Wednesday, February 19, 2014

Chatham Lodging Trust Closes Out Strong 2013

  
Jeffrey H. Fisher

 PALM BEACH, Fla., February 18, 2014—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) that owns wholly or through its joint ventures 77 premium-branded, upscale, extended-stay and select-service hotels, today announced results for the fourth quarter and year ended December 31, 2013.

Fourth Quarter 2013 Highlights

  • Comparable Hotel RevPAR – Grew hotel RevPAR 4.9 percent, excluding the Washington, D.C. hotel which was ramping up as a newly converted Residence Inn by Marriott.
  • Portfolio RevPAR - Rose 4.4 percent to $103 for the 25 wholly owned hotels.
  • Adjusted EBITDA – Increased 52 percent to $12.7 million.
  • Adjusted FFO – Improved 159 percent to $7.6 million. Adjusted FFO per diluted share rose 38 percent to $0.29 from $0.21.
  • Operating Margins Expand – Enhanced margins significantly with Gross Operating Profit margins rising 170 basis points to 43.6 percent and hotel EBITDA margins up 210 basis points to 36.0 percent.
  • Portfolio Growth Continues – Completed acquisitions of two, high quality hotels comprising 391 rooms for $111.6 million.
  • Innkeepers Joint Venture – Received distributions of $0.8 million in the quarter, bringing total distributions to 92.4 percent of original invested capital.


“It has been an invigorating year with the Chatham and JV portfolios producing strong operating results,” said Jeffrey H. Fisher, Chatham’s president and chief executive officer.

 “We have grown the Chatham wholly owned portfolio by nearly 50 percent since late December 2012 through the acquisition of seven, high quality hotels. By a number of important measures, 2013 was a very successful year for Chatham.”

 For a complete copy of the company’s news release, please contact:

Dennis Craven (Company)
Chief Financial Officer                                                                   
(561) 227-1386                                                                                  
                                                                          
Chris Daly
Daly Gray, Inc. (Media)

 (703) 435-6293

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