News Release
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Chatham Lodging Trust Announces Second Quarter 2017 Results
Results at Upper End of Guidance,
Second Quarter 2017 Key Metrics
-
Portfolio Revenue per
Available Room (RevPAR) - Declined 0.5 percent, within the guidance range of flat to minus 1.5 percent, to$140 , compared to the 2016 second quarter, for Chatham’s 38, wholly owned hotels. Average daily rate (ADR) improved 2.9 percent to$169 , while occupancy declined 3.3 percent to 83 percent.-
Increased RevPAR 1.7 percent, excluding its six hotels in
oil-industry influenced
Houston and westernPennsylvania markets where RevPAR declined 20.4 percent.
-
Increased RevPAR 1.7 percent, excluding its six hotels in
oil-industry influenced
-
Net Income -
$5.0 million versus$12.3 million in the 2016 second quarter. Net income per diluted share decreased to$0.13 versus$0.31 in the 2016 second quarter. -
Adjusted EBITDA - Declined
$1.8 million , or approximately 5 percent, to$35.1 million . -
Adjusted FFO - Decreased to
$25.2 million versus$26.8 million in the 2016 second quarter. Adjusted FFO per diluted share was$0.65 versus$0.69 in the 2016 second quarter, compared to the company’s guidance of$0.60-$0.65 per share. -
Operating Margins - operating profit margins (total revenue
less total hotel operating expenses) slipped 130 basis points but
remain a strong 49.4 percent. Comparable hotel EBITDA margins also
were off, down 200 basis points to 42.2 percent.
- Same-store gross operating profit margins were down 40 basis points after stripping out one-time adjustments in its worker’s compensation liabilities that adversely impacted margins approximately 90 basis points.
Consolidated Financial Results
The following is a summary of the consolidated financial results for the
three and six months ended
Three Months Ended |
Six Months Ended | |||||||||||||
June 30, |
June 30, |
|||||||||||||
2017 |
2016 |
2017 | 2016 | |||||||||||
Net income | $5.1 | $12.3 | $9.7 | $15.6 | ||||||||||
Diluted net income per common share | $0.13 | $0.31 | $0.25 | $0.40 | ||||||||||
RevPAR | $140 | $141 | $133 | $132 | ||||||||||
ADR | $169 | $164 | $166 | $162 | ||||||||||
Occupancy | 83% | 86% | 80% | 82% | ||||||||||
Adjusted EBITDA | $35.1 | $36.9 | $63.2 | $64.4 | ||||||||||
GOP Margin | 49.4% | 50.7% | 48.3% | 48.8% | ||||||||||
Hotel EBITDA Margin | 42.2% | 44.2% | 41.1% | 41.9% | ||||||||||
AFFO | $25.2 | $26.8 | $43.3 | $44.5 | ||||||||||
AFFO per diluted share | $0.65 | $0.69 | $1.11 | $1.15 | ||||||||||
Dividends per share | $0.33 | $0.33 | $0.66 | $0.64 | ||||||||||
Operating Results
“Our second quarter results finished at the upper end of our guidance
expectations, driven by a combination of better than expected RevPAR and
operating margin performance,” said
Second quarter RevPAR performance for certain key markets:
-
Silicon Valley RevPAR declined 0.4 percent, although ADR increased 5.2
percent to
$228 . -
RevPAR at Chatham’s three
San Diego hotels advanced 7.9 percent. -
Four
Houston hotels experienced a RevPAR decline of 20.1 percent. -
Two
Los Angeles area hotels experienced a RevPAR decline of 0.4 percent. -
RevPAR at the company’s three
Boston hotels rose 0.9 percent.
“As we look ahead to the balance of the year, the adverse impact on our portfolio from the six oil-industry influenced markets should diminish, and at least on a comparable basis, our RevPAR results will start to normalize,” Fisher concluded.
