalty programs, Starwood Preferred Guest (SPG), allowing members to earn and redeem points for room stays, room upgrades and flights, with no blackout dates. Starwood also owns Starwood Vacation Ownership, Inc., a premier provider of world-class vacation experiences through villa-style resorts and privileged access to Starwood brands. For more information, please visit www.starwoodhotels.com

(Note: This press release contains forward-looking statements within the meaning of federal securities regulations. Forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties and other factors that may cause actual results or events to differ materially from those anticipated at the time the forward-looking statements are made. These risks and uncertainties are presented in detail in our filings with the Securities and Exchange Commission. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results and events will not materially differ. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.)

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 17 hotels with an aggregate of 5,004 rooms in eight states and the District of Columbia. Additional information can be found on the Trust’s website at www.chesapeakelodgingtrust.com.
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Contact:

Starwood Hotels & Resorts
Carrie Bloom
203-964-5755

Chesapeake Lodging Trust
Douglas W. Vicari
410-972-4142




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Also See: Chesapeake Lodging Trust Completes Acquisition of the The W New Orleans - French Quarter from Starwood Hotels & Resorts for $25.5 million / April 2013

Chesapeake Lodging Trust Completes Acquisition of the 185-room Hyatt Place New York Midtown South for $76.2 million, or Approximately $412,000 per key; Real Hospitality Group Selected as Manager / March 2013

Chesapeake Lodging Trust Repositions the 174-key Hotel Adagio San Francisco as it Joins Marriott's Autograph Collection; A Multi-Million Dollar Renovation of the Property was Recently Completed / February 2013

Chesapeake Lodging Trust Acquires the 222-room The Hotel Minneapolis, a Marriott Autograph Collection Hotel, for $46 million, or approximately $207,000 per key, from HEI Hotels & Resorts / October 2012

Chesapeake Lodging Trust Acquires the 429-room Hyatt Regency Mission Bay Spa and Marina in San Diego, California for $62.0 Million / September 2012

Starwood Hotels Completes Sale of W Chicago - Lakeshore to Chesapeake Lodging Trust for $126 Million; Chesapeake to Launch Renovation of the 520 Guestrooms and Public Spaces, Starwood to Continue to Manage Hotel Under the W Flag / August 2012

Chesapeake Lodging Trust Enters Definitive Agreement to Acquire the 185-room Hyatt Place New York Midtown, Currently Under Development, for $76.5 million, or Approximately $414,000 per key / January 2012

Chesapeake Lodging Trust Acquires the 122-room Holiday Inn New York City Midtown – 31st Street in New York, New York for $52.2 Million or $428,000 per key; to be Managed by Real Hospitality Group / December 2011

Chesapeake Hospitality Selected to Manage the Newly Converted Doubletree by Hilton Raleigh Brownstone University Adjacent to North Carolina State University, Owned by MHI Hospitality Corporation / December 2011

Chesapeake Lodging Trust Completes Acquisition of the 613-room Denver Marriott City Center in Denver, Colorado / October 2011

Chesapeake Lodging Trust Enters Agreement to Acquire the 613-room Denver Marriott City Center in Denver, Colorado for $119 million, or Approximately $194,000 Per Key / August 2011

Chesapeake Lodging Trust Acquires the 171-room Hotel Adagio in San Francisco for $42.25 million; Management of Property to Remain with Joie de Vivre Hospitality / July 2011

Chesapeake Lodging Trust Acquires 204-room Courtyard Washington Capitol Hill/Navy Yard in Washington, DC for $68 Million or About $333,000 per Key / July 2011

IHG Sells 210-room Hotel Indigo San Diego to Chesapeake Lodging Trust for $55.5 Million / June 2011

Chesapeake Lodging Trust Acquires Homewood Suites Seattle Convention Center for $53 million, or Approximately $272,000 per key / May 2011

Chesapeake Lodging Trust Announces a Definitive Agreement to Acquire the 195-room Homewood Suites by Hilton Seattle Convention Center for $53 million or Approximately $272,000 per key / November 2010

Chesapeake Lodging Trust Acquires the 153-room Courtyard Anaheim at Disneyland Resort in Anaheim, California for $25.0 million ($163,000 per key) and the 430-room Boston Marriott Newton in Newton, Massachusetts for $77.25 million ($180,000 per key) / August 2010

Chesapeake Lodging Trust Acquires the 498-room Hyatt Regency Boston for $112 million, or Approximately $225,000 per Key; Hyatt Continues as Operator /March 2010
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