WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Nov. 6, 2017--
Chatham Lodging Trust (the “Company”) (NYSE:CLDT), a lodging real estate
investment trust (REIT) that invests in upscale, extended-stay hotels
and premium-branded, select-service hotels and owns 134 hotels wholly or
through joint ventures, today announced that it has commenced an
underwritten public offering of 5,000,000 common shares of beneficial
interest, $0.01 par value per share. The Company 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 Company will contribute the net proceeds of the offering to its
operating partnership in exchange for common units of limited
partnership interest in the operating partnership. The Company’s
operating partnership 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 $68.0 million
to fund the acquisition of an upper upscale all-suites hotel in the
greater Washington D.C. area. To the extent the Company’s operating
partnership does not use the net proceeds for this purpose, the
Company’s operating partnership intends to use the net proceeds for
general corporate purposes, including other future hotel acquisitions,
renovations and upgrades of guest rooms and common areas at certain of
the Company’s hotels and the repayment of indebtedness.
The common shares are being offered pursuant to a prospectus supplement
to the Company’s prospectus filed as part of the Company’s existing
shelf registration statement, which has been filed with the Securities
and Exchange Commission. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy, nor shall there be
any sale of these 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.
A copy of the preliminary prospectus supplement and accompanying
prospectus relating to the offering can be obtained by contacting
Barclays c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, Barclaysprospectus@broadridge.com,
(888) 603-5847.
About Chatham Lodging Trust
Chatham Lodging Trust is a self-advised, publicly-traded real estate
investment trust focused primarily on investing in upscale,
extended-stay hotels and premium-branded, select-service hotels. The
company owns interests in 134 hotels totaling 18,341 rooms/suites,
comprised of 39 properties it wholly owns with an aggregate of 5,843
rooms/suites in 15 states and the District of Columbia and a minority
investment in two joint ventures that own 95 hotels with an aggregate of
12,498 rooms/suites.
FORWARD-LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS WITHIN THE
MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND
OTHER FEDERAL SECURITIES LAWS. THESE FORWARD-LOOKING STATEMENTS ARE
BASED UPON THE COMPANY’S PRESENT EXPECTATIONS, BUT THESE STATEMENTS ARE
NOT GUARANTEED TO OCCUR. FOR EXAMPLE: THE FACT THAT THIS OFFERING HAS
LAUNCHED MAY IMPLY THAT THE OFFERING WILL PRICE AND CLOSE; BUT THE
PRICING AND CLOSING OF THE OFFERING ARE SUBJECT TO MARKET AND OTHER
CONDITIONS CUSTOMARY IN TRANSACTIONS OF THIS TYPE AND MAY BE DELAYED OR
MAY NOT OCCUR AT ALL. IN ADDITION, THE FACT THAT THE UNDERWRITER HAS AN
OPTION TO PURCHASE ADDITIONAL SHARES MAY IMPLY THAT THIS OPTION WILL BE
EXERCISED. HOWEVER, THE UNDERWRITER IS NOT UNDER ANY OBLIGATION TO
EXERCISE THIS OPTION, OR ANY PORTION OF IT, AND MAY NOT DO SO.
STATEMENTS CONTAINING WORDS SUCH AS “EXPECTS,” “BELIEVES” OR “WILL,”
INDICATE THAT THOSE STATEMENTS ARE FORWARD-LOOKING. EXCEPT FOR
HISTORICAL INFORMATION, THE MATTERS DISCUSSED IN THIS PRESS RELEASE ARE
FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND
UNCERTAINTIES THAT COULD CAUSE THE ACTUAL RESULTS OR PERFORMANCE TO
DIFFER MATERIALLY FROM THOSE DISCUSSED IN SUCH STATEMENTS. ADDITIONAL
RISKS ARE DISCUSSED IN THE COMPANY’S FILINGS WITH THE SECURITIES AND
EXCHANGE COMMISSION. INVESTORS SHOULD NOT PLACE UNDUE RELIANCE UPON
FORWARD-LOOKING STATEMENTS.

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Source: Chatham Lodging Trust
Chatham Lodging Trust
Dennis Craven, 561-227-1386
Chief
Operating Officer