Chesapeake Lodging Trust shares down on IPO offer

Shares of Chesapeake Lodging Trust are down about 5 percent in the real estate investment trust’s IPO debut as broader markets are dropping for a third straight day.

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Chesapeake raised $150 million Thursday night in its second attempt at going public in two months. It delayed its initial public offering in December, one of five companies to do so, due to weak market conditions — and in recent days reduced its size. The original offering was for 12.5 million shares. Investors bought 7.5 million shares Thursday.

Shares of the Fairfield, N.J., company, which was formed in June 2009 to buy upscale hotels, fell $1 to $19 in morning trading.