Annapolis-based hotel investment firm Chesapeake Lodging Trust priced its pending stock offering at $18.50 a share and increased the shares to be sold to 6.5 million, the firm announced in a statement Thursday.
That's a million more shares than the trust originally said Wednesday that it would be offering. The offering's underwriters also have the option to buy up to 975,000 additional shares.
The trust hopes to raise a total of $115.2 million in the offering, expected to close Tuesday. The proceeds will be used to for pay down debts and to buy hotels, the trust's statement said.
The trust's stock hit $20.25 a share, a new 52-week high, in New York Stock Exchange trading Friday.
The trust owns 14 hotels in six states and the District of Columbia, including W, Le Meridien and Hyatt brand properties. It does not own any hotels in Maryland.