Saturday, May 7, 2016
WEST PALM BEACH, FL —Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels and owns 133 hotels wholly or through joint ventures, today announced results for the first quarter ended March 31, 2016. In addition, the company updated its guidance for 2016.
“Fueled by high-quality acquisitions made in 2015, Chatham grew adjusted FFO per share 15 percent in the 2016 first quarter. We are gratified to deliver double digit growth this quarter,” said Jeffrey H. Fisher, Chatham’s president and chief executive officer. “With our updated guidance, we remain on track to deliver solid FFO per share growth in 2016, even though RevPAR increases for the industry are moderating.
“Chatham delivered RevPAR growth in-line with industry performance, and our operating results were towards the upper end of our guidance range,” Fisher noted. “Like most other lodging REITs, top-line growth is slowing, not surprising given the significant growth we have experienced over the past several years, the calendar shift for the Easter holiday, as well as the fact that for the first time since the fourth quarter of 2009, industry supply growth outpaced demand growth.”
For a complete copy of the company’s news release, please contact:
Daly Gray, Inc.
Office: (703) 435-6293
Cell: (703) 300-8289
Posted by Alex at 12:15 PM