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-Chatham Lodging Trust Announces Financing of Joint Venture.

Travel Business Review-March 1, 2012--Chatham Lodging Trust Announces Financing of Joint Venture(C)2012] ENPublishing -

Travel Business Review - 01 March 2012

Chatham Lodging Trust (NYSE: CLDT), a US-based real estate investment trust that invests in hotel assets, has announced the closing of a financing for joint venture, Eastdil Secured LLC.

The joint venture between the trust and Cerberus Capital Management LP, owns 64 hotels and has closed a USD130m mortgage loan secured by 10 hotels. The net proceeds from the financing have been distributed to the joint venture partners, and the trust intends to use part of the distribution to repay an outstanding senior secured credit facility.

Dennis Craven, the trust chief financial officer, said, 'We believe the joint venture is going to be very successful for Chatham, Cerberus and our shareholders, and this is a first step toward optimising our equity investment returns in the joint venture. The joint venture has now returned over USD1 per share in cash to Chatham. Our remaining equity investment in the joint venture is approximately USD24m, and we are excited about the expected future returns to Chatham shareholders from this remaining investment.'

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Publication:Travel Business Review (TBR)
Date:Mar 1, 2012
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