PALM BEACH, FL, Aug. 9, 2011--(BUSINESS WIRE)-- 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 results for the second quarter ended June 30, 2011.2011 Second Quarter Highlights and Operating Results
Reported a 3.3 percent increase in revenue per available room (RevPAR) to $96.49 for the second quarter, in line with the company’s previously announced RevPAR guidance on June 29, 2011.
RevPAR was negatively impacted by the completion of renovations during the quarter. Occupancy was up 2.6 percent to 83.2 percent and average daily rate (ADR) was up 0.7 percent, to $115.97.
[1] Pro forma disclosures include the results for 18 hotels consisting of the 13 hotels owned at June 30, 2011 plus the five hotels acquired on July 14, 2011.
“We had strong operating performance in the second quarter, delivering solid operating results and completing renovations on 40 percent of our portfolio on time and under budget,” said Jeffrey H. Fisher (top right photo), Chatham’s chief executive officer and president.
“We already are starting to see these investments pay off with accelerating RevPAR growth after the renovations. In the locations where we have completed
renovations during 2011, market RevPAR is up approximately 10 percent for the year.
“As a result, extended stay occupancy is returning to more normalized levels in our renovated hotels. Our ability to leverage those occupancy levels to drive rate and operating profits is greatly enhanced.”
For a complete copy of the company’s news release and financials, please contact:
Dennis Craven, Chief Financial Officer
561-227-1386
or
Daly Gray (Media)
Jerry Daly or Carol McCune
703-435-6293
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