US: Chatham Lodging Trust, an investor in extended-stay and select-service hotels, has commenced an underwritten public offering of 5,000,000 common shares.
The company, which owns 134 hotels wholly or through joint ventures, 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 Florida-based company 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 million to fund the acquisition of an upper upscale all-suites hotel in the greater Washington D.C. area.
Chatham Lodging Trust’s portfolio includes properties under the Residence Inn, Homewood Suites and Springhill Suites brands.</p
