Chatham Lodging ups revolver to $175 million, extends maturity to 2016

By Jennifer Chiou

New York, Dec. 12 - Chatham Lodging Trust announced that it has amended its revolving credit facility, lifting the size to $175 million from $105 million and extending the maturity date to October 2016 with a one-year extension option.

According to a news release, the company also modified the security of the loan so that borrowing base additions are unsecured instead of fully secured.

In addition, the accordion feature was augmented to $50 million from $10 million.

Barclays Bank plc acted as administrative agent with Regions Bank as syndication agent and Credit Agricole Corporate and Investment Bank, UBS Securities and US Bank NA as co-documentation agents.

"We have acquired approximately $260 million of high-quality hotels since last December, we have an active acquisition pipeline, and we will continue to use our balance sheet to make accretive, value-enhancing acquisitions," chief financial officer Dennis M. Craven said in the release.

Chatham is a Palm Beach, Fla.-based real estate investment trust that invests in upscale extended-stay hotels and premium-branded select-service hotels.

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