Chesapeake Lodging Trust Prices Offering of Common Shares
September 04 2014 - 8:53AM
Business Wire
Chesapeake Lodging Trust (NYSE:CHSP) (the “Trust”) announced
today that it has priced its public offering of 4,200,000 common
shares for a total of approximately $126.0 million of gross
proceeds, before deducting underwriting discounts and estimated
offering costs. The offering is expected to close on or about
September 9, 2014. The underwriter may offer the common shares from
time to time in one or more transactions on the New York Stock
Exchange, in the over-the-counter market or through negotiated
transactions at market prices or at negotiated prices. The
underwriter has been granted a 30-day option to purchase up to an
additional 630,000 common shares.
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, when available, 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, the timing of the
offering and contemplated use of proceeds and other funds. 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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