Thursday, August 6, 2020

Chatham Lodging Trust Announces Second-Quarter Results



Jeffrey H. Fisher
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, today announced results for the second quarter ended June 30, 2020.

 "We successfully secured unique sources of demand through exhaustive sales and revenue sourcing efforts and certainly believe we are benefitting from the concentration of extended-stay rooms in our portfolio,” commented Jeffrey H. Fisher, Chatham’s president and chief executive officer.

“Even as hotels have reopened over the last few months, we have sustained our outstanding RevPAR market share gains with an average RevPAR index during the second quarter of 145 compared to our 2019 RevPAR index of 118.

"By keeping all hotels open, we were able to book meaningful revenue and provide rooms to important long-term customers. 

"Fortunately, we have been able to leverage those wins to capture more of the oncoming demand which allows us to better bridge the gap to recovery.”



Second Quarter 2020 Operating Results

  • Portfolio Revenue per Available Room (RevPAR) – Declined 77 percent to $33, compared to the 2019 second quarter. Average daily rate (ADR) decreased 43 percent to $98, and occupancy dropped 59 percent to 34 percent.
  • Net income (loss) – Declined $36.7 million to a loss of $(27.2) million for the 2020 second quarter compared to the 2019 second quarter. Net loss per diluted share was $0.57 versus net income per diluted share of $0.20 last year.
  • Adjusted EBITDA – Decreased $42.0 million to $(3.3) million.
  • Adjusted FFO – Declined $40.1 million to $(12.4) million. Adjusted FFO per diluted share was $(0.26), compared to $0.58 in the 2019 second quarter.

CONTACTS:

Dennis Craven (Company)                                         Chris Daly (Media)

Chief Operating Officer                                              Daly Gray, Inc.
(561) 227-1386                                                           (703) 435-6293

PATRICK DALY
OFFICE MANAGER
DALY GRAY PUBLIC RELATIONS, INC.
620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-300-8289


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