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Chatham Lodging Trust Launches Public Offering of Common Shares


Tuesday, 24 Sep 2013 04:12pm EDT 

Chatham Lodging Trust announced that it is offering 3,250,000 common shares of beneficial interest, $0.01 par value per share, in a public offering. Barclays and UBS Investment Bank are acting as joint book-running managers for the offering. The underwriters will have a 30-day option to purchase up to an additional 487,500 shares to cover overallotments, if any. The Company will contribute the net proceeds of this offering to its operating partnership in exchange for common units of limited partnership interest in the operating partnership. The Company`s operating partnership intends to use the net proceeds of the offering to repay debt under the Company`s senior secured revolving credit facility (including debt to be incurred to purchase the 180-room Hilton Garden Inn Denver Tech Center in Denver, Colorado for a cash purchase price of $27.9 million) and to fund a portion of the acquisition of the 231-room Residence Inn Seattle Bellevue/Downtown in Bellevue, Washington, for a cash purchase price of $73.2 million. The Company`s operating partnership intends to use any remaining net proceeds to invest in additional hotel properties in accordance with the Company`s investment strategy and for general corporate purposes. 

Company Quote

24.85
-0.17 -0.68%
30 Oct 2014