PALM BEACH, FL, June 17, 2011—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded select-service hotels, today announced that its board of trustees has declared a common share dividend of $0.175 for the 2011 second quarter. Based on the company’s common share closing price of $15.47 at the close of business on June 16, the annualized dividend represents a yield of approximately 4.5 percent. The common dividend is payable July 15, 2011, to shareholders of record on June 30, 2011.
The acquisition of the 174-room Residence Inn Pittsburgh University Medical Center is still pending. The company’s original guidance for 2011 assumed that this acquisition would close May 1, 2011.
The company does not expect this hotel acquisition will close until after the second quarter. The impact of the delayed closing reduces Chatham’s original estimated 2011 second quarter FFO per share of $0.03.
The company will provide updated guidance that takes into consideration the significant pending investments as soon as practicable after the Plan of Reorganization of Innkeepers USA Trust has been approved by the U.S. Bankruptcy Court, which is expected to occur on June 23, 2011.
Contact:
Dennis Craven, Chief Financial Officer, (Company), (561) 227-1386
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