Chesapeake Lodging Trust Completes Public Offering of Common Shares
September 09 2014 - 10:57AM
Business Wire
Chesapeake Lodging Trust (NYSE: CHSP) (the “Trust”) announced
today that it has completed its public offering of 4,830,000 common
shares, including 630,000 shares sold pursuant to the full exercise
by the underwriter of its option to purchase additional shares.
Through the offering, the Trust raised approximately $144.1 million
of net proceeds, after deducting the underwriting discount and
estimated offering costs.
J.P. Morgan acted as the sole book-running manager for the
offering.
The Trust intends to use the net proceeds from the offering,
together with the net proceeds from the pending sale of the
153-room Courtyard Anaheim at Disneyland Resort, if completed, or a
borrowing under its revolving credit facility, to fund the
acquisition of the 337-room JW Marriott San Francisco Union
Square.
Copies of the prospectus supplement and the related prospectus
for the offering may be obtained from J.P. Morgan Securities LLC,
Attention: Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, New York 11717, or by calling 1-866-803-9204.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of any securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
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 and convention markets and,
on a selective basis, premium select-service hotels in urban
settings or unique locations in the United States. The Trust owns
20 hotels with an aggregate of 5,932 rooms in eight states and the
District of Columbia. Additional information can be found on the
Trust’s website at www.chesapeakelodgingtrust.com.
Note: 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, those relating 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 Trust 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.
Chesapeake Lodging TrustDouglas W. Vicari, 410-972-4142
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