Chesapeake Lodging Trust (CHSP) 8-K Regulation FD Disclosure

2011 Investor Presentation

November 14, 2011

Dallas, Texas

Exhibit 99.1

Disclaimer

1

We make forward-looking statements in this presentation that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of

our business, financial condition, liquidity, results of operations, plans and objectives. When we use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,”

“may” or similar expressions, we intend to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking by their nature: our business and

investment strategy, including our ability to identify suitable properties to acquire; our forecasted operating results; completion of any pending transactions; projected capital expenditures; our ability

to obtain adequate debt or equity financing to complete acquisitions and to maintain future financing arrangements; market trends in our industry, interest rates, real estate values, the debt securities

markets or the general economy; our expected leverage levels; our expectations regarding future distributions to shareholders; and our expectations for economic trends and recoveries, and the impact

of those on the lodging industry generally and the market segments in which we intend to operate, in particular.

The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. You should not place

undue reliance on these forward-looking statements. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. If a

change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. Additionally, the following factors

could cause actual results to vary from our forward-looking statements:

changes in our business or investment strategy;

availability to us, and the terms of, capital for use in our future growth;

our ability to reach agreement with prospective sellers and acquire additional hotel properties on favorable terms or at all;

the extent to which the general U.S. or international economy recovers, and the resultant effect on our industry and the market segments in which we operate;

the degree and nature of our competition;

availability of and our ability to retain qualified personnel;

our ability to maintain our qualification as a REIT;

general volatility of the capital markets and the market price of our common shares;

actions and initiatives of the U.S. government, changes to U.S. government policies and the execution and impact of these actions, initiatives and policies;

changes in interest rates; and

the other factors discussed in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 16, 2011, including those set forth under the sections titled “Risk

factors,”  and “Management’s discussion and analysis of financial condition and results of operations.”

Any forward-looking statement speaks only as of the date on which it is made. Except as required by law, we are not obligated to, and do not intend to, publicly update or revise any forward-looking

statements, whether as a result of new information, future events or otherwise.

This presentation contains statistics and other data that has been obtained or compiled from information made available by third-party service providers.

2

What Makes Us Different

Focused and disciplined acquisition strategy has built a portfolio with a significant

discount to replacement cost and strong current yields

Newly built or “like new”

hotels (renovated by previous owner) will drive upside

performance without meaningful execution risk

Additional growth from value-add, ROI projects in key hotels

Intense asset management with predominantly independent management

companies will continue to drive RevPAR gains and margin expansion

Well-located, urban portfolio will significantly outperform industry with EBITDA

concentration

in

the

strongest

U.S.

markets

and

very

limited

new

supply

on

the

horizon

Significant free cash flow from combination of strong balance sheet with modest

leverage and high-yielding assets translates into a stable and reliable dividend

Who We Are

3

Executive Team

James Francis –

Chief Executive Officer

Highland Hospitality

Barcelo Crestline / Crestline Capital

Host Hotels & Resorts

Marriott International

25 years of experience

Doug Vicari –

Chief Financial Officer

Highland Hospitality

Prime Hospitality

30 years of experience

Rick Adams –

Chief Investment Officer

Highland Hospitality

B.F. Saul Company

InterContinental Hotel Group

27 years of experience

Graham Wootten –

Chief Accounting

Officer

Highland Hospitality

PricewaterhouseCoopers

16 years of experience

Non-Executive Trustees

Thomas Natelli –

Non-Executive Chairman

Natelli Communities –

Chief Executive Officer

Former Highland Hospitality Director

Thomas Eckert –

Trustee

Chief Executive Officer –

Capital Automotive Real Estate Services

John Hill –

Trustee

Chief Executive Officer –

Federal City Council

Former Highland Hospitality Director

George McKenzie –

Trustee

Chief Executive Officer –

Washington Real Estate Investment Trust

Jeffrey Nuechterlein –

Trustee

Managing Partner –

Isis Capital

Experienced management team with almost 100

years of combined experience

Independent board with extensive real estate and

public company experience

What We’ve Done

4

Portfolio

Overview

–

Segmentation

&

Markets

Portfolio Overview –

Segmentation

6

Note:

Geographic,

brand

and

management

segmentation

based

on

room

count

and

include

CLT’s

prospective

acquisition

of

the

Holiday

Inn

Manhattan. 

Customer

segmentation

is

based

on

room

nights

sold

for

the

nine

months

ended

September

30,

2011

for

the

11

hotels

as

if

owned

for

the

full

period.

Portfolio Overview –

Top 15 Markets

7

Los Angeles

Seattle

San Francisco

San Diego

Denver

Chicago

DC

New York

Boston

Anaheim

Philadelphia

Orlando

Miami

New Orleans

CLT Top 15 Market

Other Top 15 Market

Note: Oahu Island, HI not shown.

Portfolio Overview –

Markets

Geographically diversified among the top producing markets in the country

Urban locations minimize supply risk and offer numerous demand generators

Gateway markets provide balanced customer mix of domestic and international

travelers, corporate business and convention and group business

Strategically located properties in the strongest performing and

most desirable

downtown areas in the top U.S. markets

8

Le Meridien San Francisco

Note:

Market segmentation based on room count and includes CLT’s prospective acquisition of the Holiday Inn Manhattan.

Portfolio Overview –

Top Performing Markets

CLT’s hotels are located in 10 of the top 15 MSAs and almost 50% of Hotel

EBITDA is generated from the top 5 markets

9

Source:

Smith

Travel

Research.

Trailing

12

month

RevPAR

as

of

September

30,

2011.

2011

pro

forma

hotel

EBITDA

for

12

hotels

as

if

owned

for

the

full

year

and

includes

CLT’s

prospective

acquisition

of

the

Holiday

Inn

Manhattan.

2011

pro

forma

hotel

EBITDA

includes

actual

results

for

the

nine

months

ended

September

30,

2011

and

forecasted

results

for

the

three

months

ending

December

31,

2011.

Portfolio Overview –

New Supply

For

the

majority

of

CLT’s

markets

the

pipeline

of

hotel

rooms

under

construction

or

in

the

final

planning

stages

remains

well

below

the

long-term

supply

growth

average

10

Source: Smith Travel Research.

“Under

construction”

is

defined

as

projects

that

have

broken

ground

or

are

in

the

process

of

finalizing

a

bid

from

a

general

contractor.

“Final

planning

stages”

is

defined

as

projects

that

are

four

months

from

ground

breaking

or

going

out

to

bid.

Portfolio Overview –

Downtown vs. MSA RevPAR

CLT’s

assets

are

located

in

the

downtown

and

central

business

district

tracts

of

the

major

MSAs

and

in

each

case

the

downtown

tract

outperforms

the

overall

market

11

Source:

Smith

Travel

Research.

Trailing

12

month

RevPAR

as

of

September

30,

2011.

Portfolio Overview –

Asset Quality

Portfolio Overview –

Asset Quality

CLT’s assets are new construction or have

already been renovated to “like new”

product

Superior quality, well-maintained assets

limit downside risk

Substantial prior owner capital investment

positions assets for growth and eliminates

execution risk

20% of the portfolio is ground up

construction completed within the last five

years

13

W Chicago City Center

Hotel Indigo San Diego Gaslamp Quarter

Portfolio Overview –

Asset Quality

14

81% of CLT’s portfolio is new or recently renovated “like new”

prior to acquisition

Hyatt Regency Boston

Le Meridien San Francisco

W Chicago City Center

Boston Marriott Newton

Denver Marriott City Center

Le Meridien San Francisco

Homewood Suites Seattle

Hilton Checkers Los Angeles

Courtyard Anaheim at Disneyland Resort

Hotel Indigo San Diego Gaslamp Quarter

Courtyard Washington Capitol Hill /Navy Yard

Holiday Inn Manhattan

Portfolio Overview –

Prior Owner Invested Capital

CLT’s portfolio benefits from recent capital investment and renovations completed by

previous owners, providing attractive upside with minimal near term capital needs and

operational disruption

15

Property

Prior Owner

Invested Capital

(Millions)

Scope

Completion

W Chicago City Center

$30.8

Guestrooms and 4 pipe HVAC system, lobby,

restaurant, lounge, meeting space and public

spaces

2010

Boston Marriott Newton

22.0

Guestrooms and 4 pipe HVAC system, lobby,

restaurant, lounge, meeting space and exterior

2010

Denver Marriott City Center

13.7

Guestrooms, meeting space and public space

2010

Le Meridien San Francisco

9.9

Guestrooms, lobby and lounge

2009

Homewood Suites Seattle

Convention Center

9.2

Conversion to Homewood Suites brand,

guestrooms and public space

2008

Hilton Checkers Los Angeles

4.0

Guestrooms, meeting space, public space,

restaurant and lounge

2009

Total

$89.6

$41,600/Key of Prior Owner Invested Capital

Value-Add Capital Projects

16

Several

projects

have

been

identified

throughout

the

portfolio

to

drive

incremental

growth

and

continued

outperformance

of

the

industry

Portfolio Overview –

Peer Comparison

Portfolio Overview –

Peer Comparison

18

Courtyard Washington Capitol Hill / Navy Yard

Source:

R.W.

