FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * Porter Orlin LLC   2. Issuer Name and Ticker or Trading Symbol Chesapeake Lodging Trust [CHSP] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 666 FIFTH AVENUE, 34TH FLOOR 3. Date of Earliest Transaction (Month/Day/Year) 10/06/2010 (Street) NEW YORK, NY 10103 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) ___ Form filed by One Reporting Person _X_ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Shares 10/06/2010   P   550,000 A $ 16.25 1,600,000 I (1) See Footnote (2) Common Shares               9,350 D (3)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Porter Orlin LLC 666 FIFTH AVENUE 34TH FLOOR NEW YORK, NY 10103		X
PORTER A ALEX 666 FIFTH AVENUE 34TH FLOOR NEW YORK, NY 10103		X
HULME GEOFFREY 666 FIFTH AVENUE 34TH FLOOR NEW YORK, NY 10103		X
FRIEDLAND JONATHAN W 666 FIFTH AVENUE 34TH FLOOR NEW YORK, NY 10103		X
ORLIN PAUL E 666 FIFTH AVENUE 34TH FLOOR NEW YORK, NY 10103		X

Signatures

Porter Orlin LLC, By: /s/ A. Alex Porter, Principal		10/08/2010
**Signature of Reporting Person		Date
/s/ A. Alex Porter		10/08/2010
**Signature of Reporting Person		Date
/s/ Geoffrey Hulme		10/08/2010
**Signature of Reporting Person		Date
/s/ Jonathan W. Friedland		10/08/2010
**Signature of Reporting Person		Date
/s/ Paul Orlin		10/08/2010
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Porter Orlin LLC, A. Alex Porter, Geoffrey Hulme, Jonathan W. Friedland and Paul Orlin (each, a "Reporting Person" and collectively the "Reporting Persons") disclaim beneficial ownership of the reported securities except to the extent of his pecuniary interest therein. The Reporting Persons affirmatively disclaim being a "group" for purposes of Section 16 of the Securities Exchange Act of 1934, as amended.
(2)	The Reporting Persons may be deemed to have beneficial ownership over these securities, which are held in the accounts of unregistered investment companies and managed accounts over which the Reporting Persons exercise investment discretion.
(3)	These securities are held in an account controlled by Paul Orlin, who is a Reporting Person.

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