Chatham Lodging to pay down revolver via common share proceeds

By Tali Rackner

Norfolk, Va., Sept. 18 – Chatham Lodging Trust plans to contribute the proceeds from a common share offering to its operating partnership, which will pay down borrowings under Chatham’s senior secured revolving credit facility, according to a press release.

Remaining net proceeds will be used to invest in additional hotel properties in accordance with the company’s investment strategy, including its equity contribution toward the purchase price for the previously announced acquisition of a 52-hotel portfolio. Any additional remaining net proceeds will be used for general corporate purposes.

Chatham is a Palm Beach, Fla.-based real estate investment trust that invests in upscale extended-stay hotels and premium-branded select-service hotels.

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