April 19, 2010 (FinancialWire) — Chatham Lodging Trust (NYSE: CLDT) said it has priced its initial public offering of 7.5 million common shares at $20 per share, for total gross proceeds of $150 million, prior to underwriting discounts and offering expenses.

Barclays Capital (NYSE: BCS) and FBR Capital Markets are acting as the joint book-running managers for the offering.  

The offering is scheduled to close on April 21.  The underwriters have a 30-day option to purchase up to an additional 1.125 million shares to cover overallotments.

Chatham said it will contribute the net proceeds of the offering to its operating partnership, which will use $73.5 million of the net proceeds to purchase six Homewood Suites by Hilton hotels.

The company said that its operating partnership will use the remaining net proceeds to invest in hotel properties in accordance with Chatham’s investment strategy and for general business purposes.

The common shares of the company began trading on April 16 on the New York Stock Exchange under the symbol "CLDT."

Florida-based Chatham Lodging Trust is a self-advised hotel real estate investment trust that plans to acquire extended-stay hotels, including Residence Inn by Marriott, Homewood Suites by Hilton, and Summerfield Suites by Hyatt

The firm also plans to acquire select-service and full-service hotels, but to a lesser extent.

Chatham Lodging, which operates through its Chatham Lodging, L.P. subsidiary, was founded in October 2009. It filed an initial public offering (IPO) the following month.

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