HotelNewsNow.com updates the performance of publicly traded hotel companies each Friday. Included in this week’s update are: Chatham Lodging Trust, Orient-Express Hotels Limited and Strategic Hotels & Resorts.
Baird/STR Hotel Stock Index
The Baird/STR Hotel Stock index was at 2166.12 as of 10 a.m. this morning. It closed Thursday at 2165.91.
Chatham Lodging Trust
Palm Beach, Florida-based Chatham Lodging Trust (NYSE: CLDT) canceled its previously announced offering of 7 million common shares. The blind pool real estate investment trustcited “unfavorable market conditions” as the reason for the cancellation.
Chatham’s stock price closed Thursday at US$16.99 per share. The stock is down 17.1% year-to-date.
• Read “Chatham cancels public shares offering.”
Orient-Express Hotels Limited
Hamilton, Bermuda-based Orient-Express Hotels Limited (NYSE: OEH) said it closed on its previously announced offering of 10 million Class A common shares. Gross proceeds totaled US$123.6 million.
The company’s stock finished Thursday at US$11.48 per share. It is up 13.2% year-to-date.
• Read “Orient-Express closes public offering.”
Strategic Hotels & Resorts
Wells Fargo & Company upgraded the shares of Strategic Hotels & Resorts to “market perform” from “underperform” and boosted the valuation range to US$4.75 to US$5.50, according to a report in American Banking & Market News.
The REIT's stock closed Thursday at US$4.55 and is up 144.6% year-to-date.