Tags: US | Chatham | Lodging | IPO | Mover

Chatham Lodging Rises in First Trading Day on NYSE

Friday, 16 Apr 2010 10:08 AM

 

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Shares of Chatham Lodging Trust climbed Friday, their first day of trading on the New York Stock Exchange.

The Palm Beach, Fla.-based real estate investment trust had priced 7.5 million shares of its initial public offering at $20 each, raising $150 million.

Chatham, formed to invest in hotels, plans to use about half of its net IPO proceeds, $73.5 million, to buy six Homewood Suites by Hilton Hotels. The rest of the funds are intended for future hotel investments.

Chatham's stock added 40 cents, or 2 percent, to $20.40 in morning trading.

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