During the second quarter, the company completed the renovations of the
Chatham continues to pursue the redevelopment and expansion of its two
Residence Inns in
Chatham has entered into agreements to sell two of its hotels for gross
proceeds of
“We continuously seek to enhance, and ultimately grow, our investment
portfolio through opportunistic recycling,” Fisher noted. “We intend to
reinvest the proceeds from these hotel sales into hotels in higher
growth markets with higher cash-on-cash returns and limited
Capital Markets & Capital Structure
As of
Chatham’s leverage ratio was approximately 39 percent at
On
On
Joint Venture Investments
During the quarter, the Innkeepers and Inland joint ventures contributed
Adjusted EBITDA and Adjusted FFO of approximately
Chatham received distributions of
During the second quarter,
Innkeepers Portfolio | Inland Portfolio | ||||||||||||||
New | Old | New | Old | ||||||||||||
Loans outstanding (in millions) | $850 | $840 | $780 | $817 | |||||||||||
Credit spread (basis points) | 279 bps | 339 bps | 330 bps | 360 bps | |||||||||||
In connection with the refinancing of the Inland portfolio,
“When the new CMBS issuance market was attractive, we moved quickly to
secure commitments and close on the refinancing of these two loans,”
stated
Dividend
Chatham currently pays a monthly dividend of
2017 Guidance
The company’s initial guidance for the 2017 third quarter and updated full-year guidance reflects the following:
-
Shares sold through the ATM and dividend reinvestment/stock purchase
plans in the second quarter which impacts full-year adjusted FFO by
$0.02 per share. - Industrywide RevPAR growth of 0 to 3 percent in 2017
-
Renovations at the following hotels:
-
Homewood Suites
Maitland, Fla. , commenced in the second quarter with a third quarter completion date -
Homewood Suites in
Bloomington, Minn. , andBrentwood, Tenn. , starting in the third quarter, with completion in the fourth quarter -
Residence Inn San Diego Mission Valley , beginning in the fourth quarter with a completion date in 2018
-
Homewood Suites
- Pending dispositions and acquisitions are not included
- No additional acquisitions, dispositions, debt or equity issuance
Q3 2017 |
2017 Forecast |
|||||
RevPAR | $142-$144 | $130-$132 | ||||
RevPAR growth | -1.0%-1.0% | -1.0%-1.0% | ||||
Total hotel revenue | $78.8-$80.3 M | $287.9-$291.6 M | ||||
Net income | $10.9-$12.4 M | $19.5-$23.3 M | ||||
Net income per diluted share | $0.27-$0.31 | $0.50-$0.60 | ||||
Adjusted EBITDA | $35.5-$37.0 M | $122.1-$125.9 M | ||||
Adjusted FFO | $25.2-$26.7 M | $81.6-$85.4 M | ||||
Adjusted FFO per diluted share | $0.63-$0.67 | $2.07-$2.17 | ||||
Hotel EBITDA margins | 41.7%-42.5% | 40.0%-40.7% | ||||
Corporate cash administrative expenses | $2.2 M | $9.1 M | ||||
Corporate non-cash administrative expenses | $1.0 M | $3.8 M | ||||
Interest expense (excluding fee amortization) | $6.8 M | $27.2 M | ||||
Non-cash amortization of deferred fees | $0.3 M | $0.9 M | ||||
Income taxes | $0.0 M | $0.3 M | ||||
Chatham’s share of JV EBITDA | $4.8-$5.0 M | $15.8-$16.2 M | ||||
Chatham’s share of JV FFO | $2.6-$2.8 M | $7.6-$8.0 M | ||||
Weighted average shares/units outstanding | 39.8 M | 39.4 M | ||||
Funds from operations (FFO), Adjusted FFO (AFFO), EBITDA and Adjusted EBITDA are non-GAAP | ||||||
financial measures within the meaning of the rules of the Securities and Exchange | ||||||
Commission. See the discussion included in this press release for information regarding | ||||||
these non-GAAP financial measures. | ||||||
Earnings Call
The company will hold its second quarter 2017 conference later today at
About
Non-GAAP Financial Measures
Included in this press release are certain “non-GAAP financial
measures,” within the meaning of
FFO As Defined by NAREIT and Adjusted FFO
The company calculates FFO in accordance with standards established
by the
The company calculates Adjusted FFO by further adjusting FFO for certain additional items that are not addressed in NAREIT’s definition of FFO, including hotel property acquisition costs and other charges, losses on the early extinguishment of debt and similar items related to its unconsolidated real estate entities that it believes do not represent costs related to hotel operations. The company believes that Adjusted FFO provides investors with another financial measure that may facilitate comparisons of operating performance between periods and between REITs that make similar adjustments to FFO.
EBITDA, Adjusted EBITDA and
The company calculates EBITDA for purposes of the credit facility debt as net income or loss excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; (3) depreciation and amortization; and (4) unconsolidated real estate entity items including interest, depreciation and amortization excluding gains and losses from sales of real estate. The company believes EBITDA is useful to investors in evaluating its operating performance because it helps investors compare the company’s operating performance between periods and between REITs by removing the impact of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results. In addition, the company uses EBITDA as one measure in determining the value of hotel acquisitions and dispositions.
