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Chatham Lodging Trust and HG Vora Capital Reach Agreement
"Chatham is committed to maximizing shareholder value and appreciates the insight of its shareholders," commented
"We are pleased with management's decision to market for sale the Innkeepers portfolio, which would potentially monetize the company's valuable ownership and promote interests in its joint venture," said
Under the agreement,
Chatham has agreed to use the net proceeds received from a sale of the Innkeepers joint venture for the acquisition of hotels, joint venture investments or capital expenditures, and to distribute any remainder as a special dividend to shareholders. Subject to certain exceptions, Chatham has agreed for a specified period not to issue equity unless its net debt is equal to or greater than
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Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995 about
Contact: |
Chris Daly |
Dennis Craven |
Daly Gray Public Relations |
Chief Financial Officer |
|
(Media) |
(Company) |
|
(703) 435-6293 |
(561) 227-1386 |
SOURCE