Chatham Lodging Trust gets $85 million three-year credit facility

By Sara Rosenberg

New York, Oct. 12 - Chatham Lodging Trust closed on a new $85 million three-year secured revolving credit facility, according to a news release.

Barclays Capital and Regions Capital Markets acted as the joint lead arrangers on the deal, with Barclays the administrative agent.

Pricing on the facility varies based on leverage. At levels less than 30%, pricing is Libor plus 325 basis points, with a 1.25% Libor floor.

There is a $110 million accordion feature.

Chatham Lodging Trust 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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