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HUNTON & WILLIAMS LLP |
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RIVERFRONT PLAZA, EAST TOWER |
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951 EAST BYRD STREET |
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RICHMOND, VIRGINIA 23219-4074 |
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TEL 804 788 8200 |
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FAX 804 788 8218 |
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FILE NO: 75392.3 |
March 10, 2010
VIA EDGAR
Ms. Sonia Gupta Barros
Special Counsel
United States Securities and Exchange Commission
Division of Corporation Finance
100 F Street, N.E.
Washington, D.C. 20549
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RE: |
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Chatham Lodging Trust
Amendment No. 5 to Registration Statement on Form S-11
(Registration No. 333-162889)
Filed March 10, 2010 |
Dear Ms. Barros:
As counsel to Chatham Lodging Trust, a Maryland real estate investment trust (the Company),
we are transmitting for filing pursuant to the Securities Act of 1933, as amended (the Securities
Act), Pre-Effective Amendment No. 5 (Amendment No. 5) to the Companys Registration Statement on
Form S-11 (Registration No. 333-162889) (the Registration Statement) and the Companys responses
to the comments of the Staff (the Staff) of the Securities and Exchange Commission (the
Commission) to the initial filing of the Registration Statement contained in your letter dated
March 2, 2010.
For convenience of reference, each Staff comment contained in your March 2, 2010 comment
letter is reprinted below in italics, is numbered to correspond with the paragraph numbers assigned
in your letter, and is followed by the corresponding response of the Company.
We have provided to each of you, Kristi Marrone, Dan Gordon, and Jerard Gibson, a courtesy
copy of this letter and two courtesy copies of Amendment No. 5, one copy of which has been marked
to reflect changes made to Amendment No. 4 to the Registration Statement filed with the Commission
on February 12, 2010 (the Blackline). The changes
reflected in Amendment No. 5 have been made in response to the Staffs comments and for the
purpose of updating and revising certain information in the Registration Statement. All page
references in our responses are to the pages of the Blackline. Capitalized terms used and not
otherwise defined in this
Ms. Sonia Gupta Barros
March 10, 2010
Page 2
response letter that are defined in the Registration Statement shall have the meanings set
forth in the Registration Statement.
General
1. |
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We have considered your responses to prior comments 3 and 5. Please revise your disclosure
to also separately show the return to stockholders for both Innkeepers and the REITs represented on
the FTSE NAREIT Equity Lodging/Resorts Index, respectively, for each year that Mr. Fisher served as
the chief executive officer for Innkeepers. Please balance this information with disclosure that
quantifies changes in net income or loss for Innkeepers during each relevant year. |
RESPONSE:
The Company has revised its disclosure on page 47 of the
Registration Statement in response to the Staffs comment.
2. |
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We note your revised disclosure that your conflicts of interest policy will not contain any
further restrictions and procedures beyond approval by a majority of your disinterested trustees.
Please consider expanding your risk factor disclosure to discuss the risks this may pose to your
business. |
RESPONSE:
The Company has added a new risk factor on page 17 of the
Registration Statement in response to the Staffs comment.
Compensation Discussion and Analysis
Executive Compensation, page 58
3. |
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Please quantify the estimated payments and benefits payable to each of Messrs. Fisher and
Willis upon termination of their employment. See Item 402(j) of Regulation S-K. |
RESPONSE:
The Company has added disclosure to pages 68 to 70 of the
Registration Statement in response to the Staffs comment, which includes
corresponding disclosure related to Julio E. Morales, who is expected to serve
as the Companys Executive Vice President & Chief Financial Officer upon closing of
the offering.
Ms. Sonia Gupta Barros
March 10, 2010
Page 3
If you have any questions or comments regarding the foregoing, or have additional questions or
comments, please contact the undersigned at (804) 788-8638 or Amos Barclay at (212) 309-1061.
Very truly yours,
David C. Wright
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cc: |
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Mr. Jerard Gibson
Mr. Dan Gordon
Ms. Kristi Marrone
Mr. Jeffrey Fisher
Julian T. H. Kleindorfer, Esq. |