Chatham Lodging Trust reports developments for a self-advised, publicly traded lodging REIT focused on upscale extended-stay hotels and premium-branded select-service hotels. Company news centers on quarterly operating results, RevPAR, occupancy, average daily rate, hotel margins, adjusted FFO guidance and portfolio performance across branded hotel properties.
Recurring updates also cover hotel acquisitions and sales, common and preferred share dividends, federal tax characterization of distributions, share repurchases, leverage, credit capacity and annual meeting matters. Recent company announcements include completed portfolio transactions involving Hilton-branded extended-stay and select-service hotels.
Chatham Lodging Trust (NYSE: CLDT) has successfully sold the 192-room Residence by Marriott San Diego Mission Valley for $67 million, approximately $349,000 per room. The sale proceeds will repay a $27 million mortgage and cover credit facility borrowings, leaving around $38 million for further liquidity. Chatham's liquidity now stands at $146 million, with a significant decrease in leverage ratios, enhancing financial stability. The company expects to emerge from the pandemic in a stronger position than its peers, having produced the highest absolute RevPAR among lodging REITs in recent quarters.
Chatham Lodging Trust (NYSE: CLDT) reported third quarter results for 2020, highlighting a 61% decline in RevPAR to $58 compared to Q3 2019. Occupancy fell to 53%, with a 36% decrease in average daily rate (ADR) to $110. The company posted a net loss of $(18.3) million, down from $10.1 million profit a year prior. However, adjusted EBITDA showed a positive recovery at $5.1 million, rebounding from a loss of $(3.3) million in Q2. Chatham is under contract to sell a San Diego hotel for $67 million, enhancing its liquidity.
Chatham Lodging Trust (NYSE: CLDT) will report its third quarter 2020 financial results on October 29, 2020, before market opening. A conference call with executives, including CEO Jeffrey H. Fisher, will be held at 10:00 a.m. ET the same day to discuss the results. Chatham owns 86 hotels, totaling 12,040 rooms across 15 states and D.C., focusing on upscale, extended-stay, and premium select-service hotels. Interested parties can listen via Chatham's website or participate through a conference call.