Deal Details
Follow-on Offering
Summary
Baird served as a co-manager in this offering.
About
Chesapeake Lodging Trust (“Chesapeake” or the “Company”)(NYSE: CHSP) recently completed a 9,085,000 share follow-on offering of its common stock. The offering was priced at $16.25 per share, generating gross proceeds of approximately $147.6 million. Chesapeake intends to use the net proceeds from the offering for debt repayment under its revolving credit facility, hotel investments and general business purposes.Chesapeake is a self-advised hotel investment company organized in June 2009. The Company focuses its investments primarily in upper-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. As of the date of its prospectus, Chesapeake owns four hotel properties with aggregate purchase prices of approximately $260.3 million. The Company believes current industry dynamics will continue to present attractive opportunities to acquire high-quality hotel properties, at prices below replacement costs, with attractive yields on investment and significant upside potential.
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- Date
- October 2010
- Company
- Chesapeake Lodging Trust
- Transaction
- M&A
- Sectors
- Real Estate
- Target Geography
- North America
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