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Chatham Lodging Trust Prices Public Offering of Common Shares

Wednesday, 25 Sep 2013 08:58am EDT 

Chatham Lodging Trust (the Company) announced that it has priced its public offering of 3,250,000 common shares of beneficial interest, $0.01 par value per share, at $18.35 per share, for total gross proceeds of $59,637,500, prior to underwriting discounts and offering expenses. The offering is expected to close on September 30, 2013. The underwriters 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'sinvestment strategy and for general corporate purposes. 

Company Quote

0.23 +0.84%
6 Jul 2015