Exhibit 99.1

		PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142

CHESAPEAKE LODGING TRUST REPORTS SECOND QUARTER RESULTS

ANNAPOLIS, MD, August 2, 2011 – Chesapeake Lodging Trust (NYSE:CHSP), a lodging real estate investment trust (REIT), reported today its financial results for the quarter ended June 30, 2011.

HIGHLIGHTS

CONSOLIDATED FINANCIAL RESULTS

The Company’s consolidated financial results for the three months ended June 30, 2011 included the operating results of five hotels for the full quarter and four hotels for part of the quarter, compared to the three months ended June 30, 2010, which included one hotel for the full quarter and one hotel for part of the quarter. The Company’s consolidated financial results for the six

		PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142

months ended June 30, 2011 included the operating results of five hotels for the full period and four hotels for part of the period, compared to the six months ended June 30, 2010, which included two hotels for part of the period. The following is a summary of the consolidated financial results (in millions, except per share amounts):

HOTEL OPERATING RESULTS

For the second quarter 2011, the Company owned five hotels for the full quarter and four hotels for part of the quarter. These nine hotels generated room revenue per available room (RevPAR) of $163.66, which comprised of $188.80 of average daily rate (ADR) and 86.7% of occupancy, and Hotel EBITDA and Hotel EBITDA Margin of $14.8 million and 36.7%, respectively. “The five hotels that we owned for the full second quarter performed exceptionally well, with pro forma RevPAR increasing 11.4% and pro forma Hotel EBITDA Margin expanding 430 basis points over the same period in 2010,” said James L. Francis, Chesapeake’s President and Chief Executive Officer.

The Company assesses the operating performance of its hotels irrespective of the hotel owner during the periods compared. Included in the following table are comparisons of, on a pro forma

		PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142

basis, occupancy, ADR, RevPAR, Hotel EBITDA, and Hotel EBITDA Margin, the key operating metrics that the Company uses to assess the performance of its hotels. The key operating metrics include the hotel operating results of the Company’s current 10-hotel portfolio, including the Hotel Adagio, located in San Francisco, California, which was acquired on July 8, 2011 (in thousands, except pro forma ADR and pro forma RevPAR).

For the second quarter 2011, pro forma RevPAR for the Company’s hotel portfolio increased 9.3%, versus the same period in 2010. Pro forma occupancy increased by 1.9 percentage points to 84.5%, while pro forma ADR increased 6.8% to $184.86. Pro forma Hotel EBITDA increased 17.0% to $18.6 million versus the same period in 2010 and pro forma Hotel EBITDA Margin increased by 2.8 percentage points to 35.8%.

“Our hotel portfolio continues to produce strong results and exceed industry averages in both RevPAR and margin expansion,” said Mr. Francis. “With our hotel portfolio operating at an 80% occupancy level, we expect our operators to continue driving ADR growth, which should result in further improvement in Hotel EBITDA Margins.”

Funds from operations (FFO), Adjusted FFO (AFFO), net income before interest, income taxes, and depreciation and amortization (Corporate EBITDA), Adjusted Corporate EBITDA, Hotel EBITDA, and Hotel EBITDA Margin are non-GAAP financial measures within the meaning of the rules of the Securities and Exchange Commission. See the discussion included in this press release for information regarding these non-GAAP financial measures.

		PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142

ACQUISITION ACTIVITY

On May 2, 2011, the Company acquired the 195-room Homewood Suites Seattle Convention Center located in Seattle, Washington for approximately $53.0 million. The Company funded the acquisition with proceeds from its March 2011 common equity offering. The Company entered into an agreement with Evolution Hospitality to manage the hotel.

On May 10, 2011, the Company acquired the 368-room W Chicago – City Center located in Chicago, Illinois for approximately $127.5 million. The Company funded the acquisition with proceeds from its March 2011 common equity offering and a borrowing under its revolving credit facility. The Company entered into an agreement with Starwood Hotels & Resorts Worldwide, Inc. to continue managing the hotel.

On June 17, 2011, the Company acquired the 210-room Hotel Indigo San Diego Gaslamp Quarter located in San Diego, California for approximately $55.3 million. The Company funded the acquisition with a borrowing under its revolving credit facility. The Company entered into an agreement with InterContinental Hotels Group (IHG) to continue managing the hotel.

