Here's the Deal
Baird's Investment Banking Group is pleased to announce the following transaction:
Chesapeake Lodging Trust
Baird served as a co-manager in this offering.
Chesapeake Lodging Trust (NYSE: CHSP) (“Chesapeake” or the “Company”) recently completed a follow-on offering of 7,475,000 shares of its common stock at a price of $18.50 per share, generating gross proceeds of approximately $138.3 million. The Company intends to use the net proceeds from this offering to repay outstanding borrowings under its revolving credit facility and for general corporate purposes, including the acquisition of hotels.
Chesapeake is a self-advised REIT with a focus 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 U.S. The Company owns 14 hotels with an aggregate of 4,465 rooms in six states and the District of Columbia.