Chesapeake Lodging Trust announced Tuesday that the company has reduced the number of shares that will be available during its initial public offering, according to Associated Press.
According to the filing with the Securities and Exchange Commission Tuesday, the investment group, which was formed to acquire upscale hotels, plans to offer 7.5 million shares at $20 per share, well below the initial 12.5 million shares it had planned.
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No date for a new IPO was given. The IPO was put on hold because of poor market conditions.
The hotel industry has been affected by the recession as consumers tighten their budgets and eliminate vacations.
Chesapeake plans to trade on the New York Stock Exchange under the ticker "CHSP."
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