On June 30, 2011, the Company acquired the 204-room Courtyard Washington Capitol Hill/Navy Yard located in Washington, DC for approximately $69.1 million, including the assumption of existing mortgage debt with an estimated fair value of $38.6 million. The existing mortgage debt has a fixed interest rate of 5.9% per annum and matures in November 2016. The Company borrowed under its revolving credit facility to fund the net amount due to close on the acquisition. The Company entered into an agreement with Crestline Hotels & Resorts, Inc. to manage the hotel.

On June 30, 2011, the Company entered into a definitive agreement to acquire a full-service hotel, currently under development, located in midtown Manhattan, New York, New York for

		PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142

$52.2 million from an unaffiliated third party. The Company intends to fund the acquisition with available cash and borrowings under its revolving credit facility. The Company expects the acquisition to close in the fourth quarter 2011; however, because the acquisition is subject to completion of the hotel by the third-party developer and customary closing conditions, the Company can give no assurance that the transaction will be consummated during that time period, or at all.

BALANCE SHEET / LIQUIDITY

On June 30, 2011, the Company closed on a $95.0 million fixed-rate mortgage loan. The loan is secured by the 498-room Hyatt Regency Boston located in Boston, Massachusetts. The five-year loan was provided by Goldman Sachs Commercial Mortgage Capital, L.P., and carries a fixed interest rate of 5.0% per annum, with principal and interest based on a 30-year amortization. Proceeds from the loan were used to repay outstanding borrowings under the Company’s revolving credit facility and for general business purposes, including funding future acquisitions.

For the six months ended June 30, 2011, the Company generated $12.1 million of cash flows from operating activities, used $273.7 million in net investing activities, including $266.2 million to acquire the Homewood Suites Seattle Convention Center, the W Chicago – City Center, the Hotel Indigo San Diego Gaslamp Quarter, and the Courtyard Washington Capitol Hill/Navy Yard, and obtained $277.8 million from net financing activities, including $229.8 million from the March 2011 common equity offering and a $95.0 million mortgage loan, offset by net repayments of $35.0 million on outstanding borrowings under the Company’s revolving credit facility.

As of June 30, 2011, the Company had $26.8 million of cash and cash equivalents. Total assets were $752.4 million, including $701.0 million of real estate, long-term debt was $203.6 million, and shareholders’ equity was $523.8 million.

		PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142

DIVIDENDS

On April 15, 2011, the Company paid a dividend of $0.20 per share to its common shareholders of record as of March 31, 2011. On June 15, 2011, the Company declared a dividend in the amount of $0.20 per share payable to its common shareholders of record as of June 30, 2011. The dividend was paid on July 15, 2011.

POST-QUARTER ACTIVITY

On July 8, 2011, the Company acquired the 171-room Hotel Adagio located in San Francisco, California for approximately $42.3 million. The Company funded the acquisition with a borrowing under its revolving credit facility. The Company has assumed the existing management agreement with Joie de Vivre Hospitality to continue operating the hotel as a full-service, upper-upscale boutique property.

Also on July 8, 2011, the Company closed on a $130.0 million three-year term loan. The loan is secured by the 360-room Le Meridien San Francisco located in San Francisco, California and the 368-room W Chicago – City Center located in Chicago, Illinois. The loan was provided by Wells Fargo Bank, N.A., and subject to certain conditions, provides for two one-year extensions. The loan bears interest equal to LIBOR, plus 3.65%, subject to a LIBOR floor of 1.00%. Contemporaneous with the closing of the term loan, the Company entered into an interest rate swap to effectively fix the interest rate at 4.65% per annum for the first two years, and an interest rate cap for the third year. Proceeds from the loan were used to prepay the Company’s previous $60.0 million term loan, repay outstanding borrowings under its revolving credit facility, and for general business purposes, including funding future acquisitions.

		PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142

2011 OUTLOOK

The Company is updating its 2011 outlook to reflect its recent acquisitions and financings, as well as additional invested capital expected to occur in the second half of 2011. The Company now estimates the following results for 2011:

NON-GAAP FINANCIAL MEASURES

The Company reports the following six non-GAAP financial measures that it believes are useful to investors as key measures of its operating performance: (1) FFO, (2) AFFO, (3) Corporate EBITDA, (4) Adjusted Corporate EBITDA, (5) Hotel EBITDA, and (6) Hotel EBITDA Margin. A reconciliation of these non-GAAP financial measures is included in the accompanying financial tables.