Baird

Research.

HST

and

BEE

include

non-U.S.

hotels.

CLT

Portfolio

occupancy

is

pro

forma

for

12

hotels

as

if

owned

for

the

full

year

including

projected

first

year

results

for

the

Holiday

Inn

Manhattan.

CLT

Full

Service

occupancy

is

pro

forma

for

the

nine

full

service

hotels

as

if

owned

for

the

full

year

including

projected

first

year

results

for

the

Holiday

Inn

Manhattan.

CLT

2011

pro

forma

occupancy

includes

actual

results

for

the

nine

months

ended

September

30,

2011

and

forecasted

results

for

the

three

months

ending

December

31,

2011.

PEB

2011

occupancy

was

provided

in

it’s

2011

Institutional

Investor

and

Analyst

Meeting

presentation.

Portfolio Overview –

Peer Comparison

19

Source:

R.W.

Baird

Research.

HST

and

BEE

include

non-U.S.

hotels.

CLT

Portfolio

ADR

is

pro

forma

for

12

hotels

as

if

owned

for

the

full

year

including

projected

first

year

results

for

the

Holiday

Inn

Manhattan.

CLT

Full

Service

ADR

is

pro

forma

for

the

nine

full

service

hotels

as

if

owned

for

the

full

year

including

projected

first

year

results

for

the

Holiday

Inn

Manhattan.

CLT

2011

pro

forma

ADR

includes

actual

results

for

the

nine

months

ended

September

30,

2011

and

forecasted

results

for

the

three

months

ending

December

31,

2011.

PEB

2011

ADR

was

provided

in

it’s

2011

Institutional

Investor

and

Analyst

Meeting

presentation.

Hilton Checkers Los Angeles

Portfolio Overview –

Peer Comparison

20

Le

Meridien

San

Francisco

W Chicago City Center

Source:

R.W.

Baird

Research.

HST

and

BEE

include

non-U.S.

hotels.

CLT

Portfolio

RevPAR

is

pro

forma

for

12

hotels

as

if

owned

for

the

full

year

including

projected

first

year

results

for

the

Holiday

Inn

Manhattan.

CLT

Full

Service

RevPAR

is

pro

forma

for

the

nine

full

service

hotels

as

if

owned

for

the

full

year

including

projected

first

year

results

for

the

Holiday

Inn

Manhattan.

CLT

2011

pro

forma

RevPAR

includes

actual

results

for

the

nine

months

ended

September

30,

2011

and

forecasted

results

for

the

three

months

ending

December

31,

2011.

PEB

2011

RevPAR

was

provided

in

it’s

2011

Institutional

Investor

and

Analyst

Meeting

presentation.

Portfolio Overview –

Peer Comparison

21

Source:

Company press releases and SEC filings.

CLT Portfolio RevPAR change is pro forma for 11 hotels as if owned for the nine months ended September 30, 2011 and 2010.

CLT Full Service RevPAR is pro forma for the eight full service hotels as if owned for the nine months ended September 30, 2011 and 2010.

Hotel Adagio

Portfolio Overview –

Peer Comparison

22

Source:

Company

press

releases

and

SEC

filings.

CLT

Portfolio

rooms

profit

margin

is

pro

forma

for

11

hotels

as

if

owned

for

the

nine

months

ended

September

30,

2011

and

2010.

CLT

Full

Service

rooms

profit

margin

is

pro

forma

for

the

eight

full

service

hotels

as

if

owned

for

the

nine

months

ended

September

30,

2011

and

2010.

Rooms

profit

margin

is

calculated

as

rooms

revenue

less

rooms

expense

divided

by

rooms

revenue.

Hotel Indigo San Diego Gaslamp Quarter

Portfolio Overview –

Peer Comparison

23

Homewood

Suites

Seattle

Convention

Center

Source:

R.W. Baird Research.  HST and BEE include non-U.S. hotels.

CLT Portfolio hotel EBITDA margin is pro forma for 12 hotels as if owned for the full year including projected first year results for the Holiday Inn Manhattan.

CLT Full Service hotel EBITDA margin is pro forma for the nine full service hotels as if owned for the full year including projected first year results for the

Holiday Inn Manhattan.

CLT

2011

pro

forma

hotel

EBITDA

margin

includes

actual

results

for

the

nine

months

ended

September

30,

2011

and

forecasted

results

for

the

three

months ending December 31, 2011.

PEB

2011

hotel

EBITDA

margin

was

provided

in

it’s

2011

Institutional

Investor

and

Analyst

Meeting

presentation.

Portfolio Overview –

Peer Comparison

24

Denver Marriott City Center

Source:

Company

press

releases

and

SEC

filings.

CLT

Portfolio

hotel

EBITDA

margin

change

is

pro

forma

for

11

hotels

as

if

owned

for

the

nine

months

ended

September

30,

2011

and

2010.

CLT

Full

Service

hotel

EBITDA

margin

change

is

pro

forma

for

the

eight

full

service

hotels

as

if

owned

for

the

nine

months

ended

September

30,

2011 and 2010.

Portfolio Overview –

Peer Comparison

25

Hotel Adagio

Boston

Marriott

Newton

Source:

R.W.

Baird

Research.

HST

and

BEE

include

non-US

hotels.

CLT

Portfolio

hotel

EBITDA/room

is

pro

forma

for

12

hotels

as

if

owned

for

the

full

year

including

projected

first

year

results

for

the

Holiday

Inn

Manhattan.

CLT

Full

Service

hotel

EBITDA/room

is

pro

forma

for

the

nine

full

service

hotels

as

if

owned

for

the

full

year

including

projected

first

year

results

for

the

Holiday

Inn

Manhattan.

CLT

2011

pro

forma

hotel

EBITDA/room

includes

actual

results

for

the

nine

months

ended

September

30,

2011

and

forecasted

results

for

the

three

months

ending

December

31,

2011.

PEB

2011

hotel

EBITDA/room

was

provided

in

it’s

2011

Institutional

Investor

and

Analyst

Meeting

presentation.

Portfolio Overview –

Summary

26

(1)

Prospective

acquisition

is

expected

to

occur

in

the

fourth

quarter

of

2011.

2011

Pro

Forma

EBITDA

Yield

is

based

on

projected

first

year

EBITDA.

(2)

Estimated

replacement

cost

of

the

portfolio

is

$350,000

-

$370,000

per

key.

Price

Price Per Key

2011 Pro Forma

Hotel

Location

Interest

Rooms

(Millions)

(Thousands)

EBITDA Yield

Hyatt Regency Boston

Boston, MA

Fee Simple

498

$112.0

$225.0

11.2%

Hilton Checkers Los Angeles

Los Angeles, CA

Fee Simple

188

46.0

245.0

8.6%

Boston Marriott Newton

Newton, MA

Fee Simple

430

77.3

180.0

9.6%

Courtyard Anaheim at Disneyland Resort

Anaheim, CA

Fee Simple

153

25.0

163.0

9.5%

Le Meridien San Francisco

San Francisco, CA

Fee Simple

360

143.0

397.0

7.1%

Homewood Suites Seattle Convention Center

Seattle, WA

Fee Simple

195

53.0

272.0

8.0%

W Chicago City Center

Chicago, IL

Fee Simple

368

128.8

350.0

7.3%

Hotel Indigo San Diego Gaslamp Quarter

San Diego, CA

Fee Simple

210

55.5

264.0

5.5%

Courtyard Washington Capitol Hill / Navy Yard

Washington, DC

Fee Simple

204

68.0

333.0

7.4%

Hotel Adagio

San Francisco, CA

Fee Simple

171

42.3

247.0

6.9%

Denver Marriott City Center

Denver, CO

Fee Simple/Ground Lease

613

119.0

194.0

8.9%

Holiday Inn Manhattan

(1)

New York, NY

Fee Simple

122

52.2

428.0

7.3%

Portfolio

(2)

3,512

$922.0

$262.5

8.2%

Portfolio Overview –

Pro Forma Operating Results

(1)

27

(1)

2011 pro forma results are for the 12 hotel portfolio as if CLT owned for the entire period including projected first year results for the Holiday Inn Manhattan.

