The third sentence of the fourth paragraph under the heading Discounted Cash Flow Analysis on
page 67 of the Definitive Proxy Statement/Prospectus is replaced in its entirety by the following:
The unlevered free cash flows and the range of
terminal values were then discounted to present values as of March 31, 2019 using a range of discount rates from 7.00% to 8.00%, which range was chosen by J.P. Morgan based upon its professional judgement and experience and an analysis of
the weighted average cost of capital of Park.
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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. Chesapeake owns 20 hotels with an aggregate of 6,288 rooms in eight states and the District of
Columbia. Additional information can be found on Chesapeakes 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 New York hotel sales and pending merger. 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 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 Chesapeakes shareholders; uncertainties as to the timing to consummate the potential merger and sales of the New York
hotels; the risk that a condition to closing the potential merger or sales of the New York hotels may not be satisfied; and the effects of industry, market, economic, political or regulatory conditions outside of Parks or Chesapeakes
control. Other factors are described in Parks and Chesapeakes respective filings with the SEC, including Parks and Chesapeakes most recent Annual Reports on
Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Chesapeake assumes 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.
ADDITIONAL INFORMATION ABOUT THE PROPOSED TRANSACTION AND WHERE TO FIND IT
This communication relates to the proposed transaction pursuant to the terms of the Agreement and Plan of Merger, dated as of May 5, 2019, by and among
Park, Chesapeake and the other entities party thereto. In connection with the proposed transaction, Park has filed with the SEC and attained effectiveness of a registration statement on Form S-4 that
includes a proxy statement of Chesapeake and a prospectus of Park. Park and Chesapeake also plan to file other relevant documents with the SEC regarding the proposed transaction. A definitive proxy statement/prospectus has been sent to
Chesapeakes shareholders. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, WHEN THEY BECOME AVAILABLE, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE
PROPOSED TRANSACTION. Investors may obtain a free copy of the definitive proxy statement/prospectus and other relevant documents filed by Park and Chesapeake with the SEC at the SECs website at www.sec.gov. Copies of the documents filed by
Park with the SEC are available free of charge on Parks website at http:// www.pkhotelsandresorts.com or by contacting Parks Investor Relations at (571) 302-5591. Copies of the documents
filed by Chesapeake with the SEC are available free of charge on Chesapeakes website at http:// www.chesapeakelodgingtrust.com or by contacting Chesapeake at (571) 349-9452.