The company calculates Adjusted EBITDA by further adjusting EBITDA
for certain additional items, including hotel property acquisition costs
and other charges, gains or losses on the sale of real estate, losses on
the early extinguishment of debt, amortization of non-cash share-based
compensation and similar items related to its unconsolidated real estate
entities, which it believes are not indicative of the performance of its
underlying hotel properties entities. The company believes that Adjusted
EBITDA provides investors with another financial measure that may
facilitate comparisons of operating performance between periods and
between REITs that report similar measures.
Although the company presents FFO, Adjusted FFO, EBITDA and Adjusted EBITDA because it believes they are useful to investors in comparing the company’s operating performance between periods and between REITs that report similar measures, these measures have limitations as analytical tools. Some of these limitations are:
-
FFO, Adjusted FFO, EBITDA,
Adjusted EBITDA and Adjusted Hotel EBITDA do not reflect the company’s cash expenditures, or future requirements, for capital expenditures or contractual commitments; -
FFO, Adjusted FFO, EBITDA,
Adjusted EBITDA and Adjusted Hotel EBITDA do not reflect changes in, or cash requirements for, the company’s working capital needs; -
FFO, Adjusted FFO, EBITDA,
Adjusted EBITDA and Adjusted Hotel EBITDA do not reflect funds available to make cash distributions; -
EBITDA, Adjusted EBITDA and
Adjusted Hotel EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on the company’s debts; -
Although depreciation and amortization are non-cash charges, the
assets being depreciated and amortized may need to be replaced in the
future, and FFO, Adjusted FFO, EBITDA, Adjusted EBITDA and
Adjusted Hotel EBITDA do not reflect any cash requirements for such replacements; - Non-cash compensation is and will remain a key element of the company’s overall long-term incentive compensation package, although the company excludes it as an expense when evaluating its ongoing operating performance for a particular period using adjusted EBITDA;
-
Adjusted FFO, Adjusted EBITDA and
Adjusted Hotel EBITDA do not reflect the impact of certain cash charges (including acquisition transaction costs) that result from matters the company considers not to be indicative of the underlying performance of its hotel properties; and -
Other companies in the company’s industry may calculate FFO,
Adjusted FFO, EBITDA, Adjusted EBITDA and
Adjusted Hotel EBITDA differently than the company does, limiting their usefulness as a comparative measure.
In addition, FFO, Adjusted FFO, EBITDA, Adjusted EBITDA and
The company’s reconciliation of FFO, Adjusted FFO, EBITDA, Adjusted
EBITDA and
Forward-Looking Statement Safe Harbor
Note: This press release contains forward-looking statements within
the meaning of federal securities regulations. These forward-looking
statements are identified by their use of terms and phrases such as
"anticipate," "believe," "could," "estimate," "expect," "intend," "may,"
"should," "plan," "predict," "project," "will," "continue" and other
similar terms and phrases, including references to assumption and
forecasts of future results. Forward-looking statements are not
guarantees of future performance and involve known and unknown risks,
uncertainties and other factors which may cause the actual results to
differ materially from those anticipated at the time the forward-looking
statements are made. These 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 second-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
CHATHAM LODGING TRUST |
|||||||||||
Consolidated Balance Sheets |
|||||||||||
(In thousands, except share and per share data) |
|||||||||||
June 30, | December 31, | ||||||||||
2017 | 2016 | ||||||||||
