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), a lodging REIT specializing in upscale, extended-stay and premium-branded, select-service hotels, has announced its third quarter 2024 earnings call. The call is scheduled for Thursday, November 7, 2024, following the release of financial results before market opening. Key executives, including CEO Jeffrey H. Fisher, COO Dennis M. Craven, and CFO Jeremy Wegner, will host the call at 10:00 a.m. ET.
Shareholders and interested parties can join via webcast on Chatham's website or by dialing in. The call recording will be available until November 14, 2024, and a replay will be posted on the company's website. Chatham Lodging Trust currently owns 39 hotels in its portfolio.
Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT), has declared its quarterly dividends. The company, which owns 39 upscale, extended-stay and premium-branded, select-service hotels, announced the following:
1. A quarterly common share dividend of $0.07 per share
2. A quarterly preferred share dividend of $0.41406 per share
Both dividends are payable on October 15, 2024, to shareholders of record as of September 30, 2024. This announcement reflects Chatham Lodging Trust's commitment to providing regular returns to its shareholders.
Chatham Lodging Trust (NYSE: CLDT) reported strong Q2 2024 results, with RevPAR increasing 4% to $151 compared to Q2 2023. The company's net income was $7.0 million, or $0.10 per diluted share. Adjusted FFO was $19.9 million, or $0.39 per diluted share, beating consensus estimates. Chatham acquired the 148-room Home2 Suites by Hilton Phoenix Downtown for $43.3 million and repositioned its balance sheet, repaying $261 million of maturing debt. The company's hotel EBITDA margin was 39%, down from 41% in Q2 2023. Chatham's Silicon Valley and Bellevue hotels saw a 10% increase in RevPAR. The company provided Q3 2024 guidance, projecting RevPAR growth of 0% to 2.5% and adjusted FFO per diluted share of $0.31-$0.36.
Chatham Lodging Trust (NYSE: CLDT), a REIT specializing in upscale, extended-stay hotels and premium-branded, select-service hotels, will announce its second quarter 2024 financial results on Friday, August 2, 2024, before the market opens. The company owns 39 hotels.
A conference call to review the results will be hosted by CEO Jeffrey H. Fisher, EVP Dennis M. Craven, and CFO Jeremy Wegner at 10:00 a.m. ET on the same day. Interested parties can listen to the webcast on Chatham’s website or join via phone by dialing specified numbers. A recording will be available until August 9, 2024, and a replay will be posted on the company's website.
Chatham Lodging Trust (NYSE: CLDT), a REIT that invests in upscale, extended-stay hotels and premium-branded, select-service hotels, announced a quarterly dividend declaration. The board of trustees declared a dividend of $0.07 per common share and $0.41406 per preferred share. These dividends are payable on July 15, 2024, to shareholders of record as of June 28, 2024. Chatham Lodging Trust owns 39 hotels.
Chatham Lodging Trust (NYSE: CLDT), a hotel REIT, reported a strong RevPAR growth of 5% quarter-to-date through May, exceeding its second quarter guidance of 2.5-4%. April occupancy increased 6% to 83% with ADR down 1% to $177, while May occupancy rose 4% to 82% with ADR up 1% to $182. Silicon Valley and Bellevue hotels saw an 11% RevPAR surge driven by a 6% occupancy increase to 77% and 6% ADR rise to $188. Key markets like Cherry Creek, Dallas, and San Diego also performed well. The company repaid $29M and $35M mortgages, borrowed $50M on its term loan, acquired Home2 Suites Phoenix Downtown for $43M, and issued $23M of CMBS debt. By June 30, Chatham expects $50M in cash and no outstanding balance on its $260M credit facility, post repaying $189M maturing debt in July. This marks their lowest leverage levels in a decade.
Chatham Lodging Trust (NYSE: CLDT) has acquired the 148-room Home2 Suites by Hilton Phoenix Downtown for $43.3 million, approximately $293,000 per room. This marks Chatham's first acquisition in over two years. The hotel is strategically located in downtown Phoenix and integrates the historic Fuller Paint Company Building, featuring unique public spaces and a signature food outlet. Upon stabilization, the acquisition is expected to generate a RevPAR exceeding $150 and an NOI yield over 9%. The purchase was funded through proceeds from the sale of Chatham's Denver Tech hotel and available cash. The hotel will be managed by Island Hospitality Management, owned by Chatham’s CEO, Jeffrey H. Fisher. This acquisition is part of Chatham's strategy to invest in high-quality, premium-branded hotels in locations with diverse demand drivers.
Chatham Lodging Trust (NYSE: CLDT) reported strong first quarter 2024 results with adjusted FFO per share beating estimates. RevPAR increased by 2%, ADR jumped by 1%, and occupancy rose by 1% for the 38 hotels owned. Silicon Valley and Bellevue hotels saw a 17% RevPAR growth. Net loss was $5.5 million compared to $5.0 million in 2023. Adjusted EBITDA rose by 6% to $18.9 million. The company continues to strengthen its balance sheet and plans to sell assets to reduce debt and invest in higher growth hotels.
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