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.
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.
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.
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