Chesapeake Lodging slips after secondary offering

Chesapeake Lodging Trust (CHSP -1.6%) sold 4.2M shares for gross proceeds of about $126M ($30 each). The underwriter greenshoe is for another 630K shares.

The proceeds, combined with the cash from the pending sale of the 153-room Courtyard Anaheim at Disneyland (if completed), will towards the purchase of the 337-room JW Marriott San Francisco Union Square.

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