Business & Finance
Business and Finance
Business and Finance
Wed, October 13, 2010 Chesapeake Lodging Trust Completes Public Offering of Common Shares
ANNAPOLIS, Md.--([ BUSINESS WIRE ])--Chesapeake Lodging Trust (NYSE:CHSP) today announced it has completed its public offering of 9,085,000 common shares of beneficial interest, including 1,185,000 common shares sold as a result of the full exercise by the underwriters of their overallotment option, raising approximately $140.5 million of net proceeds, after deducting the underwriting discount and estimated offering costs.
The Company intends to use the net proceeds of the offering to repay debt under its revolving credit facility, for hotel investments and for general business purposes.
J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC served as the joint book-running managers for the offering, with Robert W. Baird & Co. Incorporated, KeyBanc Capital Markets Inc., FBR Capital Markets & Co. and RBC Capital Markets Corporation acting as co-managers.
ABOUT CHESAPEAKE LODGING TRUST
Chesapeake Lodging Trust is a self-advised lodging real estate investment trust (REIT) focused on investments primarily in upper-upscale hotels in major business, airport and convention markets and, on a selective basis, premium select-service hotels in urban settings or unique locations in the United States. The Company owns four hotel properties with an aggregate of 1,269 rooms in two states. Additional information can be found on the Companya™s website at [ www.chesapeakelodgingtrust.com ].
Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such forward-looking statements include, but are not limited to, the contemplated use of proceeds.Such statements are subject to numerous assumptions and uncertainties, many of which are outside Chesapeake Lodging Trust's control. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances, except as required by law.
