Chatham Lodging Trust Provides Business Update

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 provided an update on operating results to date for the 2021 second quarter.

Hotel RevPAR Performance

The below chart summarizes RevPAR statistics by month for the company’s 39 comparable hotels:






Occupancy – 2021






ADR - 2021






RevPAR – 2021






RevPAR - 2020






% Change in RevPAR






RevPAR Index






"RevPAR has more than doubled since December, portfolio-wide occupancy of 70% in May is strong, and I am particularly excited to see sequential RevPAR growth of 17% from April to May compared to 14% from March to April,” highlighted Jeffrey H. Fisher, Chatham’s president and chief executive officer. “Leisure travel continues to lead the lodging recovery, and our northeastern leisure markets in New Hampshire and Maine are poised for strong summers after being shut down for half of the 2020 summer season. In Anaheim, Disney is opening the park to residents outside of California on June 15th and also is expected to increase capacity which bodes well for our Residence Inn in the market. Corporate demand is coming back in spurts in areas such as Silicon Valley, our largest market, as well as others like Washington, D.C and Bellevue, Wash. In Houston, health-care related business is returning to the Texas Medical Center, and we own four hotels in close proximity to it. For our portfolio, which appeals to a diverse set of customers, this portends well for continued, meaningful recovery in the summer and second half of the year.”

Hotel Operations Performance and Corporate Cash Flow

The below chart summarizes key hotel operating performance measures and corporate cash flow per month for each of the four months ending April 30, 2021. RevPAR, GOP margin and Hotel EBITDA margin is for the 39 comparable hotels. Gross operating profit is calculated as Hotel EBITDA plus property taxes, ground rent and insurance. Corporate EBITDA is calculated as Hotel EBITDA minus cash corporate general and administrative expenses and is before debt service and capital expenditures. Debt service includes interest expense and principal amortization on its secured debt (approximately $0.8 million per month). Cash used before CAPEX is calculated as Corporate EBITDA less debt service. Amounts are in millions, except RevPAR.





RevPAR – 2021





Gross operating profit










GOP margin





Hotel EBITDA margin





Corporate EBITDA





Debt Service





Cash used before CAPEX





“Operationally, our platform working alongside Island Hospitality allows us to move quickly while analyzing day-to-day demand trends to adapt our operating structure to generate as much profit as possible, leading to maximum cash flow,” stated Dennis Craven, Chatham’s chief operating officer. “On a 60% RevPAR increase from January to April, GOP margins have accelerated 77% and GOP has jumped 177%. We have delivered excellent incremental gains, and our April GOP margin of 41% is approaching our 2019 GOP margin of 46% even though RevPAR remains well below 2019 levels.”

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 totaling 5,900 rooms/suites in 15 states and the District of Columbia. Additional information about Chatham may be found at

Non-GAAP Financial Measures

Included in this press release are certain “non-GAAP financial measures,” within the meaning of Securities and Exchange Commission (SEC) rules and regulations, that are different from measures calculated and presented in accordance with GAAP (generally accepted accounting principles). These non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss as prescribed by GAAP as a measure of its operating performance.

Forward-Looking Statement Safe Harbor

Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements include those with regard to the potential future impact of the COVID-19 pandemic, within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements include information about possible or assumed future results of the lodging industry and our business, financial condition, liquidity, results of operations, cash flow and plans and objectives. These statements generally are characterized by the use of the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may” or similar expressions. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, our actual results could differ materially from those set forth in the forward-looking statements. Important factors that we think could cause our actual results to differ materially from expected results are summarized below.

One of the most significant factors, however, is the ongoing impact of the current outbreak of the COVID-19 pandemic on the United States, regional and global economies, the broader financial markets, our customers and employees, governmental responses thereto and the operation changes we have and may implement in response thereto. The current outbreak of the COVID-19 pandemic has also impacted, and is likely to continue to impact, directly or indirectly, many of the other important factors below. New factors emerge from time to time, and it is not possible for us to predict which factors will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. In particular, it is difficult to fully assess the impact of the COVID-19 pandemic at this time due to, among other factors, uncertainty regarding the severity and duration of the outbreak domestically and internationally and the effectiveness of federal, state and local governments' efforts to contain the spread of COVID-19 and respond to its direct and indirect impact on the U.S. economy and economic activity.

Other risks include, but are not limited to: national and local economic and business conditions, including the effect on travel of potential terrorist attacks, that will affect occupancy rates at the company’s hotels and the demand for hotel products and services; operating risks associated with the hotel business; risks associated with the level of the company’s indebtedness and its ability to meet covenants in its debt agreements; relationships with property managers; the company’s ability to maintain its properties in a First-class manner, including meeting capital expenditure requirements; the company’s ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in travel patterns, taxes and government regulations which influence or determine wages, prices, construction procedures and costs; the company’s ability to complete acquisitions and dispositions; and the company’s ability to continue to satisfy complex rules in order for the company to remain a REIT for federal income tax purposes and other risks and uncertainties associated with the company’s business described in the company's filings with the SEC; inaccuracies of our accounting estimates and the uncertainty and economic impact of pandemics, epidemics or other public health emergencies of fear of such events, such as the recent COVID-19 pandemic. Given these uncertainties, undue reliance should not be placed on such statements. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect future events or circumstances or to reflect the occurrence of unanticipated events. The forward-looking statements should also be read in light of the risk factors identified in the “Risk Factors” section in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 as updated by the Company's subsequent filings with the SEC under the Exchange Act.


Dennis Craven (Company)
Chief Operating Officer
(561) 227-1386

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