Market Overview

Chatham Lodging Trust Launches Public Offering of 4.5M Common Shares

Share:

Chatham Lodging Trust (the “company”) (NYSE: CLDT) today announced that it is offering 4.5 million 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 675,000 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 a portion of the net proceeds of the offering to repay debt under the company's senior secured revolving credit facility and to fund the acquisition of the 178-room Hyatt Place® Pittsburgh/North Shore in Pittsburgh, Pa. 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.

The common shares will be offered under the company's existing shelf registration statement which was declared effective by the Securities and Exchange Commission on February 10, 2012. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A copy of the prospectus can be obtained by contacting Barclays c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Barclaysprospectus@broadridge.com, (888) 603-5847 or by contacting UBS Investment Bank, Attention: Prospectus Dept., 299 Park Avenue, New York, NY 10171, (888) 827-7275.

About Chatham Lodging Trust

Chatham Lodging Trust is a self-advised real estate investment trust that was organized to invest in upscale extended-stay hotels and premium-branded select-service hotels. The company currently owns 20 hotels with an aggregate of 2,733 rooms/suites in eleven states and the District of Columbia.

Posted-In: News Offerings

 

Related Articles (CLDT)

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com