(unaudited) | |||||||||||
Assets: |
|||||||||||
Investment in hotel properties, net | $ | 1,215,677 | $ | 1,233,094 | |||||||
Cash and cash equivalents | 12,794 | 12,118 | |||||||||
Restricted cash | 25,025 | 25,083 | |||||||||
Investment in unconsolidated real estate entities | 25,345 | 20,424 | |||||||||
Hotel receivables (net of allowance for doubtful accounts of $234 and $155, respectively) | 7,277 | 4,389 | |||||||||
Deferred costs, net | 4,263 | 4,642 | |||||||||
Prepaid expenses and other assets | 5,103 | 2,778 | |||||||||
Deferred tax asset, net | — | 426 | |||||||||
Total assets | $ | 1,295,484 | $ | 1,302,954 | |||||||
Liabilities and Equity: |
|||||||||||
Mortgage debt, net | $ | 528,077 | $ | 530,323 | |||||||
Revolving credit facility | 45,000 | 52,500 | |||||||||
Accounts payable and accrued expenses | 27,823 | 27,782 | |||||||||
Distributions and losses in excess of investments of unconsolidated real estate entities | 5,780 | 6,017 | |||||||||
Distributions payable | 5,035 | 4,742 | |||||||||
Total liabilities | 611,715 | 621,364 | |||||||||
Commitments and contingencies | |||||||||||
Equity: |
|||||||||||
Shareholders’ Equity: | |||||||||||
Preferred shares, $0.01 par value, 100,000,000 shares authorized and | |||||||||||
unissued at June 30, 2017 and December 31, 2016 | — | — | |||||||||
Common shares, $0.01 par value, 500,000,000 shares authorized; | |||||||||||
39,225,717 and 38,367,014 shares issued and outstanding at June 30, | |||||||||||
2017 and December 31, 2016, respectively | 388 | 380 | |||||||||
Additional paid-in capital | 739,476 | 722,019 | |||||||||
Retained earnings (distributions in excess of retained earnings) | (61,474 | ) | (45,657 | ) | |||||||
Total shareholders’ equity | 678,390 | 676,742 | |||||||||
Noncontrolling interests: | |||||||||||
Noncontrolling interest in Operating Partnership | 5,379 | 4,848 | |||||||||
Total equity | 683,769 | 681,590 | |||||||||
Total liabilities and equity | $ | 1,295,484 | $ | 1,302,954 | |||||||
CHATHAM LODGING TRUST |
||||||||||||||||||
Consolidated Statements of Operations |
||||||||||||||||||
(In thousands, except share and per share data) |
||||||||||||||||||
(unaudited) |
||||||||||||||||||
|
For the three months ended | For the six months ended | ||||||||||||||||
June 30, | June 30, | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||
Revenue: |
||||||||||||||||||
Room | $ | 72,801 | $ | 72,768 | $ | 137,194 | $ | 136,702 | ||||||||||
Food and beverage | 1,473 | 1,726 | 2,975 | 3,234 | ||||||||||||||
Other | 2,967 | 2,637 | 5,413 | 4,990 | ||||||||||||||
Cost reimbursements from unconsolidated real estate entities | 668 | 870 | 1,549 | 1,924 | ||||||||||||||
Total revenue | 77,909 | 78,001 | 147,131 | 146,850 | ||||||||||||||
Expenses: | ||||||||||||||||||
Hotel operating expenses: | ||||||||||||||||||
Room | 15,024 | 14,574 | 28,529 | 28,385 | ||||||||||||||
Food and beverage | 1,212 | 1,245 | 2,464 | 2,423 | ||||||||||||||
Telephone | 387 | 430 | 795 | 851 | ||||||||||||||
Other hotel operating | 710 | 638 | 1,310 | 1,227 | ||||||||||||||
General and administrative | 5,974 | 5,700 | 11,628 | 11,196 | ||||||||||||||
Franchise and marketing fees | 6,089 | 5,948 | 11,391 | 11,136 | ||||||||||||||
Advertising and promotions | 1,270 | 1,344 | 2,602 | 2,696 | ||||||||||||||
Utilities | 2,352 | 2,235 | 4,722 | 4,617 | ||||||||||||||
Repairs and maintenance | 3,179 | 3,158 | 6,431 | 6,359 | ||||||||||||||
Management fees | 2,588 | 2,384 | 4,835 | 4,613 | ||||||||||||||
Insurance | 295 | 338 | 628 | 675 | ||||||||||||||
Total hotel operating expenses | 39,080 | 37,994 | 75,335 | 74,178 | ||||||||||||||
Depreciation and amortization | 11,714 | 12,281 | 23,718 | 24,756 | ||||||||||||||
Impairment loss | 6,663 | — | 6,663 | — | ||||||||||||||
Property taxes, ground rent and insurance | 5,573 | 5,014 | 10,361 | 10,037 | ||||||||||||||
