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SOURCE Chatham Lodging Trust
PALM BEACH, Fla., Nov. 4, 2013 – /PRNewswire/ -- Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium branded, select-service hotels, today confirmed that it has received an unsolicited conditional proposal from BlueMountain Capital Management to acquire the Company for $21.50 per share, subject to due diligence, financing, negotiation of satisfactory agreements and other conditions.
The Chatham Board of Trustees will review the proposal in due course in consultation with its financial and legal advisors.
The Company does not intend to comment further about BlueMountain's unsolicited conditional proposal until the appropriate time.
Barclays is serving as financial advisor and Wachtell, Lipton, Rosen & Katz is serving as legal advisor.
About Chatham Lodging Trust
Chatham Lodging Trust is a self-advised REIT that was organized to invest in upscale extended-stay hotels and premium-branded, select-service hotels. The company owns interests in 76 hotels totaling 10,526 rooms/suites, comprised of 24 hotels it wholly owns with an aggregate of 3,431 rooms/suites in 14 states and the District of Columbia and holds a minority investment in two joint ventures that own 52 hotels with an aggregate of 7,095 rooms/suites. Additional information about Chatham may be found at www.chathamlodgingtrust.com.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 about Chatham Lodging Trust, including statements regarding future plans, strategies, performance, acquisitions, capital expenditures, future operating results and the timing and composition of revenues, among others, and statements containing words such as "expects," "believes" or "will," which indicate that those statements are forward-looking. Except for historical information, the matters discussed in this press release are forward-looking statements that are subject to certain risks and uncertainties that could cause the actual results or performance to differ materially from those discussed in such statements. Additional risks are discussed in the company's filings with the Securities and Exchange Commission. The company's forward-looking statements in this press release are based on management's current views and assumptions regarding future events and speak only as of the date hereof. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the federal securities laws.
Meaghan Repko / Jonathan Keehner
Joele Frank, Wilkinson Brimmer Katcher
Chatham Lodging Trust
Chief Financial Officer
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