Chatham Lodging Trust Increases Credit Facility with RBC Commitment
December 20 2022 - 9:00AM
Business Wire
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 announced that it has increased commitments under its senior
unsecured revolving credit facility by $45 million with the
addition of Royal Bank of Canada as a top tier lender.
With this incremental commitment, Chatham’s unsecured revolving
credit facility increases to $260 million. Combined with its new
$90 million term loan, Chatham received commitments of $350 million
that replace Chatham’s previous $250 million senior unsecured
credit facility that was scheduled to mature in 2023. Inclusive of
extension options, the revolving credit facility and term loan
mature in October 2027. Chatham has up to six months to borrow
funds under the unsecured term loan and intends to fully draw the
$90 million within that time frame to repay maturing secured debt.
There are currently no borrowings outstanding on either
facility.
“We are excited to add another great financial institution to
our outstanding group of participating lenders, further solidifying
our financial position for the next five years and providing even
more flexibility to manage our maturing debt over the next couple
of years and capacity to acquire hotels,” highlighted Jeremy
Wegner, Chatham’s chief financial officer.
About Chatham Lodging Trust
Chatham Lodging Trust is a self-advised, publicly traded real
estate investment trust focused primarily on investing in upscale
extended-stay hotels and premium-branded, select-service hotels.
The company owns 39 hotels totaling 5,914 rooms/suites in 16 states
and the District of Columbia. Additional information about Chatham
may be found at 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 those statements
regarding 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.
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Dennis Craven (Company) Chief Operating Officer (561)
227-1386
Chatham Lodging (NYSE:CLDT)
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