FFO – The Company calculates FFO in accordance with standards established by the National Association of Real Estate Investment Trusts (NAREIT), which defines FFO as net income (calculated in accordance with GAAP), excluding depreciation and amortization, gains (losses) from sales of real estate, the cumulative effect of changes in accounting principles, and adjustments for unconsolidated partnerships and joint ventures. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. By excluding the effect of depreciation and amortization and gains (losses) from sales of real estate, both of which

		PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142

are based on historical cost accounting and which may be of lesser significance in evaluating current performance, the Company believes that FFO provides investors a useful financial measure to evaluate the Company’s operating performance.

AFFO – The Company further adjusts FFO for certain additional recurring and non-recurring items that are not in NAREIT’s definition of FFO. Specifically, the Company adjusts for hotel acquisition costs and non-cash amortization of intangible assets. The Company believes that AFFO provides investors with another financial measure of its operating performance that provides for greater comparability of its core operating results between periods.

Corporate EBITDA – Corporate EBITDA is defined as net income before interest, income taxes, and depreciation and amortization. The Company believes that Corporate EBITDA provides investors a useful financial measure to evaluate the Company’s operating performance, excluding the impact of the Company’s capital structure (primarily interest expense) and the Company’s asset base (primarily depreciation and amortization).

Adjusted Corporate EBITDA – The Company further adjusts Corporate EBITDA for certain additional recurring and non-recurring items. Specifically, the Company adjusts for hotel acquisition costs and non-cash amortization of intangible assets. The Company believes that Adjusted Corporate EBITDA provides investors with another financial measure of its operating performance that provides for greater comparability of its core operating results between periods.

Hotel EBITDA – Hotel EBITDA is defined as total revenues less total hotel operating expenses. The Company believes that Hotel EBITDA provides investors a useful financial measure to evaluate the Company’s hotel operating performance.

		PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142

Hotel EBITDA Margin – Hotel EBITDA Margin is defined as Hotel EBITDA as a percentage of total revenues. The Company believes that Hotel EBITDA Margin provides investors another useful financial measure to evaluate the Company’s hotel operating performance.

CONFERENCE CALL

The Company will host a conference call on Wednesday, August 3, 2011 at 10:00 a.m. Eastern Time to discuss its financial results. Interested individuals are invited to listen to the call by dialing (877) 683-0303 (U.S./Canadian callers) or (706) 643-5037 (International callers). The conference call ID is 83463014. A simultaneous webcast of the call will be available on the Company’s website at www.chesapeakelodgingtrust.com. It is recommended that participants call or log on 10 minutes ahead of the scheduled start time to ensure proper connection.

A replay of the conference call will be available two hours after the live call until midnight on August 10, 2011. To access the replay, dial (855) 859-2056 (U.S./Canadian callers) or (404) 537-3406 (International callers). The conference call ID is 83463014. A webcast replay and transcript of the conference call will be archived and available on the Company’s website for 12 months.

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 and extended-stay hotels in urban settings or unique locations in the United States. The Company owns 10 hotels with an aggregate of 2,777 rooms in four states and the District of Columbia. Additional information can be found on the Company’s website at www.chesapeakelodgingtrust.com.

		PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142

Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “plan,” “predict,” “project,” “will,” “continue” and other similar terms and phrases, including references to assumptions and forecasts, such as the Company’s expectations regarding the future Hotel EBITDA of its existing hotels, the Company’s 2011 outlook, and the Company’s ability and time for committing its remaining investment capacity. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: our ability to complete acquisitions; our ability to continue to satisfy complex rules in order for us to remain a REIT for federal income tax purposes; and other risks and uncertainties associated with our business described in the Company’s filings with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of August 2, 2011, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations, except as required by law.

CHESAPEAKE LODGING TRUST

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

CHESAPEAKE LODGING TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(unaudited)

CHESAPEAKE LODGING TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

CHESAPEAKE LODGING TRUST

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in thousands, except per share data)

(unaudited)

The following table reconciles net income available to common shareholders to FFO and AFFO available to common shareholders for the three and six months ended June 30, 2011 and 2010:

The following table reconciles net income to Corporate EBITDA and Adjusted Corporate EBITDA for the three and six months ended June 30, 2011 and 2010:

The following table calculates for the five hotels owned for the full quarter and 10-hotel portfolio currently owned pro forma Hotel EBITDA and Hotel EBITDA Margin for the three months ended June 30, 2011 and 2010:

CHESAPEAKE LODGING TRUST

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in thousands, except per share data)

(unaudited)

The following table calculates forecasted Hotel EBITDA for the year ending December 31, 2011:

The following table reconciles forecasted net income available to common shareholders to FFO and AFFO available to common shareholders for the year ending December 31, 2011:

CHESAPEAKE LODGING TRUST

CURRENT HOTEL PORTFOLIO