Chatham Lodging Trust, a hotel real estate investment trust based in Palm Beach, Fla., has cancelled a public offering of 7 million common shares.
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The announcement came after the market closed on Wednesday. The proceeds were to be used to repay debt under its secured revolving credit facility, to acquire additional hotels and for general business purposes.
In a statement, the company cited "unfavorable market conditions" as the cause.
This would have been the company's second sale of common stock this year. Back in April, Chatham raised gross proceeds of $172.5 million from its initial public offering.
