Chesapeake Lodging Trust to Cancel 2019 Annual Meeting of Shareholders

Chesapeake Lodging Trust (NYSE:CHSP) today announced that its board of trustees has cancelled the Trust’s 2019 Annual Meeting of Shareholders previously scheduled for June 19, 2019.

On May 6, 2019, the Trust announced that it entered into a definitive merger agreement pursuant to which the Trust would merge with a subsidiary of Park Hotels & Resorts Inc. (NYSE:PK). The merger is subject to approval by the Trust’s shareholders and other customary closing conditions and is expected to close in late third quarter or early fourth quarter of 2019. The Trust expects that the current members of its board of trustees will continue as trustees until the completion of the merger. The Trust will publicly announce the date and time of the special shareholders’ meeting to vote upon the proposed merger once it is determined by the board of trustees.

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 20 hotels with an aggregate of 6,288 rooms in eight states and the District of Columbia. Additional information can be found on the Trust’s website at www.chesapeakelodgingtrust.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements regarding the potential transaction between Park and Chesapeake, including statements regarding the expected timetable for completing the potential transaction. These statements are often, but not always, made through the use of words or phrases such as “believe,” “expect,” “anticipate,” “should,” “plan,” “will,” “may,” “intend,” “estimate,” “aim,” “target,” “predict,” “project,” “seek,” “would,” “could,” “continue,” “possible,” “potential” and similar expressions. All such forward-looking statements are based on current expectations of Park’s and Chesapeake’s management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. Key factors that could cause actual results to differ materially from those projected in the forward-looking statements include the ability to obtain the requisite approval of Chesapeake’s shareholders; uncertainties as to the timing to consummate the potential transaction; the risk that a condition to closing the potential transaction may not be satisfied; the risk that regulatory approvals are not obtained or are obtained subject to conditions that are not anticipated by the parties; the effects of disruption to Park’s or Chesapeake’s respective businesses; the effect of this communication on Park’s or Chesapeake’s share prices; the effects of industry, market, economic, political or regulatory conditions outside of Park’s or Chesapeake’s control; transaction costs; Park’s ability to achieve the synergies and value creation contemplated by the potential transaction; Park’s ability to promptly, efficiently and effectively integrate acquired operations into its own operations; and the diversion of management time on transaction-related issues. Other factors are described in Park’s and Chesapeake’s respective filings with the SEC, including Park’s and Chesapeake’s most recent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Park and Chesapeake assume no obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.