Welcome to our dedicated page for Chatham Lodging news (Ticker: CLDT), a resource for investors and traders seeking the latest updates and insights on Chatham Lodging stock.
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; CLDT-PA) has announced a preferred share dividend of $0.48307 per share, payable on October 15, 2021. Shareholders on record as of September 30, 2021 will receive this dividend, marking a significant return for investors. The company, focusing on upscale, extended-stay hotels and select-service hotels, owns 41 properties totaling 6,169 rooms across 15 states and the District of Columbia. Chatham's commitment to shareholder returns is demonstrated through this dividend declaration.
Chatham Lodging Trust (NYSE: CLDT) appointed Ethel Isaacs Williams and David J. Grissen as independent directors to its board, effective immediately. With extensive experience, Williams previously served as senior vice president at Kaufman Lynn and held various roles at Florida Power & Light and NextEra Energy. Grissen concluded a successful 35-year career at Marriott International, overseeing extensive operations. Their appointments aim to enhance board diversity and expertise, supporting the company’s goal of maximizing cash flow and shareholder returns.
Chatham Lodging Trust (NYSE: CLDT) has announced the acquisition of two premium-branded hotels in Austin, Texas, for $71.2 million, equating to approximately $265,000 per room. The portfolio includes the Residence Inn and TownePlace Suites, totaling 269 rooms. Expected to generate an estimated NOI yield of 8.0% to 8.5%, these acquisitions aim to enhance portfolio RevPAR and systematically reduce the average age of the portfolio. The properties are strategically located in a rapidly growing area, benefiting from significant corporate demand.
Chatham Lodging Trust (NYSE: CLDT) reported a significant rebound in Q2 2021, with portfolio RevPAR rising 170% to $87 compared to Q2 2020. Average Daily Rate (ADR) increased by 32% to $127, and occupancy surged 105% to 68%. The net loss decreased to $8.7 million from $27.2 million year-over-year, improving net loss per diluted share to $(0.18). Adjusted EBITDA was positive at $12.5 million, marking the fourth consecutive quarter of growth. Chatham raised approximately $116 million through Series A Preferred Shares and plans to acquire two hotels in Austin, Texas, signaling a strategic expansion.
Chatham Lodging Trust (NYSE: CLDT) will report its second quarter 2021 financial results on August 3, 2021, before market open. A conference call with CEO Jeffrey H. Fisher, COO Dennis M. Craven, and CFO Jeremy Wegner will take place at 10:00 a.m. ET on the same day to discuss these results. Investors can access the call via Chatham's website or by dialing in. The trust operates 39 upscale, extended-stay and premium-branded hotels across 15 states and the District of Columbia.
Chatham Lodging Trust (NYSE: CLDT) announced a public offering of 4,800,000 of its 6.625% Series A Cumulative Redeemable Preferred Shares at $25.00 each, aiming for net proceeds of approximately $116.1 million. The offering, set to close on June 30, 2021, will fund debt repayment under its revolving credit facility and may also support acquisitions of two hotels in Austin, Texas, for around $71.2 million. As of June 22, 2021, CLDT's revolving credit borrowings totaled $130.0 million at 3.0% interest.
Chatham Lodging Trust (NYSE: CLDT) reported significant RevPAR improvements for Q2 2021, showcasing a strong recovery in the lodging sector. RevPAR rose from $47 in January to $88 in May, with a notable 230% increase in April and 192% in May compared to 2020. Occupancy rates climbed to 70% in May. The northeastern leisure markets are expected to thrive post-pandemic, and corporate demand is rebounding. Although corporate EBITDA improved to $2.9 million in April, debt service remains a challenge, totaling approximately $2.9 million monthly. Overall, positive trends suggest ongoing recovery prospects.
Chatham Lodging Trust (NYSE: CLDT) reported its Q1 2021 financial results, indicating a significant recovery despite ongoing pandemic challenges. RevPAR dropped 42% to $55, but occupancy improved to 65% in April. Net income rose to $2.7 million from a $28.1 million loss in Q1 2020, with a notable gain from the Innkeepers joint venture sale contributing $23.8 million. Adjusted EBITDA showed a slight increase, marking the third consecutive quarter of positive results. The company has a liquidity of $145 million and expects continued recovery in leisure travel, especially in coastal markets.
Chatham Lodging Trust (NYSE: CLDT) will announce its first quarter 2021 financial results on May 4, 2021, before market opening. A conference call hosted by executives will take place on the same day at 10:00 a.m. ET, which can be accessed via Chatham's website or by calling 1-877-407-0789. The company owns interests in 39 properties, totaling 5,900 rooms/suites across 15 states and D.C. Chatham highlights the relevance of non-GAAP financial measures like FFO and EBITDA in evaluating its operating performance.
Chatham Lodging Trust (NYSE: CLDT) announced the sale of its 10.3% stake in the Innkeepers joint venture to Colony Capital for $2.8 million. This transaction concludes a profitable partnership that began in 2011, with Chatham originally investing $37 million. The overall return on investment from this venture exceeds $100 million, including $22.2 million in distributions received. Chatham operates properties primarily in the upscale, extended-stay hotel sector, managing 39 properties across 15 states and D.C.