Hyatt Place® Pittsburgh/North Shore Hotel, Pittsburgh, PA
Palm Beach, FL,(BUSINESS
WIRE) June 13, 2013- -- Chatham Lodging
Trust (NYSE: CLDT) today announced that it has priced its public offering of
4,500,000 common shares of beneficial interest, $0.01 par value per share, at
$16.35 per share, for total gross proceeds of $73,575,000, prior to
underwriting discounts and offering expenses.
The offering is
expected to close on June 18, 2013. The
underwriters have a 30-day option to purchase up to an additional 675,000
shares to cover over allotments, 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, Pennsylvania.
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.
For a complete copy of the company’s news release, please
contact:
Daly Gray Public Relations
Jerry Daly, 703-435-6293
or
Chatham Lodging Trust
Dennis Craven, 561-227-1386
Chief Financial Officer
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