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Overview of Chatham Lodging Trust (CLDT)
Chatham Lodging Trust (NYSE: CLDT) is a publicly traded real estate investment trust (REIT) specializing in the acquisition, ownership, and management of upscale extended-stay hotels. The company focuses on properties that cater to long-term business travelers, relocating families, and other guests requiring extended accommodations. By targeting this niche within the hospitality sector, Chatham Lodging addresses a growing demand for high-quality, home-like lodging solutions that combine the comfort of residential living with the amenities of traditional hotels.
Business Model and Revenue Streams
Chatham Lodging operates through a single business segment due to the consistent economic characteristics of its properties. The company generates revenue through three primary streams:
- Room Revenue: The majority of Chatham's income comes from room bookings, particularly from extended-stay guests who typically secure accommodations for weeks or months, resulting in higher occupancy rates and stable cash flows.
- Food and Beverage: Some properties offer dining options, contributing to ancillary revenue and enhancing the guest experience.
- Other Revenue: This includes income from additional services such as parking, meeting spaces, and other on-site amenities.
Chatham Lodging's properties operate under globally recognized hotel brands, including Hilton, Marriott, and Hyatt. These partnerships provide access to established customer bases, loyalty programs, and operational expertise, which enhance the marketability and performance of its hotels.
Geographic Footprint
The company owns and operates upscale extended-stay hotels across key U.S. markets, including California, New York, Texas, Florida, Minnesota, Massachusetts, and Pennsylvania. These locations are strategically chosen for their strong demand drivers, such as proximity to business centers, tourist attractions, and transportation hubs. This geographic diversification helps mitigate regional economic risks and ensures a steady flow of guests.
Operational Structure
Chatham Lodging's assets are managed through its Operating Partnership, Chatham Lodging, LP, and its subsidiaries. This structure allows the company to efficiently lease and operate its properties while benefiting from the tax advantages and operational flexibility inherent in REIT models. By consolidating its operations under a single partnership, Chatham ensures streamlined management and consistent performance across its portfolio.
Competitive Landscape and Market Position
Chatham Lodging operates in a competitive segment of the hospitality industry, facing challenges from traditional hotel operators, alternative lodging platforms like Airbnb, and other extended-stay providers. However, its focus on upscale properties and partnerships with top-tier brands provide a distinct competitive advantage. Extended-stay hotels typically achieve higher average daily rates (ADRs) and longer occupancy durations compared to traditional hotels, positioning Chatham to capitalize on stable and lucrative revenue streams.
Challenges and Strategic Value
Despite its strengths, Chatham Lodging faces challenges such as economic cyclicality, dependency on third-party brand agreements, and operational complexities associated with managing a geographically dispersed portfolio. However, the company's strategic focus on upscale extended-stay properties, coupled with its partnerships with globally recognized hotel brands, positions it as a resilient player in a growing market segment. By leveraging its operational expertise and targeting high-demand locations, Chatham Lodging continues to deliver value to its stakeholders.
Conclusion
Chatham Lodging Trust exemplifies a focused and strategic approach within the hospitality sector, specializing in upscale extended-stay properties that cater to a niche yet growing market. Its partnerships with leading hotel brands, geographic diversification, and efficient REIT structure underscore its commitment to delivering long-term value. As a publicly traded REIT, Chatham Lodging offers investors exposure to the extended-stay hotel market while benefiting from the stability and growth potential of this unique lodging segment.
Chatham Lodging Trust (NYSE: CLDT) has announced a significant 29% increase in its quarterly common dividend, raising it by $0.02 to $0.09 per share. The company also declared a preferred share dividend of $0.41406. Both dividends will be payable on April 15, 2025, to shareholders of record as of March 31, 2025.
The hotel REIT, which specializes in upscale extended-stay and premium-branded select-service hotels, reports strong financial positioning following the pandemic and recent debt maturity challenges. The company cites outperforming RevPAR growth, stabilizing and growing operating margins, and low leverage as key factors enabling increased shareholder returns.
Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust specializing in upscale extended-stay and premium-branded select-service hotels, has announced its 2025 annual shareholder meeting details. The meeting is scheduled for May 6, 2025 at 10:00 a.m. EST and will take place at the company's corporate offices in West Palm Beach, Florida. The record date for shareholder voting eligibility has been set for March 10, 2025 at close of business.
Chatham Lodging Trust (NYSE: CLDT) reported strong Q4 2024 results with notable RevPAR growth and margin expansion. Portfolio RevPAR increased 4% to $129, driven by a 5% jump in occupancy to 74%, while ADR slightly declined 1% to $176.
Key financial metrics include: Net loss of $1.9M ($0.08 per share), improved from $9.3M loss in Q4 2023; GOP margins up 150 basis points to 40.5%; Hotel EBITDA margins increased 90 basis points to 32.5%; Adjusted EBITDA rose to $21.1M; and AFFO reached $10.0M ($0.20 per share).
The company completed strategic asset recycling, selling three hotels with two more under contract, expecting total proceeds of $101M. Silicon Valley and Bellevue properties showed strong performance with 9% RevPAR growth. The company reduced net debt by $29M in 2024 and lowered leverage ratio from 25% to 23%.
Chatham Lodging Trust (NYSE: CLDT), a REIT focused on upscale extended-stay and premium branded select-service hotels, has scheduled its fourth quarter 2024 earnings report for Wednesday, February 26, 2025, before market opening.
The company will host a conference call at 1:00 p.m. ET on the same day, featuring CEO Jeffrey H. Fisher, COO Dennis M. Craven, and CFO Jeremy Wegner to discuss the financial results. Interested parties can join via webcast on the company's website or by phone using the provided dial-in numbers.
A recording will be available until March 5, 2025, and a replay will be posted on Chatham's website.
Chatham Lodging Trust (NYSE: CLDT), a REIT focused on upscale extended-stay and premium-branded select service hotels, has announced its 2024 dividend tax characterization. For Series A Preferred shares (CLDT-PA), quarterly dividends of $0.41406 are classified as 100% taxable ordinary income and Section 199A dividends. Common stock (CLDT) quarterly dividends of $0.07 are split between taxable ordinary income ($0.05392) and return of capital ($0.01608), with the taxable portion qualifying as Section 199A dividends.
No portion of the 2024 dividends represented foreign taxes or qualified dividend income. Shareholders will receive IRS Form 1099-DIV from either EQ Shareholder Services (registered holders) or their brokers (street name holders).
Chatham Lodging Trust (NYSE: CLDT), a lodging REIT specializing in upscale, extended-stay and premium-branded select-service hotels, has announced its quarterly dividend distributions. The company, which owns 39 hotels, will pay a common share dividend of $0.07 and a preferred share dividend of $0.41406. Both dividends will be paid on January 15, 2025, to shareholders of record as of December 31, 2024.
Chatham Lodging Trust (NYSE: CLDT) reported third quarter 2024 results with RevPAR growth of 2.1% excluding hotels under renovation. The company generated net income of $4.3 million ($0.05 per share), down from $7.5 million ($0.11 per share) in Q3 2023. Q3 2024 RevPAR increased 1.3% to $150, with ADR up 1.3% to $188 and occupancy flat at 80%. Notable performance came from Silicon Valley and Bellevue hotels, showing 8% RevPAR growth. The company has agreements to sell five hotels for approximately $80 million in net proceeds. October RevPAR accelerated 6% over 2023 to $158.
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.
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