News for the Hospitality Executive
PALM BEACH, Fla., Nov. 12, 2010-- 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 7 million common shares. The company expects to grant the underwriters a 30-day option to purchase up to 1,050,000 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 and for general business purposes.
A registration statement relating to these securities 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 & Company, Inc., 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@example.com, 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.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 about Chatham Lodging Trust, including those statements regarding acquisitions, capital expenditures, future operating results and the timing and composition of revenues, among others, and statements containing words such as "expects," "believes" or "will," which indicate that those statements are forward-looking. Except for historical information, the matters discussed in this press release are forward-looking statements that are subject to certain risks and uncertainties that could cause the actual results or performance to differ materially from those discussed in such statements. Additional risks are discussed in the company's filings with the Securities and Exchange Commission.
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|Chatham Lodging Trust Acquires the Residence Inn by Marriott® – New Rochelle, N.Y. for $21 million, or Approximately $169,000 per key / August 2010|
|Chatham Lodging Trust Acquires the 120-room Hampton Inn & Suites® Houston – Medical Center for $16.5 million, $137,500 per key / July 2010|