Chesapeake Lodging Trust Enters Agreement to Sell Hyatt Centric Santa Barbara for $90.0 Million, or Approximately $450,000 Per Key

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USA, Arlington, Virginia. June 12, 2018

Chesapeake Lodging Trust (NYSE:CHSP) (the “Trust”) announced 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.