CLT

2011

pro

forma

includes

actual

results

for

the

nine

months

ended

September

30,

2011

and

forecasted

results

for

the

three

months

ending

December

31,

2011.

2011

Occupancy

77.9%

ADR

$177.27

RevPAR

$138.11

Total Revenue

$235.0

Hotel EBITDA

$75.5

Hotel EBITDA Margin

32.1%

Denver Marriott City Center

Asset

Management

&

Property

Review

Asset Management Team

Rick Adams

27 years of hospitality operations,

development, asset management and

acquisitions experience

Senior Vice President and Head of Asset

Management, Highland Hospitality

Vice President of Regional Operations

and Development Officer, B.F. Saul

Company

InterContinental Hotel Group, various

operations and franchise development

experience

Steve Loeper

Strategic alliance with well-respected

project management firm

25 years of construction management

experience

Senior Vice President, Universal

Construction Services

Senior Vice President, JT Callahan &

Sons

29

Wendy Heineke

25 years of hospitality operations and asset

management experience

Vice President, Crescent Hotels & Resorts

Managing Director, Ocean Park Hotels

Vice President, Merritt Hospitality

Vice President, Stonebridge Companies

Regional Director, Sunstone Hotel Properties

Nick Jette

9 years of hospitality operations and

analytical experience

Analyst, LaSalle Hotel Properties

Analyst, Waterford Hotel Group

Property level experience at several hotels

Over 85 years of 

comprehensive hospitality

asset management

experience

Asset Management Portfolio Opportunities

30

Insurance

Currently, CLT’s portfolio relies on individual management

companies to procure property insurance

Exploring opportunities and cost savings under a corporate

insurance program

Food & Beverage

Focus on increasing high profit catering and beverage income

and right-sizing the food outlet operations

Negotiating a national audio visual contract to obtain more

profitable terms and provide guests with additional options,

driving revenue throughout the portfolio

Re-engineer menus and purchasing programs to increase

revenue and improve profitability

Energy

Identify ROI projects and replace inefficient older equipment

Implement conservation programs

Revenue Management

Apply new revenue management systems at properties under

new management

Strong focus on rate growth at newer hotels that have not

stabilized

Optimize web visibility and drive online reservations through

each hotel’s website

Le Meridien San Francisco

Energy Case Study –

Hyatt Regency Boston

31

The only 2011 Energy Star certified building in downtown Boston,

the hotel uses 35% less energy and generates 35% fewer

greenhouse gas emissions than similar buildings across the

country

Hotel has reduced its electricity usage by 42% since it began the

initiative which includes the following energy cost saving

measures:

Converted over 95% of all lighting to energy efficient fluorescent and

LED lighting

Installed motion detector light switches in all hotel storage spaces

and offices

Added passive infrared, motion detector thermostats in all guest

rooms, controlling room temperature based on occupancy and guest

preference

Installed CO

2

sensors to optimize the amount of outside air used in

the building and bring in fresh air when needed, taking advantage of

free cooling for much of the year

Improved and replaced heating and cooling systems by purchasing an

energy-saving chilled water plant and installing energy efficient

motors and variable speed drives throughout the hotel

Programmed all mechanical equipment to operate on time schedules

Rooftop exhaust fans controlled by an energy management system

Changed heating system to plate and frame 2-pipe heat exchanger to

limit electric heat

Added variable frequency drives to the domestic water pump station

Hyatt Regency Boston

Energy Case Study –

Hyatt Regency Boston

32

Rooftop

exhaust

fans

controlled

by

energy

management

system

Annual

Savings:

$1,500

Guestroom energy management

system linked to front desk PMS &

automated check-in/checkout controls

Annual Savings: $33,000

Guestroom & corridor CFLs

Annual Savings: $6,500

Kitchen

exhaust

hood

ventilation

controls

Annual

Savings:

$11,400

Chilled

water

plant

variable

drives

Annual Savings: $56,800

Domestic water pump variable drives

Annual Savings: $8,800

Plate

&

frame

2-pipe

heating

system

Annual Savings: $31,400

LED exit signs

Annual Savings: $4,300

New light fixtures with

electronic ballast

Annual Savings: $19,600

Energy

efficient

motors

&

controls

Annual Savings: $41,600

Energy management &

efficiency savings

Annual Savings: $40,500

Mechanical equipment VAV

boxes & air handling units VFD

Annual Savings: $61,800

CO

2

sensors

on

air

handling

units

to control outside air

Annual Savings: $53,600

$413,300 Total Annual Savings

High efficiency cooling tower

Annual Savings: $42,500

Hyatt Regency Boston –

Investment Highlights

•

Upper-upscale,

full-service

hotel

centrally

located

in

downtown

Boston

featuring

newly

renovated

meeting

space

•

Well

located

within

the

financial

district

and

close

to

multiple

tourist

destinations

and

located

between

the

city’s

two

convention

centers

•

Attractive

acquisition

price

significantly

below

replacement

cost

providing

outstanding

returns

with

cash

flow

well

below

peak

2007

levels

33

Key Count

498 rooms

Meeting Space

19,500 SF

Opening Date

1985

Acquisition Date

3/18/2010

Manager

Hyatt

Price

$112.0MM

Price Per Key

$225,000

Hyatt Regency Boston –

2011 Overview

34

Pro Forma

2011

PY Chg.

Occupancy

83%

0.3%

ADR

$184

+5.8%

RevPAR

$153

+6.1%

Total Revenue

$36.8MM

+3.8%

Hotel EBITDA

$12.5MM

+12.1%

Hotel EBITDA Margin

34.1%

+250 bps

•

Cost restructuring has resulted in strong flow through

and EBITDA margin improvements of 250 bps for

year-end projected margin of 34.1%

•

Decreased rooms department payroll costs by

$100,000 by right-sizing staff and job sharing with

other Hyatt properties; departmental profit is now

approximately 80%

•

Re-engineered catering and outlet menus and

redeployed F&B staffing guidelines producing year-

to-date revenue improvements of $3.14 POR and

department profit improvement of 1,297 bps

•

Achieved Energy Star label by saving 42% on energy

costs

Hyatt Regency Boston –

Outlook

35

•

Will increase key count from 498 to 502

•

Definite

2012

group

room

nights

are

up

38%

versus

same

time

last

year

with

ADR

up

6.5%

•

An

anticipated

near

record

convention

year

with

favorable

supply

outlook

will

produce

exceptional

compression

opportunities

for

transient

rate

growth

•

Transformational

renovation

of

the

hotel’s

lobby

and

expansion

of

the

lounge

will

support

premium

rate

positioning

and

drive

incremental

and

highly

profitable

beverage

business

•

New

base

contract

provides

off-peak

stability

and

more

aggressive

revenue

management

strategies

on

forecasted

peak

dates

Hilton Checkers Los Angeles –

Investment Highlights

•

Four-Diamond,

deluxe

European-styled

boutique

property

and

the

only

Hilton

branded

product

in

downtown

Los

Angeles

•

Outstanding

location

in

the

heart

of

the

financial

district

and

in

close

proximity

to

numerous

corporate

demand

generators

and

tourist

attractions

•

Complete

$4MM

renovation

by

prior

owner

in

2009

to

“like

new”

quality

•

Concurrent

with

closing,

inserted

CLT’s

preferred

third-party

manager

with

flexible

contract

terms

36

Key Count

188 rooms

Meeting Space

3,900 SF

Opening Date

1927

Acquisition

Date

6/1/2010

Manager

Crestline

Hotels &

Resorts

Price

$46.0MM

Price Per Key

$245,000

Hilton Checkers Los Angeles –

2011 Overview

37

Pro Forma

2011

PY Chg.

