Chesapeake Lodging Trust, a newly formed REIT planning to acquire upper upscale hotel properties, raised $150 million by offering 7.5 million shares at $20 each on Thursday. The firm had originally attempted to raise $250 million in December before electing to cut down its deal size this month. The IPO follows the successful IPO of close peer Pebblebrook Hotel Trust (PEB), which raised $350 million in early December and whose stock has gained 8% since its IPO. Chesapeake Lodging plans to list on the NYSE under the symbol CHSP; JP Morgan and Deutsche Bank acted as bookrunners on the deal.
