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| Hilton Garden Inn Denver Tech Center Hotel, Denver, CO |
Palm Beach, FL, Sept.
25, 2013—Chatham Lodging Trust (the “company”) (NYSE: CLDT) today
announced that it has priced its public offering of 3,250,000 common shares of
beneficial interest, $0.01 par value per share, at $18.35 per share, for total
gross proceeds of $59,637,500, prior to underwriting discounts and offering
expenses.
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| Residence Inn Seattle Bellevue/Downtown Bellevue, WA |
The offering is
expected to close on September 30, 2013.
The underwriters have a 30-day option to purchase up to an additional
487,500 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 the net proceeds of the offering to repay
debt under the company’s senior secured revolving credit facility (including
debt to be incurred to purchase the 180-room Hilton Garden Inn Denver Tech
Center in Denver, Colorado, for a cash purchase price of $27.9 million) and
to fund a portion of the acquisition of the 231-room Residence Inn Seattle
Bellevue/Downtown in Bellevue, Washington, for a cash purchase price of
$73.2 million.
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:
Media
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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