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Chesapeake Lodging Trust
CHSP (the “Trust”) announced today that it
has completed its public offering of 8,337,500 common shares, including
1,087,500 shares sold pursuant to the full exercise by the underwriters of
their option to purchase additional shares. Through the offering, the Trust
raised approximately $165.8 million of net proceeds, after deducting the
underwriting discount and other estimated offering costs.
J.P. Morgan, Deutsche Bank Securities, Wells Fargo Securities and RBC Capital
Markets acted as joint book-running managers for the offering. Baird, KeyBanc
Capital Markets, and JMP Securities acted as co-managers for the offering.
The Trust intends to use the net proceeds of the offering to repay outstanding
borrowings under its revolving credit facility, invest in future acquisitions
of hotels, and for general corporate purposes.
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