ANNAPOLIS, Md.--(BUSINESS WIRE)--Jul. 17, 2012--
Chesapeake Lodging Trust (NYSE:CHSP) (the “Trust”) announced today that
it closed the public offering of 5,000,000 of its 7.75% Series A
Cumulative Redeemable Preferred Shares (the “Series A Preferred
Shares”), including 600,000 shares sold pursuant to the underwriters'
exercise of their over-allotment option. Through the offering, the Trust
generated net proceeds of approximately $120.8 million after deducting
the underwriting discount and estimated offering expenses payable by the
Trust. The Trust intends to use the net proceeds of the offering to
repay debt outstanding on its revolving credit facility and for other
general corporate purposes, including the acquisition of properties.
Wells Fargo Securities, LLC, J.P. Morgan Securities LLC and RBC Capital
Markets, LLC acted as joint book-running managers for the offering, and
Robert W. Baird & Co. Incorporated and Deutsche Bank Securities Inc.
acted as co-managers.
A registration statement relating to these securities has been declared
effective by the Securities and Exchange Commission. Copies of the
prospectus supplement and prospectus for the offering may be obtained by
contacting Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd.,
NC0675, Charlotte, North Carolina 28262, Attention: Capital Markets
Client Support, or by calling (800) 326-5897, or by e-mail at firstname.lastname@example.org;
J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York
10179, or by calling (212) 834-4533; or RBC Capital Markets, LLC,
Attention: Prospectus Department, Three World Financial Center, 200
Vesey Street, 8th floor, New York, New York 10281-8098, or by calling
(866) 375-6829, or by email at email@example.com.
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
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 12 hotels with an
aggregate of 3,516 rooms in six states and the District of Columbia.
Additional information can be found on the Trust’s website at www.chesapeakelodgingtrust.com.
Certain statements and assumptions in this press release contain or
are based upon "forward-looking" information and are being made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to
risks and uncertainties. When we use the words "will likely result,"
"may," "anticipate," "estimate," "should," "expect," "believe,"
"intend," or similar expressions, we intend to identify forward-looking
statements. Such forward-looking statements include, but are not limited
to, the contemplated use of proceeds. Such statements are subject to
numerous assumptions and uncertainties, many of which are outside the
Trust's control. The Trust undertakes no obligation to publicly release
the result of any revisions to these forward-looking statements that may
be made to reflect any future events or circumstances, except as
required by law.
Source: Chesapeake Lodging Trust
Chesapeake Lodging Trust
Douglas W. Vicari, 410-972-4142