 |
| 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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