Chesapeake shelves IPO while Pebblebrook completes $350M sale

12/9/2009 | Bloomberg

Chesapeake Lodging Trust has put its plans for a initial public offering on hold after its rival, Pebblebrook Hotel Trust, sold 17.5 million shares at $20 each on Monday, raising $350 million. Chesapeake Lodging was set to raise $250 million in a 12.5 million share offer. Pebblebrook is believed to have had an edge with institutional buyers because its CEO is Jon Bortz, who ran successful hotel REIT LaSalle Hotel Properties for 11 years.

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