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8-K - LIVE FILING - Chatham Lodging Trust | htm_42750.htm |
Press Release
CHATHAM, CERBERUS TERMINATE INNKEEPERS AGREEMENT
PALM BEACH, Fla. (August 22, 2011) Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in premium-branded, select-service hotels, and Cerberus Capital Management, L.P., a private investment firm, on Friday terminated their commitment and obligation to acquire interests in 64 hotels owned by Innkeepers USA Trust and its affiliates (Innkeepers) in accordance with the terms and conditions of their May 16th agreement.
Chatham and Cerberus jointly determined to terminate the agreement in accordance with the terms of the agreement as a result of the occurrence of a condition, change or development that could reasonably be expected to have a material adverse effect on Innkeepers business, assets, liabilities (actual or contingent), operations, condition (financial or otherwise) or prospects.
Chathams separate purchase of five Innkeepers hotels, which closed on July 14, 2011, is not affected by this decision.
About Chatham Lodging Trust
Chatham Lodging Trust is a self-advised REIT that was organized to invest in upscale extended-stay
hotels and premium-branded, select-service hotels. The company currently owns 18 hotels with an
aggregate of 2,414 rooms/suites in 10 states and the District of Columbia and has one additional
hotel comprising 174 rooms/suites under contract to purchase. Additional information about Chatham
may be found at www.chathamlodgingtrust.com.
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Forward-Looking Statement Safe Harbor
Note: This press release contains forward-looking statements within the meaning of federal
securities regulations. These forward-looking statements are identified by their use of terms and
phrases such as anticipate, believe, could, estimate, expect, intend, may, should,
plan, predict, project, will, continue and other similar terms and phrases, including
references to assumption and forecasts of future results. Forward-looking statements are not
guarantees of future performance and involve known and unknown risks, uncertainties and other
factors which may cause the actual results to differ materially from those anticipated at the time
the forward-looking statements are made. These risks are described in the Companys Annual Report
on Form 10-K for the year ended December 31, 2010, and include, but are not limited to: national
and local economic and business conditions, including the effect on travel of potential terrorist
attacks, that will affect occupancy rates at the companys hotels and the demand for hotel products
and services; operating risks associated with the hotel business; risks associated with the level
of the companys indebtedness and its ability to meet covenants in its debt agreements;
relationships with property managers; the companys ability to maintain its properties in a
first-class manner, including meeting capital expenditure requirements; the companys ability to
compete effectively in areas such as access, location, quality of accommodations and room rate
structures; changes in travel patterns, taxes and government regulations which influence or
determine wages, prices, construction procedures and costs; the companys ability to complete
acquisitions and dispositions; and the companys ability to continue to satisfy complex rules in
order for the company to remain a REIT for federal income tax purposes and other risks and
uncertainties associated with the companys business described in the companys filings with the
SEC. Although the company believes the expectations reflected in such forward-looking statements
are based upon reasonable assumptions, it can give no assurance that the expectations will be
attained or that any deviation will not be material. All information in this release is as of
August 22, 2011, and the company undertakes no obligation to update any forward-looking statement
to conform the statement to actual results or changes in the companys expectations.
end