| Ticker: CHO | 1010 Wisconsin Avenue, N.W. | |
| Exchange: New York Stock Exchange | Washington, District of Columbia 20007 | |
| Industry: Service | (202) 965-4455 |
| Type of Shares: | Common Shares | Filing Date: | 6/21/96 | |
| U.S. Shares: | 7,400,000 | Offer Date: | 8/20/96 | |
| Non-U.S. Shares: | 1,850,000 | Filing Range: | $17.00 - $20.00 | |
| Primary Shares: | 6,750,000 | Offer Price: | $18.00 | |
| Secondary Shares: | 2,500,000 | Gross Spread: | $1.17 | |
| Offering Amount: | $171,125,000 | Selling: | $0.71 | |
| Expenses: | $2,569,500 | Reallowance: | $0.10 | |
| Shares Out After: | 12,754,321 |
| Manager | Tier | Phone |
| Lehman Brothers Incorporated | Lead Manager | (212) 640-6129 |
| Goldman, Sachs & Co. | Co-manager | (212) 902-1172 |
| Merrill Lynch & Co. | Co-manager | (212) 449-4600 |
| Smith Barney Inc. | Co-manager | (718) 921-8473 |
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 3/31/96 | 3/31/95 | 3/31/96 | ||
| Revenue: | $26.36 | $10.71 | $1.78 | Assets: | $205.59 |
| Net Income: | -$0.66 | -$0.64 | $0.10 | Liabilities: | $140.71 |
| EPS: | Equity: | $64.88 | |||
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company is a hotel investment and management company which acquires, owns renovates, repositions and manages hotels throughout the United States. The company owns 12 upscale, full-service hotels which contain 3,516 rooms. Including the Owned Hotels, the company manages 48 hotels with 8,849 rooms. Each of the Owned Hotels is located in a market which has recently experienced strong economic growth, including Atlanta, Charlotte, Chicago, Cleveland, Dallas, Los Angeles, Salt Lake Cit, Seattle and Washington, D.C. The Owned Hotels include hotels operated under nationally recognized brand names such as Hilton(R), Sheraton(R), Westin(r), Marriott(R), Holiday Inn(r) and Radisson(R), and one hotel operated under an independent brand name. As a fully integrated owner and manager, the company intends to capitalize on its management experience and expertise by continuing to make opportunistic acquisitions of full-service hotels, securing additional management contracts and improving the operating performance of the Hotels. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay debt owed to Lehman Bros Holdings. |
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