The company, which owns 134 hotels wholly or through joint ventures, will grant the underwriter a 30-day option to purchase up to an additional 750,000 common shares. Barclays is acting as sole book-running manager for the offering.
The Florida-based company intends to use the net proceeds to fund the acquisitions of an approximately $20.1 million upscale select service hotel and an approximately $20.8 million upscale extended-stay hotel that is under construction (expected opening in May 2018), both in the greater Charleston, South Carolina area, and approximately $68 million to fund the acquisition of an upper upscale all-suites hotel in the greater Washington D.C. area.
Chatham Lodging Trust's portfolio includes properties under the Residence Inn, Homewood Suites and Springhill Suites brands.
Chatham Lodging Trust commences public share offering
Chatham Lodging Trust, an investor in extended-stay and select-service hotels, has commenced an underwritten public offering of 5,000,000 common shares.
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