Chatham Lodging Trust Announces Proposed Public Offering
February 2, 2011 - Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium-branded select-service hotels, today announced that it is commencing an underwritten public offering of four million common shares. The company expects to grant the underwriters a 30-day option to purchase up to 600,000 additional common shares to cover overallotments, if any.
The company intends to use the net proceeds of the offering to repay debt under its secured revolving credit facility, to acquire additional hotels, including the previously announced hotel in Pittsburgh, Pa. and for general business purposes.
A registration statement relating to these common shares has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or a solicitation of an offer to buy the company's common shares, nor shall there be any sale of these common shares or a solicitation of an offer to buy these common shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Barclays Capital and UBS Investment Bank are acting as the joint book-running managers for the offering. FBR Capital Markets is acting as the joint lead manager and Morgan Keegan, Credit Agricole CIB, Piper Jaffray, Stifel Nicolaus Weisel and JMP Securities are acting as co-managers. A copy of the prospectus can be obtained by contacting Barclays Capital, c/o Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, N.Y. 11717, telephone (888) 603-5847 or by e-mail at [email protected], or UBS Securities LLC, Prospectus Department, 299 Park Avenue, New York, N.Y. 10171 or by telephone at (888) 827-7275. The prospectus may also be obtained by contacting any of the other underwriters listed above.
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 13 hotels with an aggregate of 1,650 rooms/suites in nine states.
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