Exhibit 99.1

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

CHESAPEAKE LODGING TRUST REPORTS STRONG

THIRD QUARTER RESULTS

ANNAPOLIS, MD, November 1, 2011 – Chesapeake Lodging Trust (NYSE:CHSP), a lodging real estate investment trust (REIT), reported today its financial results for the quarter ended September 30, 2011.

HIGHLIGHTS

CONSOLIDATED FINANCIAL RESULTS

The Trust’s consolidated financial results for the three months ended September 30, 2011 included the operating results of nine hotels for the full quarter and one hotel for part of the quarter, compared to the three months ended September 30, 2010, which included two hotels for

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

the full quarter and two hotels for part of the quarter. The Trust’s consolidated financial results for the nine months ended September 30, 2011 included the operating results of five hotels for the full period and five hotels for part of the period, compared to the nine months ended September 30, 2010, which included four 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

Management 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 basis, occupancy, ADR, RevPAR, Hotel EBITDA, and Hotel EBITDA Margin, the key operating metrics that management uses to assess the performance of its hotels. The key operating metrics include the hotel operating results of the Trust’s 10-hotel portfolio owned as of September 30, 2011 (in thousands, except pro forma ADR and pro forma RevPAR).

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

For the third quarter 2011, pro forma RevPAR for the Trust’s hotel portfolio increased 9.3% versus the same period in 2010. Pro forma occupancy increased by 2.1 percentage points to 86.5%, while pro forma ADR increased 6.6% to $184.26. Pro forma Hotel EBITDA increased 19% to $18.6 million versus the same period in 2010 and pro forma Hotel EBITDA Margin increased by 290 basis points to 35.8%.

“Our hotel portfolio continues to generate industry leading results in terms of both RevPAR growth and margin expansion,” said James L. Francis, Chesapeake Lodging Trust’s President and Chief Executive Officer. “Intense asset management continues to be a priority for us as we work with our hotel operators to drive higher ADRs and identify opportunities for cost savings. The trends for the remainder of 2011 and for 2012 appear strong.”

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

On June 30, 2011, the Trust entered into a definitive agreement to acquire a 122-room full-service hotel, currently under development, located in midtown Manhattan, New York, New York for $52.2 million. The Trust expects the acquisition to close before the end of the year and intends to fund the acquisition with a borrowing under its revolving credit facility.

BALANCE SHEET / LIQUIDITY

On July 8, 2011, the Trust 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 Trust 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 Trust’s previous $60.0 million term loan, repay outstanding borrowings under its revolving credit facility, and for general business purposes.

For the nine months ended September 30, 2011, the Trust generated $25.1 million of cash flows from operating activities, used $325.0 million in net investing activities, including $308.6 million

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

to acquire five hotels, and obtained $429.5 million from net financing activities, including $229.8 million from the March 2011 common equity offering and $220.0 million in net borrowings, offset by $16.5 million in dividend payments to common shareholders.

As of September 30, 2011, the Trust had $140.2 million of cash and cash equivalents. Total assets were $914.8 million, including $738.3 million of real estate, long-term debt was $363.3 million, and shareholders’ equity was $522.5 million.

DIVIDENDS

On July 15, 2011, the Trust paid a dividend of $0.20 per share to its common shareholders of record as of June 30, 2011. On September 19, 2011, the Trust declared a dividend in the amount of $0.20 per share payable to its common shareholders of record as of September 30, 2011. The dividend was paid on October 14, 2011.

POST-QUARTER ACTIVITY

On October 3, 2011, the Trust acquired the 613-room Denver Marriott City Center located in Denver, Colorado for approximately $119.0 million. The Trust funded the acquisition with available cash on hand and by borrowing under its revolving credit facility. The Trust also assumed the existing management agreement under which Marriott International, Inc. will continue to operate the hotel.

On October 14, 2011, the Trust amended its credit agreement providing for a new three-year secured revolving credit facility. The maximum amount that the Trust may borrow under the facility increased from $150.0 million to $200.0 million and provides for the possibility of further future increases, up to a maximum of $300.0 million, in accordance with certain terms. The amount that the Trust can borrow under the revolving credit facility is based on the value of

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

the Trust’s hotels included in the borrowing base, as defined in the credit agreement. The interest rate for borrowings under the new facility was reduced to LIBOR, plus 2.75% - 3.75% (the spread over LIBOR based on the Trust’s consolidated leverage ratio), as compared to LIBOR plus 3.75%, subject to a LIBOR floor of 2.00%, under the previous facility. The amended credit agreement contains standard financial covenants, including certain leverage ratios, coverage ratios, and a minimum tangible net worth requirement. Subject to certain conditions, the facility allows for a one-year extension. As of November 1, 2011, the Trust had $100 million of remaining borrowing capacity under the facility.

2011 OUTLOOK

The Trust is updating its 2011 outlook to reflect its recent acquisitions and financings. The Trust now estimates the following results for 2011:

NON-GAAP FINANCIAL MEASURES

The Trust 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.

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

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

AFFO – The Trust further adjusts FFO for certain additional recurring and non-recurring items that are not in NAREIT’s definition of FFO. Specifically, the Trust adjusts for hotel acquisition costs and non-cash amortization of intangible assets. The Trust 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 Trust believes that Corporate EBITDA provides investors a useful financial measure to evaluate the Trust’s operating performance, excluding the impact of the Trust’s capital structure (primarily interest expense) and the Trust’s asset base (primarily depreciation and amortization).

Adjusted Corporate EBITDA – The Trust further adjusts Corporate EBITDA for certain additional recurring and non-recurring items. Specifically, the Trust adjusts for hotel acquisition

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

costs and non-cash amortization of intangible assets. The Trust 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 Trust believes that Hotel EBITDA provides investors a useful financial measure to evaluate the Trust’s hotel operating performance.

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

CONFERENCE CALL

The Trust will host a conference call on Wednesday, November 2, 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 16739043. A simultaneous webcast of the call will be available on the Trust’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 November 9, 2011. To access the replay, dial (855) 859-2056 (U.S./Canadian callers) or (404) 537-3406 (International callers). The conference call ID is 16739043. A webcast replay and transcript of the conference call will be archived and available on the Trust’s website for 12 months.

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

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 Trust owns 11 hotels with an aggregate of 3,390 rooms in five states and the District of Columbia. Additional information can be found on the Trust’s website at www.chesapeakelodgingtrust.com.

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 Trust’s expectations regarding the future Hotel EBITDA of its existing hotels and the Trust’s 2011 outlook. 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 Trust’s filings with the SEC. Although the Trust 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 November 1, 2011, and the Trust undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Trust’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 nine months ended September 30, 2011 and 2010:

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

The following table calculates for the 10-hotel portfolio owned during the quarter pro forma Hotel EBITDA and Hotel EBITDA Margin for the three months ended September 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