January 25, 2010 (FinancialWire) — Chesapeake Lodging Trust (NYSE: CHSP) said it has priced its initial public offering of 7.5 million common shares of beneficial interest, $0.01 par value per share, at $20 per share.

J.P. Morgan Securities (NYSE: JPM) and Deutsche Bank Securities (NYSE: DB) are acting as joint book-running managers. The offering is scheduled to close on January 27, 2010. The underwriters have a 30-day option to purchase up to an additional 1,125,000 shares to cover overallotments, if any. All the shares are being offered by the company.

Concurrent with the closing of the offering, Chesapeake said it expects to raise additional proceeds through private placements to Hyatt Corp., BAMCO, Inc. and certain of its executive officers and trustees on the terms described in the prospectus relating to the offering.

Chesapeake said it will contribute the net proceeds of the offering and concurrent private placements to its operating partnership, which will use the net proceeds to invest in upper upscale hotel properties in accordance with the company’s investment strategy and for general business purposes.

The Fairfield, New Jersey-based REIT had tried to bring a 12.5 million share IPO to market in December 2009 but had delayed the offering. Chesapeake was formed in June of last year to buy luxury hotels.

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