Caliber Hospitality Trust, Inc. (“CHT”) is a diversified, externally advised hospitality platform formed by CaliberCos Inc. to pursue opportunistic acquisitions of middle-market hotel assets across the United States. The strategy targets full-service, select-service, extended-stay, and lifestyle hotels in attractive geographic markets, emphasizing portfolio diversification across brands, segments, and regions.
At the initiation of the offering, CHT had completed contributions of seven hotel properties and secured commitments from additional owners, representing a portfolio of 37 hotels with an aggregate valuation approaching $880 million. The platform was designed to scale through a combination of asset contributions, acquisitions, and capital formation, with a long-term objective of transitioning to a public company structure, subject to market conditions.
The offering included multiple series of preferred equity securities, structured to appeal to investors seeking priority income, capital preservation characteristics, and participation in a broader hospitality growth strategy. The securities were offered on a best-efforts basis through both retail and wholesale distribution channels.
As Managing Broker-Dealer, TOBIN oversaw the offering and the issuer’s processes as they related to U.S. securities laws. The firm focused on the integrity of disclosures, the suitability of the investment for each participating investor, and compliance with applicable securities laws and regulations. TOBIN reviewed and approved the private placement memorandum and multiple offering supplements, evaluated selling compensation structures, and ensured that material risks, assumptions, and structural features were clearly and consistently disclosed as market conditions evolved.
The engagement required sustained coordination across a broad distribution footprint and adaptability as the issuer evaluated potential portfolio contributions and acquisition timing in response to changing market dynamics. TOBIN supported retail investor participation directly by serving as the broker-dealer for Caliber-affiliated registered representatives, providing supervision, education, and ongoing regulatory support. TOBIN also supported Caliber’s internal wholesale representatives responsible for distribution to selling group member broker-dealers, ensuring alignment across sales channels, consistency of disclosures, and disciplined execution.
In parallel, TOBIN supervised wholesale distribution by executing selling group agreements with independent broker-dealers, distributing approved selling materials, administering commissions and reallowance fees, and serving as the primary operational point of contact for selling group members.
This engagement reflects TOBIN’s operationally generous, high-touch approach—supporting sponsors, protecting investors, and faithfully supporting registered representatives while maintaining rigorous regulatory standards. The scope and duration of the CHT offering underscore TOBIN’s capacity to remain deeply engaged across complex, multi-year capital formation efforts involving evolving strategies, layered distribution, and institutional-scale assets.
