Chesapeake Lodging Trust Completes Public Offering of Common Shares
ANNAPOLIS, Md.–Feb. 6, 2013–?Chesapeake Lodging Trust?(NYSE: CHSP) (the ?Trust?) announced today that it has completed its public offering of 8,337,500 common shares, including 1,087,500 shares sold pursuant to the full exercise by the underwriters of their option to purchase additional shares. Through the offering, the Trust raised approximately?$165.8 million?of net proceeds, after deducting the underwriting discount and other estimated offering costs.
J.P. Morgan,?Deutsche Bank Securities,?Wells Fargo Securities?and?RBC Capital Markets?acted as joint book-running managers for the offering. Baird,?KeyBanc Capital Markets, and?JMP Securities?acted as co-managers for the offering.
The Trust intends to use the net proceeds of the offering to repay outstanding borrowings under its revolving credit facility, invest in future acquisitions of hotels, and for general corporate purposes.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any 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.
[box]About?Chesapeake Lodging Trust
Chesapeake Lodging Trust is a self-advised lodging real estate investment trust (REIT) focused 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 United States. The Trust owns 15 hotels with an aggregate of 4,722 rooms in seven states and the District of Columbia.[/box]