Occupancy

83%

+3.7%

ADR

$189

+5.8%

RevPAR

$156

+9.8%

Total Revenue

$13.7MM

+7.9%

Hotel EBITDA

$4.0MM

+22.8%

Hotel EBITDA Margin

28.9%

+350 bps

•

Second quarter cost restructuring has resulted in

strong flow through and EBITDA margin

improvements of 350 bps for year-end projected

margin of 28.9%

•

Rooms department profit margin has grown above

78% by reorganizing staffing guidelines, increasing

labor productivity standards, resourcing supplies and

amenities purveyors and re-bidding laundry

outsourcing contract

•

F&B department profit margin up 913 bps due to new

menu deployment and staffing efficiency guidelines

•

15% increase in high-rated corporate negotiated

room nights as lower priced segments were replaced

Hilton Checkers Los Angeles –

Outlook

38

•

Will increase key count from 188 to 190

•

Studying the potential of relocating the rooftop exercise room and locker facilities to create

additional high profit catering space with stunning city views

•

2012 is projected to be a very strong year for convention citywides with the CVB anticipating

demand for over 300,000 room nights, a 20% increase over 2011 and the highest level in 10

years

Courtyard Anaheim at Disneyland Resort –

Investor Highlights

New construction with 153 contemporary rooms, upgraded public spaces including display

kitchen and expanded bar that opens to a large pool deck

Premium location, just 1-block from the largest convention center on the West coast and 4

blocks from Disneyland Resort

Smart design features including 18, 650 SF Kid’s Suites built with separate bunk-bedded kids

room 

39

Key Count

153 rooms

Meeting Space

860 SF

Opening Date

2006

Acquisition Date

7/30/2010

Manager

Evolution Hospitality

Price

$25.0MM

Price Per Key

$163,000

Courtyard Anaheim at Disneyland Resort –

2011 Overview

40

Pro Forma

2011

PY Chg.

Occupancy

79%

+0.6%

ADR

$119

+6.3%

RevPAR

$93

+6.9%

Total Revenue

$6.1MM

+7.3%

Hotel EBITDA

$2.4MM

+1.5%

Hotel EBITDA Margin

39.2%

(230 bps)

•

Stable and consistent performer following

acquisition with the hotel’s senior management in

place since opening

•

Capitalizing on its excellent location and strong

brand affiliation, the property consistently runs a

RevPAR premium to its competitors

•

Excluding prior year utility expense credit from

periods of prior ownership, EBITDA margin would

have improved over last year

Courtyard Anaheim at Disneyland Resort –

Outlook

41

•

The modified lobby refresh will be completed in the third quarter of 2012 with a sensitivity to

the high volume, high profit breakfast demand created by the large concentration of family and

conventioneer travelers

•

Analyzing the opportunity to convert the underutilized existing meeting space to enhance the

family experience, i.e., kids-themed dining room or expanded game room

•

Continued focus on many smaller cost management initiatives that

will improve what is

currently a strong House Profit margin to above 50%

Boston Marriott Newton –

Investment Highlights

•

Fully repositioned upper-upscale property including a new 6,000 SF junior ballroom

•

Market leading asset within the Route 128 Tech Corridor

•

Convenient to multiple corporate demand generators, numerous colleges and

universities and Logan International Airport

•

Prior owner completed an extensive $22MM renovation of the property

42

Key Count

430 rooms

Meeting Space

20,000 SF

Opening Date

1969

Acquisition Date

7/30/2010

Manager

TPG Hospitality

Price

$77.3MM

Price Per Key

$180,000

Boston Marriott Newton –

2011 Overview

43

Pro Forma

2011

PY Chg.

Occupancy

72%

+3.6%

ADR

$144

+7.0%

RevPAR

$104

+10.9%

Total Revenue

$28.2MM

+7.5%

Hotel EBITDA

$7.4MM

+22.5%

Hotel EBITDA Margin

26.3%

+320 bps

•

Repositioning efforts producing strong results;

September year-to-date STR data reflects hotel is #1

in the comp set in year-over-year change and has a

RevPAR growth premium of 770 bps

•

Restructured management positions and front desk

staffing operations

•

F&B department cost focus has resulted in a

departmental margin improvement of 180 bps and

margin of 40%

•

Improved energy efficiency and reduced

maintenance cost by upgrading existing chiller

Boston Marriott Newton –

Outlook

44

•

Key

property

level

executive

team

members

were

replaced

in

the

fourth

quarter

of

2011;

new

team

focused

on

aggressive

revenue

management

and

pricing

strategies,

along

with

full

implementation

of

cost

efficiencies

•

Sales

team

continues

focus

to

drive

corporate

rooms

and

local

catering

trial

of

the

newly

repositioned

Marriott

product

•

Exceptionally

strong

Boston

citywide

calendar

is

anticipated

to

drive

compression

opportunities

•

Food

&

Beverage

revenues

will

continue

to

benefit

from

increased

sales

effort

to

expand

social

catering

business

in

the

newly

renovated

meeting

venues

Boston Marriott Newton –

Renovation

45

•

Extensive $22MM renovation completed in 2010 including guestrooms and bathrooms, conversion to

a 4-pipe HVAC system, redesigned lounge and restaurant, Starbucks, meeting space, exterior work

and Marriott Greatroom lobby concept

•

Prior ownership funded the completion of renovation, providing CLT with a newly renovated hotel

•

Dramatic improvement in all areas of the hotel allows property to reclaim market share and rate

premium that eroded during renovation and years of tired and dated product

Boston Marriott Newton –

Renovation

46

BEFORE

AFTER

Le Meridien San Francisco –

Investment Highlights

•

Full-service,

luxury

hotel

located

in

the

heart

of

San

Francisco’s

financial

district

and

an

anchor

of

the

4.8MM

SF

Embarcadero

Center

•

Featuring

a

contemporary

European

style

and

some

of

the

largest

guestrooms

in

the

city

at

an

average

of

454

SF

•

Franchise

agreement

provides

strong

Starwood

brand

and

loyalty

program

affiliation

while

allowing

for

flexible

management

by

a

third-party

operator

•

Dynamic

4.5

star

positioning

with

a

nimble

brand

and

outstanding

location

allows

hotel

to

effectively

compete

for

high-rated

corporate

business

mid-week

and

premium

leisure

customers

during

the

weekend

47

Key Count

360 rooms

Meeting Space

13,110 SF

Opening Date

1989

Acquisition Date

12/15/2010

Manager

HEI Hotels &

Resorts

Price

$143.0MM

Price Per Key

$397,000

Le Meridien San Francisco –

2011 Overview

48

Pro Forma

2011

PY Chg.

Occupancy

89%

+2.5%

ADR

$225

+14.4%

RevPAR

$200

+17.3%

Total Revenue

$33.1MM

+15.7%

Hotel EBITDA

$10.2MM

+56.5%

Hotel EBITDA Margin

30.8%

+800 bps

•

Cost restructuring has resulted in exceptional profit flow through of

approximately 70% of incremental revenue

•

Improved rooms labor productivity standards resulted in a departmental profit

improvement of 280 bps

•

Substantial reorganization of the F&B department, including overhead,

productivity standards and a new menu has resulted in a 734 bps department

profit improvement

•

Aggressive sales effort increased corporate negotiated business from 28% to

30% of occupied rooms, leveraging strong demand at a rate approximately $45

above the hotel’s ADR

•

Secured the Wharton Executive MBA weekend program contract allowing for

more aggressive shoulder revenue management pricing strategies

Le Meridien San Francisco –

Outlook

49

•

Upgrade the hotel’s group and catering experience with a soft goods refurbishment

throughout the meeting and prefunction spaces and a soft goods upgrade in restaurant

•

Expand the lobby bar to take advantage of the very strong financial district happy hour

business

•

San Francisco has the most favorable supply outlook in the U.S.

Homewood Suites Seattle –

Investment Highlights

•

Urban high-rise, extended-stay property with

upscale décor converted to the Homewood

Suites brand in 2008 following a $9.2MM full 

renovation

•

Suites average 550 SF with separate living,

cooking and sleeping areas and the property

includes a 120 space parking garage and 5,000 SF

of street level retail space

•

Located next to the Washington State

Convention Center in the trendy Capitol Hill

District and a short walk to the waterfront and

financial district

50

Key Count

195 rooms

Meeting Space

240 SF

Opening Date

1990

Acquisition Date

5/2/2011

Manager

Evolution Hospitality

Price

$53.0MM

Price Per Key

$272,000

Homewood Suites Seattle –

2011 Overview

51

Pro Forma

2011

PY Chg.

