“Porter Orlin Increases Stake in Chesapeake Lodging Trust to 11.23% Worth $17.9M - cbl”

Porter Orlin Increases Stake in Chesapeake Lodging Trust to 11.23% Worth $17.9M - cbl

Posted: 15 Jul 2010 06:34 PM PDT

By citybizlist Staff

ANNAPOLIS -- In an SEC filing, Porter Orlin LLC disclosed that it has increased its stake in Chesapeake Lodging Trust (NYSE: CHSP) from 9.68 percent to 11.23 percent.

New York-based Porter Orlin holds 1,050,000 shares, worth $17.88 million at the Chesapeaker Lodging Trust Thursday closing price of $17.03.

Chesapeake Lodging Trust is real estate investment trust (REIT) focused on investments primarily in upper-upscale hotels in major business, airport and convention markets and, on a selective basis, premium select-service hotels in urban settings or unique locations in the United States.

On January 27, 2010, the company completed its initial public offering (IPO) of 7,500,000 common shares with net proceeds of approximately $148.7 million. Chesapeake Lodging Trust also completed private placements on that date that raised an additional $28.5 million in cash proceeds.

Earlier this month, Chesapeake Lodging Trust announced that it will acquire the 430-room Boston Marriott Newton located in Newton, Massachusetts for $77.25 million

For the first quarter 2010, Chesapeake Lodging Trust reported total revenue of $2.4 million and net loss of $(1.3) million, or $(.14) per diluted share.

Founded in 1976, Porter Orlin, LLC is a privately owned hedge fund sponsor. The firm invests in the public equity and hedging markets of the United States. The firm was formerly known as Porter, Felleman, Inc.

Also at citybizlist, see:

SEC Filing: Chesapeake Lodging Trust Sets Exec Bonuses; CEO James Francis Capped at $1.05M

Posted: July 15, 2010