Who was Camp David named after? President Eisenhower's grandson, David! It was original called "Shrangri-la" by FDR. Roosevelt had wanted a place to go away from the DC heat:
In March 1942 President Roosevelt directed the National Park Service to investigate locations reasonably close to the Washington area for use as a Presidential retreat. One of his reasons for desiring to establish it was the wartime necessity to remain close to the Capital at all times and to limit visits to his home at Hyde Park, N.Y. Also, for security reasons, naval officials had recommended that he discontinue weekend use of the Presidential yacht, the U.S.S. Potomac. Because of his aversion to air conditioning and the oppressive summer heat and humidity of Washington, his medical advisers recommended that he seek respite in a nearby region of high altitude.
After studying several locations, the National Park Service selected three tentative sites: one in Shenandoah National Park, in Virginia, and the other two in the Catoctin Recreational Demonstration Area, in Maryland. The President chose one of the latter two sites, known as Camp Number Three or Camp Hi-Catoctin. By using the existing buildings there, the retreat could be completed in the shortest possible time and at minimum cost. The camp also occupied a perfect location, atop Catoctin Mountain at an altitude of about 1,700 feet above sea level; experienced a consistently lower temperature than Washington; and was only about 70 miles, or a 2-hour drive, from the White House. The camp was one of three units the Federal Government had constructed between 1936 and 1939 as part of an experiment to establish public recreation facilities out of industrially depleted and worn-out lands. Although portions of the area had been opened to the public in 1937, the events leading up to World War II had ended the project prematurely.
You can visit the provided link to learn more about the history of Camp David!