Occupancy

77%

+2.6%

ADR

$148

+2.7%

RevPAR

$115

+5.4%

Total Revenue

$8.8MM

+5.1%

Hotel EBITDA

$4.2MM

+6.2%

Hotel EBITDA Margin

48.1%

+50 bps

•

Seller’s CMBS lender issues delayed closing of

transaction by more than six months, creating

operational challenges

•

Concurrent with closing, management

transitioned to CLT’s preferred third-party

operator with full executive team replacement

•

Immediate revenue management strategies

deployed, replacing low rated theater business

with higher rated transient and extended stay

business and implementing an effective e-

commerce strategy

Homewood Suites Seattle –

Outlook

52

•

Full year of new management company’s revenue and cost management best

practices

•

Will recapture market share that was lost during the management transition

•

Generate additional cash flow by securing a permanent tenant for

the 5,000 SF of

street level retail space

•

Restructure parking operation

W Chicago City Center –

Investment Highlights

•

Luxury, full-service hotel and irreplaceable historic building, the property features original

1928 Beaux-Arts architecture and 368 modern guestrooms

•

“Like new”

condition following a $30.8MM renovation completed in 2010 by Starwood

incorporating a comprehensive redesign of the guestrooms, meeting space and public

areas

•

Outstanding location in the heart of the central financial district within the West Loop, the

W is surrounded by corporate demand generators including the Chicago Board of Trade,

Willis Tower, Federal Reserve of Chicago and numerous financial services companies

53

Key Count

368 rooms

Meeting Space

12,000 SF

Opening Date

1928

Acquisition Date

5/10/2011

Manager

Starwood Hotels

and Resorts

Price

$128.8MM

Price Per Key

$350,000

W Chicago City Center –

2011 Overview

54

Pro Forma

2011

PY Chg.

Occupancy

78%

+6.1%

ADR

$228

+4.2%

RevPAR

$178

+10.6%

Total Revenue

$32.5MM

+8.6%

Hotel EBITDA

$9.4MM

+17.3%

Hotel EBITDA Margin

28.8%

+210 bps

•

Top RevPAR position in the competitive set

•

Increased corporate negotiated account room nights

by over 20%, this high-rated business type represents

over 40% of the W’s total occupied rooms

•

Negotiated shared services agreement with Starwood

and reduced labor expenses by splitting positions

•

F&B sales up year-to-date $3.72 POR from re-

concepting of the restaurant and lounge; department

margin is up 297 bps

W Chicago City Center –

Outlook

55

•

Top two floors of hotel were left undeveloped by prior ownership; planning is underway to

create 35 guestrooms and suites

•

Strong convention calendar with over 1.1MM definite room nights on the books will create

compression opportunities for transient rate growth

•

Group revenue pace for 2012 is up 55%; the traditionally slow first quarter is particularly strong

with group revenue up 154%

•

Continue performance improvement following the 2010 complete repositioning and

reintroduction to the marketplace

•

Favorable supply outlook for the city and the central business district

Hotel Indigo San Diego Gaslamp Quarter –

Investment Highlights

•

New construction, full-service boutique

branded hotel located in the vibrant Gaslamp

Quarter

•

Built as the flagship, showcase hotel for the

Indigo brand, featuring 210 “overdesigned”

large guestrooms with considerable upgrades

acquired at a significant discount to

development cost

•

San Diego’s only LEED certified hotel

56

Key Count

210 rooms

Meeting Space

1,450 SF

Opening Date

2009

Acquisition Date

6/17/2011

Manager

InterContinental Hotels Group

Price

$55.5MM

Price Per Key

$264,000

Hotel Indigo San Diego Gaslamp Quarter –

2011 Overview

57

Pro Forma

2011

PY Chg.

Occupancy

72%

+3.2%

ADR

$144

+12.5%

RevPAR

$103

+16.2%

Total Revenue

$9.6MM

+16.1%

Hotel EBITDA

$3.0MM

+16.8%

Hotel EBITDA Margin

31.7%

+20 bps

•

The hotel continues to gain market share following its

2009 opening; trailing 12 month RevPAR STR index is

up 1,230 bps from the prior period

•

Greater participation in convention room blocks

allowed the hotel to almost double the number of

group room nights

•

Renegotiated revenue split with parking manager to

substantially increase revenue with no additional

associated cost

Hotel Indigo San Diego Gaslamp Quarter

–

Outlook

58

•

Implementing

cost

saving

initiatives

like

employee

cross

training

between

departments,

reducing

in-room

amenities

and

frequent

F&B

inventory

audits

•

Permanent

bar

structure

to

be

built

on

the

roof

top

patio

•

Prior

ownership

entered

into

low-rated

rooms

contracts

which

will

expire

in

2012

allowing

for

replacement

with

higher-rated

business

•

Continued

focus

on

rate

growth

as

the

property

continues

to

ramp

and

benefits

from

an

improved

convention

calendar

Courtyard Washington Capitol Hill/Navy Yard –

Investment Highlights

•

New construction, urban high-rise property built as part of a mixed use development in

downtown Southeast Washington, DC

•

Located 1-block from the Navy Yard Metro stop, a few minutes walk to the U.S. Capitol,

and adjacent to the Nationals Baseball Stadium, in the emerging Capitol Riverfront

District

•

Surrounded by 6.4MM SF of office space including the Department of Transportation

and the administrative and ceremonial center of the U.S. Navy;  an additional $6.0

billion of development is planned for the Capitol Riverfront District

•

Strong government demand provides a solid transient base mid-week with weekend

demand generated by Stadium events and DC’s tourist attractions

59

Key Count

204 rooms

Meeting Space

2,215 SF

Opening Date

2006

Acquisition Date

6/30/2011

Manager

Crestline Hotels

& Resorts

Price

$68.0MM

Price Per Key

$333,000

Courtyard Washington Capitol Hill Navy Yard –

2011 Overview

60

Pro Forma

2011

PY Chg.

Occupancy

78%

(1.1%)

ADR

$183

(2.2%)

RevPAR

$144

(3.3%)

Total Revenue

$12.3MM

(2.8%)

Hotel EBITDA

$5.1MM

(2.8%)

Hotel EBITDA Margin

41.2%

0 bps

•

Seller’s CMBS lender issues delayed closing of

transaction by almost 5 months, creating operational

challenges

•

Concurrent with closing, management transitioned to 

CLT’s preferred third-party operator with full

executive team replacement

•

Revenue management function brought in-house

after termination of Marriott agreement, yielding

significant RevPAR market penetration improvement

and cost savings

•

Restructured property management team resulting in

annualized savings of $200,000

Courtyard Washington Capitol Hill Navy Yard –

Outlook

61

•

2012 Government Per Diem rate increases 5% over prior year to $201.50; providing a

solid base for the market and driving aggressive revenue management strategies

•

Full year of new management company’s revenue and cost management expertise

gained through operation of eight hotels with over 1,700 rooms in the District in the

past two years

•

The Courtyard by Marriott Refreshing Business lobby concept will

be complete in 2012

•

The hotel’s lounge operation will be expanded to drive high profit beverage revenues

Hotel Adagio –

Investment Highlights

•

Full-service, independent boutique hotel in historic 1920’s building located in Union

Square

•

171 large guestrooms averaging over 400 SF, with an attractive room mix including 54

suites

•

Included with the hotel is the adjacent 0.145 acre parking lot with 42 high demand

spaces

•

Hotel features unique meeting space located on the top floor with access to a private

rooftop terrace, full-service restaurant and lounge, large fitness center and business

center

62

Key Count

171 rooms

Meeting Space

2,000 SF

Opening Date

1929

Acquisition Date

7/8/2011

Manager

Joie de Vivre

Price

$42.3MM

Price Per Key

$247,000

Hotel Adagio –

2011 Overview

63

Pro Forma

2011

PY Chg.

Occupancy

81%

+2.8%

ADR

$159

+17.5%

RevPAR

$129

+20.8%

Total Revenue

$9.8MM

+22.1%

Hotel EBITDA

$2.9MM

+46.9%

Hotel EBITDA Margin

30.1%

+510 bps

•

Hotel is benefiting from the industry

leading recovery in San Francisco and the

most favorable new supply outlook in the

U.S.

