Chatham Lodging Trust, a recently organized REIT planning to invest in upscale extended-stay and select-service hotels, announced terms for its IPO on Monday. The Palm Beach, FL-based company plans to raise $150 million by offering 7.5 million shares at a proposed price of $20 per share. At the mid-point of the proposed range, Chatham Lodging Trust will command a market value of $162 million. The hotel REIT, which was organized in October of 2009, has agreed to purchase six extended stay hotels operating under Hilton's Homewood Suites brand from RLJ Development for an aggregate of $74 million. The REIT plans to list on the NYSE under the symbol CLDT. Barclays Capital and FBR Capital Markets are the lead underwriters on the deal, which is expected to price the week of April 12th.
