Chatham Lodging Announces Exercise of Underwriters' Over-allotment Option
Option Will Allow Purchase Additional Shares
February 4, 2011 - Chatham Lodging Trust (NYSE: CLDT) today announced the full exercise of the underwriters' over-allotment option to purchase an additional 600,000 common shares of beneficial interest at the public offering price of $16.00 per share, less the underwriting discount. The over-allotment option was exercised in connection with the company's public offering of 4,000,000 common shares, which priced on February 2, 2011.
The offering is expected to close on February 8, 2011. 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 approximately $18 million to complete the acquisition of a hotel located in the greater Pittsburgh, Pennsylvania area, approximately $43 million of the net proceeds to pay down debt under the company's credit facility and the remaining net proceeds will be used for future investment in hotels and for general business purposes.
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 February 2, 2011. 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 UBS Investment Bank are acting as the joint book-running managers for the offering, and FBR Capital Markets is acting as joint lead manager. 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, NY 11717, telephone (888) 603-5847 or by e-mail at [email protected], or 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.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
