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| 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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