Chatham Lodging Trust Announces Third Quarter 2018 Results

  

Dennis Craven

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 136 hotels wholly or through joint ventures, announced results for the third quarter ended September 30, 2018.

The company also provided updated guidance for 2018.

Third Quarter 2018 Key Metrics:

Portfolio Revenue per Available Room (RevPAR) – Increased 1.1 percent to $147, compared to the 2017 third quarter, for Chatham’s 40, comparable wholly owned hotels (excludes the Residence Inn Charleston Summerville which opened in August 2018). 

Average daily rate (ADR) declined 1.0 percent to $171, while occupancy rose 2.3 percent to 86 percent.

Net Income - Improved $0.2 million to $14.7 million. Net income per diluted share was $0.31 versus $0.36 in the 2017 third quarter.

Adjusted EBITDA – Advanced $1.4 million to $38.6 million, within guidance and compared to $37.2 million in the 2017 third quarter.

Adjusted FFO – Rose $1.3 million, to $28.4 million, versus $27.0 million in the 2017 third quarter. Adjusted FFO per diluted share was $0.61, compared to guidance of $0.58-$0.62 per share.

Operating Margins – Experienced a 90-basis point decline to 48.1 percent in comparable gross operating profit margins.  Comparable Hotel EBITDA margins were off 110 basis points to 41.3 percent, within guidance range of 41 to 42 percent.

Acquisition – Acquired the 96-room Residence Inn by Marriott Charleston Summerville, S.C., for $20.8 million, or approximately $217,000 per room.

 CONTACTS:

Dennis Craven (Company) 

Chief Operating Officer 

 (561) 227-1386  

 Chris Daly (Media)

Daly Gray, Inc.

(703) 435-6293