•

The outstanding location has allowed the

property to earn occupancy fair share,

but the physical condition of the hotel

has tempered rate growth; year-to-date

ADR index is only 93%

•

CLT’s design and construction team was

engaged immediately upon acquisition to

fast track full repositioning of asset

64

•

Full repositioning of the hotel includes total redesign and

renovation of guestrooms, lobby, lounge, restaurant,

meeting space and HVAC system

•

Re-envisioned lobby will create an enhanced sense of

arrival, improved guest flow and will drive lounge

business

•

Value creation by reclaiming excess restaurant space and

developing much needed additional meeting and

catering space

•

Food & Beverage outlet renovations include upgraded

and contemporary design elements and will feature

small plate dishes and handcrafted cocktails

Hotel Adagio –

Existing Lobby

Hotel Adagio –

Proposed Lobby Lounge

Hotel Adagio –

Repositioning

Hotel Adagio –

Proposed Lobby

65

•

Guestrooms

will

receive

a

highly

designed,

contemporary

soft

and

hard

goods

renovation

including

new

furniture,

seating,

bedding,

lighting,

carpet,

wall

covering,

artwork

and

new

4-pipe

HVAC system

•

Total

bathroom

renovation

includes

new

flooring,

shower

surrounds,

wall

vinyl,

vanity

and

hardware,

lighting,

mirrors

and

artwork

•

Repositioned

product

will

allow

for

significant

rate

upside

as

the

property

competes

effectively

in

the

marketplace

and

shrinks

the

$40

ADR

gap

with

the

market

leader

Hotel Adagio –

Existing Guestroom

Hotel Adagio –

Repositioning

Hotel Adagio –

Proposed Guestroom

66

•

The

renovation

plans

are

scheduled

for

the

lowest

demand

periods

of

a

very

strong

market

•

Interior

design

and

architectural

construction

drawings

will

be

completed

early

December

2011

•

The

guestroom

4-pipe

HVAC

installation

will

begin

in

early

January

followed

immediately

by

the

soft

and

hard

good

renovation;

scheduled

completion

is

June

2012

•

The

16

th

floor

meeting

room

and

terrace

will

be

converted

to

a

temporary

restaurant

and

lounge

in

early

March

2012

•

The

front

desk,

lounge

and

restaurant

will

begin

its

transformation

in

March

with

a

scheduled

completion

of

May

2012

•

The

Sales

&

Marketing

campaign

introducing

the

new

product

will

begin

in

February

with

a

formal

open

house

celebration

in

the

third

quarter

of

2012

Hotel Adagio –

Renovation Schedule

Denver Marriott City Center –

Investment Highlights

•

Full-service, upper-upscale property located in a

mixed-use development in the core of the central

business district , 3 blocks from the Colorado

Convention Center and near popular attractions

•

Stabilized asset with strong in-place cash flows

acquired at a significant discount to replacement

cost

•

Previous owner funded a comprehensive, $13.7MM

renovation in 2010 to “like new”

quality level

including guestrooms, meeting spaces and public

areas

67

Key Count

613 rooms

Meeting Space

28,000 SF

Opening Date

1982

Acquisition Date

10/3/2011

Manager

Marriott International

Price

$119.0MM

Price Per Key

$194,000

Denver Marriott City Center –

2011 Overview

68

Pro Forma

2011

PY Chg.

Occupancy

69%

+7.6%

ADR

$153

(2.2%)

RevPAR

$105

+5.3%

Total Revenue

$35.4MM

+8.5%

Hotel EBITDA

$10.5MM

+9.5%

Hotel EBITDA Margin

29.8%

+30 bps

•

20% increase in corporate negotiated room nights

compared to last year

•

Banquet and catering sales improved significantly as

sales team introduces the new redesigned meeting

space to the market

•

Introduced new corner suite room type which is sold

at a premium rate and provides revenue

management opportunities

Denver Marriott City Center –

Outlook

69

•

Group

room

nights

on

the

books

for

2012

are

up

over

12%

compared

to

same

time

last

year

•

Renegotiated

management

agreement

with

reduced

incentive

management

fee

will

have

a

direct

positive

impact

on

cash

flows

in

excess

of

$500,000

annually,

beginning

in

the

second

half

of

2012

•

Food

&

Beverage

profitability

will

be

enhanced

by

relocating

the

outlets

and

creating

5,000

SF

of

new

meeting

space

Holiday Inn Manhattan –

Investment Highlights

High-quality,

full-service

hotel

with

upgraded

finishes

and

amenities

located

on

31

st

Street

between

5

th

and

6

th

Avenue

midtown

Manhattan

and

near

the

Empire

State

building,

Madison

Square

Garden

and

Penn

Station

Ground

up

construction

project

with

an

expected

completion

date

in

the

fourth

quarter

of

2011

Experienced

New

York

operator

who

currently

manages

12

hotels

in

the

Manhattan/Brooklyn

market

with

1,851

rooms

Full-service

restaurant

leased

to

a

third-party

operator

who

will

also

service

in-room

dining

Currently

revising

the

liquor

license

and

seeking

approval

for

new

F&B

outlet

on

the

rooftop

patio

which

has

outstanding

Manhattan

views

including

the

Empire

State

building

70

Key Count

122 rooms

Opening Date

2011

Manager

Real Hospitality Group

Price

$52.2MM

Price Per Key

$428,000

Acquisition Strategy

Acquisition Strategy

72

Market

Asset

Brand

Return

Urban, Central Business District/Downtown locations in the top 15 MSAs with

high barriers-to-entry and superb positioning proximate to the market’s

strongest demand generators

Current focus markets are Miami, Chicago and Los Angeles where CLT has

limited or no exposure

Upper-upscale, full-service hotels that are either new construction or have

been renovated to “like new”

condition

Under positioned or branded assets with material upside through capital

investment will be cautiously targeted

On a limited basis, premium select-service hotels in Central Business

District/Downtown or unique locations

Longstanding and deep partnerships with the world’s most recognized and

respected brands including: Hyatt Hotels, Marriott International, Starwood

Hotels & Resorts Worldwide, Hilton Worldwide and InterContinental Hotels

Group

Investment focus on generating immediate returns for shareholders with

strong in-place cash on cash yields, below replacement cost pricing,

conservative cash flow growth expectations producing 5-year, unleveraged

IRRs in the 10%-11% range utilizing responsible exit cap rates and significant

remaining upside

Capital Structure

Long-Term Debt

74

Clean balance sheet with no legacy issues

Prudent use of leverage that fits with

lodging industry’s cyclical and volatile

nature

Current debt structure provides capacity

and flexibility to grow hotel portfolio

Appropriate use of debt based on the

following considerations:

Balance mix of short-term vs. long-term to

stagger maturities

Proper mix of fixed vs. variable rate debt

given current interest rate environment

Expectations/timing regarding stabilization

of hotel cash flows

Lowest average cost of borrowing

compared to publicly traded lodging REIT

peers

Homewood Suites Seattle Convention Center

Long-Term Debt –

Summary

75

(1)

Revolving credit facility was amended October 14, 2011.  After funding of the Holiday Inn Manhattan, borrowing under the revolving credit facility is

expected to be $145MM.

(2)

CLT entered into an interest rate swap that effectively fixed the rate at 4.65% for the first two years of the loan. Original rate is LIBOR plus 3.65%, subject

to a 1% LIBOR floor.

Debt

Collateral

Balance/Capacity

(Millions)

Interest Rate

Maturity

Lender/Originator

Revolving

Credit Facility

(1)

Hilton Checkers Los Angeles

Boston Marriott Newton

Courtyard Anaheim at Disneyland Resort

Homewood Suites Seattle

Hotel Indigo Gaslamp Quarter

Hotel Adagio

Denver Marriott City Center

$200.0

LIBOR + [2.75%-3.75%]

October 2014

Wells Fargo

J.P. Morgan

Deutsche Bank

KeyBank

RBC

Term Loan

(2)

Le Meridien San Francisco

W Chicago City Center

$130.0

4.65%

July 2014

Wells Fargo

CMBS Loan

Hyatt Regency Boston

$95.0

5.01%

July 2016

Goldman Sachs

Assumed

CMBS Loan

Courtyard Washington Capitol Hill/Navy Yard

$37.5

5.90%

November 2016

Wells Fargo

Long-Term Debt –

Credit Statistics

76

(1)

Leverage

and

Fixed

Charge

Coverage

are

based

on

revolving

credit

facility

covenant

calculation.

(2)

Weighted

Average

Rate

is

calculated

using

outstanding

balances

as

of

September

30,

2011

and

the

amended

revolving

credit

facility

terms.

As of 9/30/2011

(1)

Leverage

41%

Fixed Charge Coverage

3.4x

Weighted Avg. Rate

(2)

4.6%

Hilton Checkers Los Angeles

Long-Term Debt –

Peer Comparison

77

Low

leveraged

company

with

the

lowest

cost

of

borrowing

among

peers

Note:

Leverage

for

the

peers

is

calculated

as

net

debt

+

preferred

equity/enterprise

value.

Weighted

average

cost

of

borrowing

includes

cost

of

debt

and

preferred equity.

Source:

Most

recent

company

SEC

filings

and

market

capitalization

as

of

November

4,

2011.

Long-Term Debt –

Peer Comparison

78

Source: R.W. Baird Research.  Trailing 12 month fixed charge coverage as of September 30, 2011.

