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Chatham Lodging Trust asks $16 a share

February 03, 2011 04:25PM

Palm Beach’s Chatham Lodging Trust, a real estate investment trust with mostly high-end, extended-stay hotels in its portfolio, has set a price of $16 a share for its public offering of 4 million shares of common stock, to close Feb. 8. The company plans to use $18 million of the net proceeds from the offering to close on a hotel near Pittsburgh, while the rest will be used to pay down its debt. [SFBJ]