Chatham Lodging - CLDT STOCK NEWS

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.

Chatham Lodging Trust (CLDT) will report its first quarter 2024 financial results on May 6, 2024. The company, a lodging REIT investing in upscale hotels, will host a conference call to review the results. Shareholders can participate via webcast or phone.

Chatham Lodging Trust (CLDT) declares quarterly dividends for common and preferred shares, $0.07 and $0.41406 respectively, payable on April 15, 2024.

Chatham Lodging Trust (CLDT) announced its fourth quarter 2023 results, showcasing a 2.5% increase in Portfolio Revenue Per Available Room (RevPAR), a net loss of $11.0 million, and various financial metrics. Despite challenges in the technology sector, the company reported positive RevPAR growth and operational achievements, including debt reduction and increased dividends. Looking ahead, Chatham remains optimistic about the future performance fueled by technology sector investments and business travel demand.

Chatham Lodging Trust (CLDT) has announced the date and time for its 2024 annual meeting of shareholders. The meeting will take place on May 15, 2024, at 10:00 a.m. EDT in West Palm Beach, Fla. Shareholders entitled to notice and vote must be determined by the close of business on March 18, 2024.