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Chatham Lodging Trust Provides Business Update

April and May RevPAR Trend Well Above Second Quarter Guidance

Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced RevPAR grew a strong 5 percent quarter-to-date through May, well above its second quarter guidance of 2.5 to 4.0 percent. RevPAR gained 5 percent in both April and May.

Key RevPAR growth metrics (excluding the recently acquired Home2 Phoenix Downtown):

  • April occupancy was up 6 percent to 83 percent with average daily rate (ADR) down 1 percent to $177
  • May occupancy was up 4 percent to 82 percent, and ADR also increased 1 percent to $182
  • RevPAR growth for the Silicon Valley and Bellevue hotels surged 11 percent through May driven by an approximate 6 percent advance in occupancy to 77 percent and a 6 percent rise in ADR to $188
  • Other strong markets through May were Cherry Creek, Dallas, Greater New York, San Antonio and San Diego

“Driven by the resurgence in business travel around the country, 14 of our 38 comparable hotels generated double digit RevPAR growth through May, leading us to meaningfully outperform the industry and our peers,” highlighted Jeffrey H. Fisher, Chatham’s chief executive officer and president. “April and May weekday and weekend occupancies were the highest since 2019, and weekday and weekend portfolio ADR exceeded 2019 levels. As occupancies climb, rate growth should accelerate, and this is very encouraging as we enter our busiest time of the year.”

Capital Markets & Capital Structure

During the 2024 second quarter, the company:

  • Repaid the Residence Inn Anaheim $29 million maturing mortgage on April 5th
  • Borrowed an additional $50 million on its term loan on May 3rd
  • Acquired on May 30th the recently opened, 148-room Home2 Suites by Hilton Phoenix Downtown for $43 million or approximately $293,000 per room
  • Issued $23 million of CMBS debt secured by the Hyatt Place Pittsburgh North Shore on May 31st
  • Repaid the Residence Inn Mountain View $35 million maturing mortgage on May 31st
  • Expects to issue approximately $37 million of CMBS debt during June

“Pro-forma for the above transactions, we project to have approximately $50 million of cash with nothing outstanding on our $260 million credit facility as of June 30th and have only $189 million of maturing debt to repay in July,” commented Jeremy Wegner, Chatham’s chief financial officer. “After repaying the July maturing debt, we will have approximately $140 million outstanding on our credit facility and 29 hotels unencumbered. It’s important to have this debt overhang behind us as we have successfully repositioned our balance sheet and are at our lowest leverage levels since Chatham’s early years over a decade ago."

About Chatham Lodging Trust

Chatham Lodging Trust is a self-advised, publicly traded real estate investment trust focused primarily on investing in upscale, extended-stay hotels and premium-branded, select-service hotels. The company owns 39 hotels with 5,883 rooms/suites in 17 states and the District of Columbia. Additional information about Chatham may be found at

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements about the company's business that are not historical facts are "forward-looking statements." Forward-looking statements are based on current expectations. You should not rely on our forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the company's future results, performance, or achievements to differ significantly from the results, performance, or achievements expressed or implied by such statements. Such risks are set forth under the captions "Item 1A. Risk Factors" and "Forward-Looking Statements" in our annual report on Form 10-K and under the caption "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" (or similar captions) in our quarterly reports on Form 10-Q, and as described in our other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the dates on which they are made, and the company undertakes no obligation to update publicly or revise any guidance or other forward-looking statement, whether as a result of new information, future developments, or otherwise, unless required by law.


Dennis Craven (Company)

Chief Operating Officer

(561) 227-1386

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