Denver Marriott City Center

Long-Term Debt –

Appropriate Mix

79

Note:

Projected

year-end

revolving

credit

facility

balance

of

$145MM

assumes

a

borrowing

to

fund

the

prospective

acquisition

of

the

Holiday

Inn

Manhattan.

Dividend –

Overview

80

Acquisition of hotels with strong going-in yields has allowed CLT to distribute significant free

cash flows to shareholders and pay a dividend within nine months

of the company’s IPO

Five consecutive quarters of $0.20 per share dividend payments (5.4% annualized yield)

One of the highest dividend yield among lodging REITs

Well covered dividend and targeted 70% -

80% payout of cash available for distribution

Hotel Indigo San Diego Gaslamp Quarter

Source:  R.W. Baird Research.

CLT free cash flow is pro forma for 12 hotels as if owned for the full year including CLT’s projected first year results for Holiday Inn Manhattan.

Dividend –

Peer Comparison

81

Source: R.W. Baird Research.  Dividend yield based on share prices as of November 4, 2011.

Corporate Review & Industry

Full Year 2011 Guidance

83

(Millions, except per share)

2011 Full Year

2011

Guidance

Pro Forma

(1)

RevPAR

$138.11

Pro Forma RevPAR Change

8.5% - 10.0%

Total Revenue

$173.4 - $175.6

$235.0

Hotel EBITDA

(2)

$55.2 - $56.9

$75.5

Hotel EBITDA Margin

(2)

31.8% - 32.4%

32.1%

Adjusted Corporate EBITDA

(2)

$45.3 - $46.9

$65.5

AFFO

(2)

$32.2 - $33.8

$45.4

AFFO/Share

$1.10 - $1.15

$1.43

CAD

(2)

$25.2 - $26.7

$38.3

CAD/Share

$0.86 - $0.91

$1.20

(1)

2011

pro

forma

assumes

12-hotel

portfolio

owned

as

of

January

1,

2011

including

CLT’s

projected

first

year

results

for

Holiday

Inn

Manhattan.

2011

pro

forma

includes

actual

results

for

the

nine

months

ended

September

30,

2011

and

forecasted

results

for

the

three

months

ending

December

31,

2011.

(2)

See

Exhibit

1

for

reconciliation

of

non-GAAP

financial

measures.

Current Industry Cycle

Source: Smith Travel Research and PKF.

1992–2000: 9 consecutive years of annual RevPAR growth totaling 44.4%

2003–2007: 5 consecutive years of annual RevPAR growth totaling 33.6%

84

2012 Industry Outlook

85

2012 Industry RevPAR Projections

STR

7.0%

PKF

7.3%

PwC

6.5%

Marriott

3% -

7%

Starwood

4% -

8%

Despite

the

turmoil

in

the

financial

markets,

industry

experts

still

expect

strong

RevPAR

growth

next

year

driven

by

rate

increases

and

low

supply

growth

2012 CLT Growth Drivers

86

EBITDA concentration in gateway markets with

numerous demand generators, little to no new

supply and strong upside as CLT’s stabilized hotels

continue to improve and close the 21% deficit to

historical peak performance

Foreign travel is expected to grow 5% annually for

the next several years, driving growth in CLT’s

gateway markets

Strong 2012 convention calendars in key markets

like Boston, Chicago, Los Angeles and San Diego

Early negotiations indicate that corporate rates will

increase 6% -

8% next year; corporate negotiated

business is approximately 20% of CLT’s portfolio

total room mix

2012 group revenue on the books is up over 21%

compared to the same time last year, with room

nights up 17% and rate up 3.5% -

4% driven by

strength in Boston, Chicago and Denver; group is

approximately 25% of CLT’s portfolio room mix

Hilton Checkers Los Angeles

2012 Sensitivity

87

(1)

2011

pro

forma

assumes

12-hotel

portfolio

owned

as

of

January

1,

2011

including

CLT’s

projected

first

year

results

for

Holiday

Inn

Manhattan.

2011

pro

forma

includes

actual

results

for

the

nine

months

ended

September

30,

2011

and

forecasted

results

for

the

three

months

ending

December

31,

2011.

(2)

No

RevPAR

growth

assumed

for

Holiday

Inn

Manhattan.

CLT’s

projected

first

year

results

for

Holiday

Inn

Manhattan

are

used

in

each

scenario.

(3)

See

Exhibit

1

for

reconciliation

of

non-GAAP

financial

measures.

(Millions, except per share)

2011

RevPAR Growth Sensitivity

(2)

Pro Forma

(1)

4.0%

6.0%

8.0%

RevPAR

$138.11

$143.15

$145.88

$148.61

Total Revenue

$235.0

$242.0

$246.0

$250.0

Hotel EBITDA

(3)

$75.5

$79.0

$81.5

$84.0

Hotel EBITDA Margin

(3)

32.1%

32.6%

33.1%

33.6%

Change (bps)

50

100

150

Adjusted Corporate EBITDA

(3)

$65.5

$69.0

$71.5

$74.0

AFFO

(3)

$45.4

$49.0

$51.5

$54.0

AFFO/Share

$1.43

$1.54

$1.62

$1.70

CAD

(3)

$38.3

$41.5

$43.9

$46.2

CAD/Share

$1.20

$1.31

$1.38

$1.45

Valuation

Valuation

89

Trading Multiples

Net Asset Value

Replacement Cost

Purchase Price

Net Asset Value/Share

$18.00 - $19.00

Share Price as of 11/4/2011

$14.82

Discount

(18%) - (22%)

Replacement Cost/Key

$350,000 - $370,000

Enterprise Value/Key

$251,746

Discount

(28%) - (32%)

Purchase Price/Key

$262,528

Enterprise Value/Key

$251,746

Discount

(4%)

RevPAR Sensitivity

4%

6%

8%

Corporate EBITDA

$69.0

$71.5

$74.0

EV/EBITDA

12.8x

12.4x

11.9x

AFFO/Share

$1.54

$1.62

$1.70

Price/AFFO

9.6x

9.1x

8.7x

Note:

Enterprise

value

based

on

pro

forma

debt

and

market

capitalization

as

of

November

4,

2011.

NAV

based

on

projected

2011

pro

forma

NOI

and

an

effective

6.5%

-

6.7%

cap

rate.

Valuation

90

Source: R.W. Baird Research. Share price as of November 4, 2011.

Current

EBITDA ($MM)

TEV/EBITDA

FFO/Share

Price/FFO

Company

Ticker

Div. Yield

2012E

2012E

2012E

2012E

Chesapeake Lodging Trust

CHSP

5.4%

4% RevPAR Growth

$69.0

12.8x

$1.54

9.6x

6% RevPAR Growth

71.5

12.4x

1.62

9.1x

8% RevPAR Growth

74.0

11.9x

1.70

8.7x

Peers

Host Hotels & Resorts

HST

1.1%

1,239.2

12.6x

1.14

12.8x

LaSalle Hotel Properties

LHO

1.8%

257.5

13.3x

2.11

11.7x

FelCor Lodging Trust

FCH

0.0%

227.0

10.4x

0.36

9.6x

Sunstone Hotel Investors

SHO

0.0%

238.5

10.9x

1.04

6.9x

DiamondRock Hospitality

DRH

3.5%

211.2

12.3x

0.87

10.5x

Strategic Hotels & Resorts

BEE

0.0%

181.7

13.6x

0.25

22.2x

Pebblebrook Hotel Trust

PEB

2.5%

111.1

14.9x

1.29

14.7x

Average

1.3%

$352.3

12.6x

$1.01

12.6x

91

What Makes Us Different

Focused

and

disciplined

acquisition

strategy

has

built

a

portfolio

with

a

significant

discount

to

replacement

cost

and

strong

current

yields

Newly

built

or

“like

new”

hotels

(renovated

by

previous

owner)

will

drive

upside

performance

without

meaningful

execution

risk

Additional

growth

from

value-add,

ROI

projects

in

key

hotels

Intense

asset

management

with

predominantly

independent

management

companie

s will

continue

to

drive

RevPAR

gains

and

margin

expansion

Well-located,

urban

portfolio

will

significantly

outperform

industry

with

EBITDA

concentration

in

the

strongest

U.S.

markets

and

very

limited

new

supply

on

the

horizon

Significant

free

cash

flow

from

combination

of

strong

balance

sheet

with

modest

leverage

and

high-yielding

assets

translates

into

a

stable

and

reliable

dividend

92

93

Exhibit 1 –

Non-GAAP Financial Measures Reconciliation

HOTEL EBITDA AND HOTEL EBITDA MARGIN:

