Initial Public Offering
Baird served as a co-manager in this offering.
AboutChesapeake Lodging Trust (“Chesapeake” or the “Company”)(NYSE: CHSP) recently completed an initial public offering of 7,500,000 shares of its common stock at $20.00 per share, generating gross proceeds of $150 million. The underwriters have the option to purchase up to an additional 1,125,000 shares to cover over-allotments. Chesapeake intends to use the net proceeds from the offering to invest in upscale hotel properties and for general business purposes.
Chesapeake is a self-advised hotel investment company organized in June 2009. The Company intends to focus its investments primarily in upscale hotels in major business, airport and convention markets and, on a selective basis, in premium select-service hotels in urban settings or unique locations in the United States. Chesapeake believes current industry dynamics will create attractive opportunities to acquire high quality hotel properties, at prices well below replacement costs, with attractive yields on investment and significant upside potential. Chesapeake’s senior executive officers have extensive experience in the lodging industry, including the acquisition, development, financing, repositioning, asset management and disposition of hotels.
For additional information about this transaction, please contact:
- January 2010
- Chesapeake Lodging Trust
- Real Estate
- Target Location
- North America