Chatham Lodging Trust Prices IPO
April 16, 2010 - Chatham Lodging Trust (the “Company”) today announced it has priced its initial public offering of 7,500,000 common shares of beneficial interest, $0.01 par value per share, at $20.00 per share, for total gross proceeds of $150 million, prior to underwriting discounts and offering expenses.
The offering is expected to close on April 21, 2010. The underwriters have a 30-day option to purchase up to an additional 1,125,000 shares to cover overallotments, if any. All of the shares are being offered by the Company.
The Company will contribute the net proceeds of the offering to its operating partnership, which will use $73.5 million of the net proceeds to purchase six Homewood Suites by Hilton® hotels. The Company's operating partnership will use the remaining net proceeds to invest in hotel properties in accordance with the Company's investment strategy and for general business purposes.
The common shares of the Company are scheduled to begin trading on April 16, 2010 on the New York Stock Exchange under the symbol “CLDT.”
A registration statement relating to the offering of the Company's common shares discussed above was declared effective by the Securities and Exchange Commission on April 15, 2010. 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.
Barclays Capital and FBR Capital Markets are acting as the joint book-running managers for the offering. Morgan Keegan & Company, Inc. and Stifel Nicolaus are acting as senior co-managers and Credit Agricole CIB and JMP Securities are acting as co-managers. A copy of the prospectus can be obtained by contacting Barclays Capital, c/o Broadridge, Integrated distribution Services, 1155 Long Island Ave., Edgewood, N.Y. 11717, telephone (888) 603-5847 or by e-mail at barclaysprospectus@broadridge.com, or FBR Capital Markets, Prospectus Department, 1001 18th Street, North, Arlington, Va. 22209 or by e-mail at prospectuses@fbr.com. The prospectus may also be obtained by contacting any of the other underwriters listed above.
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