Hyatt

Hilton

Boston

Hotel Indigo

Denver

Regency

Checkers

Courtyard

Marriott

Le Meridien

Homewood

W Chicago

Gaslamp

Courtyard

Hotel

Marriott

Holiday In

Boston

Los Angeles

Anaheim

Newton

San Francisco

Suites Seattle

City Center

Quarter

Navy Yard

Adagio

City Center

Manhattan

(1)

Total

2011 Pro Forma

Total revenue

36.8

$        

13.7

$        

6.1

$          

28.2

$        

33.1

$              

8.8

$                  

32.5

$        

9.6

$          

12.3

$        

9.8

$          

35.4

$        

8.8

$          

235.0

$      

Less: Total hotel operating expenses

24.3

 ��        

9.7

3.7

20.8

22.9

4.6

23.2

6.6

7.2

6.8

24.9

5.0

159.5

Hotel EBITDA

12.5

$        

4.0

$          

2.4

$          

7.4

$          

10.2

$              

4.2

$                  

9.4

$          

3.0

$          

5.1

$          

2.9

$          

10.5

$        

3.8

$          

75.5

$        

Hotel EBITDA Margin

34.1%

28.9%

39.2%

26.3%

30.8%

48.1%

28.8%

31.7%

41.2%

30.1%

29.8%

43.3%

32.1%

2010 Pro Forma

Total revenue

35.5

$        

12.7

$        

5.6

$          

26.3

$        

28.6

$              

8.4

$                  

30.0

$        

8.3

$          

12.6

$        

8.0

$          

32.6

$        

-

$          

208.5

$      

Less: Total hotel operating expenses

24.3

9.5

3.3

20.2

22.1

4.4

22.0

5.7

7.4

6.0

23.0

-

147.8

Hotel EBITDA

11.2

$        

3.2

$          

2.3

$          

6.1

$          

6.5

$                 

4.0

$                  

8.0

$          

2.6

$          

5.2

$          

2.0

$          

9.6

$          

-

$          

60.7

$        

Hotel EBITDA Margin

31.5%

25.4%

41.5%

23.1%

22.7%

47.6%

26.7%

31.5%

41.2%

25.0%

29.5%

—

29.1%

Hotel EBITDA Margin change

2.5%

3.5%

-2.3%

3.2%

8.0%

0.5%

2.1%

0.2%

0.0%

5.1%

0.3%

(1) 2011 Pro Forma represents projected first year results as the hotel has not yet opened.

Note: Amounts in millions and may not sum due to rounding. Margins are calculated on amounts before rounding.

94

Exhibit 1 –

Non-GAAP Financial Measures Reconciliation

HOTEL EBITDA AND HOTEL EBITDA MARGIN:

2011

2010

2011

2010

Q3 YTD

Q3 YTD

Q3 YTD

Q3 YTD

Total revenue

145.7

$           

131.6

$           

166.7

$           

152.5

$           

Less: Total hotel operating expenses

102.1

96.7

114.0

108.1

Hotel EBITDA

43.7

$              

34.9

$              

52.7

$              

44.4

$              

Hotel EBITDA Margin

30.0%

26.5%

31.6%

29.1%

Hotel EBITDA Margin change

3.4%

2.5%

(1) CLT Full Service is pro forma for the eight full service hotels as if owned for the nine months ended September 30, 2011 and 2010.

(2) CLT Portfolio is pro forma for 11 hotels as if owned for the nine months ended September 30, 2011 and 2010.

Note: Amounts in millions and may not sum due to rounding. Margins are calculated on amounts before rounding.

CLT Portfolio

(2)

CLT Full Service

(1)

95

Exhibit 1 –

Non-GAAP Financial Measures Reconciliation

Low

High

2011 Pro Forma

(1)(2)

4%

6%

8%

HOTEL EBITDA AND HOTEL EBITDA MARGIN:

Total revenue

173.4

$           

175.6

$           

235.0

$                        

242.0

$           

246.0

$           

250.0

$           

Less: Total hotel operating expenses

118.2

118.7

159.5

163.0

164.5

166.0

Hotel EBITDA

55.2

$              

56.9

$              

75.5

$                           

79.0

$              

81.5

$              

84.0

$              

Hotel EBITDA Margin

31.8%

32.4%

32.1%

32.6%

33.1%

33.6%

ADJUSTED CORPORATE EBITDA:

Net income

9.2

$                 

10.8

$              

18.1

$                           

21.7

$              

24.2

$              

26.7

$              

Add:

Depreciation and amortization

18.3

18.3

27.0

27.0

27.0

27.0

Interest expense

12.9

12.9

20.0

20.0

20.0

20.0

Loss on early extinguishment of debt

0.2

0.2

-

-

-

-

Less:

Interest income

(0.2)

(0.2)

(0.2)

(0.2)

(0.2)

(0.2)

Income tax benefit

(0.1)

(0.1)

(0.1)

(0.1)

(0.1)

(0.1)

Corporate EBITDA

40.3

41.9

64.9

68.5

71.0

73.5

Add:

Hotel acquisition costs

4.4

4.4

-

-

-

-

Intangible asset amortization

0.5

0.5

0.5

0.5

0.5

0.5

Adjusted Corporate EBITDA

45.3

$              

46.9

$              

65.5

$                           

69.0

$              

71.5

$              

74.0

$              

(1) 2011 Pro Forma assumes 12 hotels owned as of January 1, 2011 including CLT's projected first year results for Holiday Inn Manhattan.

(2) 2011 Pro Forma includes actual results for the nine months ended September 30, 2011 and forecasted results for the three months ending December 31, 2011.

(3) No RevPAR growth assumed for Holiday Inn Manhattan. CLT's projected first year results for Holiday Inn Manhattan are used in each scenario.

Note: Amounts in millions, except per share amounts, and may not sum due to rounding. Margins and per share amounts are calculated on amounts before rounding.

2011 Full Year Guidance

RevPAR Growth Sensitivity

(3)

96

Exhibit 1 –

Non-GAAP Financial Measures Reconciliation

Low

High

2011 Pro Forma

(1)(2)

4%

6%

8%

AFFO:

Net income available to common shareholders

8.9

$                 

10.6

$              

17.9

$                           

21.4

$              

23.9

$              

26.4

$              

Add:

Depreciation and amortization

18.3

18.3

27.0

27.0

27.0

27.0

FFO available to common shareholders

27.3

28.9

44.9

48.5

51.0

53.5

Add:

Hotel acquisition costs

4.4

4.4

-

-

-

-

Intangible asset amortization

0.5

0.5

0.5

0.5

0.5

0.5

AFFO available to common shareholders

32.2

$              

33.8

$              

45.4

$                           

49.0

$              

51.5

$              

54.0

$              

AFFO per diluted common share

1.10

$              

1.15

$              

1.43

$                           

1.54

$              

1.62

$              

1.70

$              

CAD:

FFO available to common shareholders

27.3

$              

28.9

$              

44.9

$                           

48.5

$              

51.0

$              

53.5

$              

Add:

Deferred financing costs amortization

2.2

2.2

1.7

1.7

1.7

1.7

Loss on early extinguishment of debt

0.2

0.2

-

-

-

-

Intangible asset amortization

0.5

0.5

0.5

0.5

0.5

0.5

Share-based compensation

3.1

3.1

3.1

3.1

3.1

3.1

Less:

FF&E reserve contributions

(7.3)

(7.4)

(10.1)

(10.4)

(10.5)

(10.7)

Principal payments

(0.8)

(0.8)

(1.9)

(1.9)

(1.9)

(1.9)

CAD available to common shareholders

25.2

$              

26.7

$              

38.3

$                           

41.5

$              

43.9

$              

46.2

$              

CAD per diluted common share

0.86

$              

0.91

$              

1.20

$                           

1.31

$              

1.38

$              

1.45

$              

Weighted-average number of diluted common shares outstanding

29.4

29.4

31.8

31.8

31.8

31.8

(1) 2011 Pro Forma assumes 12 hotels owned as of January 1, 2011 including CLT's projected first year results for Holiday Inn Manhattan.

(2) 2011 Pro Forma includes actual results for the nine months ended September 30, 2011 and forecasted results for the three months ending December 31, 2011.

(3) No RevPAR growth assumed for Holiday Inn Manhattan. CLT's projected first year results for Holiday Inn Manhattan are used in each scenario.

Note: Amounts in millions, except per share amounts, and may not sum due to rounding. Margins and per share amounts are calculated on amounts before rounding.

2011 Full Year Guidance

RevPAR Growth Sensitivity

(3)