With this incremental commitment, Chatham’s unsecured revolving credit facility increases to $260 million.
WEST PALM BEACH, FLA. – Chatham Lodging Trust, a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded, select-service hotels, announced that it has increased commitments under its senior unsecured revolving credit facility by $45 million with the addition of Royal Bank of Canada as a top tier lender.
With this incremental commitment, Chatham’s unsecured revolving credit facility increases to $260 million. Combined with its new $90 million term loan, Chatham received commitments of $350 million that replace Chatham’s previous $250 million senior unsecured credit facility that was scheduled to mature in 2023. Inclusive of extension options, the revolving credit facility and term loan mature in October 2027. Chatham has up to six months to borrow funds under the unsecured term loan and intends to fully draw the $90 million within that time frame to repay maturing secured debt. There are currently no borrowings outstanding on either facility.
“We are excited to add another great financial institution to our outstanding group of participating lenders, further solidifying our financial position for the next five years and providing even more flexibility to manage our maturing debt over the next couple of years and capacity to acquire hotels,” highlighted Jeremy Wegner, Chatham’s chief financial officer.
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