General and administrative | 3,287 | 2,972 | 6,555 | 6,084 | ||||||||||||||
Hotel property acquisition costs and other charges | 15 | 298 | 15 | 310 | ||||||||||||||
Reimbursed costs from unconsolidated real estate entities | 668 | 870 | 1,549 | 1,924 | ||||||||||||||
Total operating expenses | 67,000 | 59,429 | 124,196 | 117,289 | ||||||||||||||
Operating income | 10,909 | 18,572 | 22,935 | 29,561 | ||||||||||||||
Interest and other income | 6 | 15 | 18 | 36 | ||||||||||||||
Interest expense, including amortization of deferred fees | (6,773 | ) | (7,092 | ) | (13,765 | ) | (14,129 | ) | ||||||||||
Loss on early extinguishment of debt | — | — | — | (4 | ) | |||||||||||||
Income from unconsolidated real estate entities | 927 | 942 | 842 | 295 | ||||||||||||||
Loss on sale from unconsolidated real estate entities | — | (8 | ) | — | (8 | ) | ||||||||||||
Income before income tax expense | 5,069 | 12,429 | 10,030 | 15,751 | ||||||||||||||
Income tax expense | — | (179 | ) | (317 | ) | (179 | ) | |||||||||||
Net income | 5,069 | 12,250 | 9,713 | 15,572 | ||||||||||||||
Net income attributable to noncontrolling interests | (35 | ) | (82 | ) | (66 | ) | (104 | ) | ||||||||||
Net income attributable to common shareholders | $ | 5,034 | $ | 12,168 | $ | 9,647 | $ | 15,468 | ||||||||||
Income per Common Share - Basic: |
||||||||||||||||||
Net income attributable to common shareholders | $ | 0.13 | $ | 0.32 | $ | 0.25 | $ | 0.40 | ||||||||||
Income per Common Share - Diluted: |
||||||||||||||||||
Net income attributable to common shareholders | $ | 0.13 | $ | 0.31 | $ | 0.25 | $ | 0.40 | ||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||
Basic | 38,525,306 | 38,299,132 | 38,443,663 | 38,286,790 | ||||||||||||||
Diluted | 38,749,661 | 38,477,212 | 38,659,189 | 38,446,918 | ||||||||||||||
Distributions paid per common share: |
$ | 0.33 | $ | 0.33 | $ | 0.66 | $ | 0.64 | ||||||||||
CHATHAM LODGING TRUST |
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FFO and EBITDA |
|||||||||||||||||
(In thousands, except share and per share data) |
|||||||||||||||||
For the three months ended |
For the six months ended |
||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
Funds From Operations (“FFO”): |
|||||||||||||||||
Net income | $ | 5,069 | $ | 12,250 | $ | 9,713 | $ | 15,572 | |||||||||
Loss on sale from unconsolidated real estate entities | — | 8 | — | 8 | |||||||||||||
Depreciation | 11,661 | 12,227 | 23,611 | 24,649 | |||||||||||||
Impairment loss | 6,663 | — | 6,663 | — | |||||||||||||
Adjustments for unconsolidated real estate entity items | 1,763 | 2,015 | 3,234 | 3,976 | |||||||||||||
FFO attributable to common share and unit holders | 25,156 | 26,500 | 43,221 | 44,205 | |||||||||||||
Hotel property acquisition costs and other charges | 15 | 298 | 15 | 310 | |||||||||||||
Loss on early extinguishment of debt | — | — | — | 4 | |||||||||||||
Adjustments for unconsolidated real estate entity items | 8 | 13 | 15 | 23 | |||||||||||||
Adjusted FFO attributable to common share and unit holders | $ | 25,179 | $ | 26,811 | $ | 43,251 | $ | 44,542 | |||||||||
Weighted average number of common shares and units |
|||||||||||||||||
Basic | 38,795,416 | 38,556,907 | 38,707,640 | 38,544,565 | |||||||||||||
Diluted | 39,019,771 | 38,734,987 | 38,923,165 | 38,704,693 | |||||||||||||
For the three months ended |
For the six months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”): |
|||||||||||||||||
Net income | $ | 5,069 | $ | 12,250 | $ | 9,713 | $ | 15,572 | |||||||||
Interest expense | 6,773 | 7,092 | 13,765 | 14,129 | |||||||||||||
Income tax expense | — | 179 | 317 | 179 | |||||||||||||
Depreciation and amortization | 11,714 | 12,281 | 23,718 | 24,756 | |||||||||||||
Adjustments for unconsolidated real estate entity items | 3,825 | 3,968 | 7,137 | 7,950 | |||||||||||||
EBITDA | 27,381 | 35,770 | 54,650 | 62,586 | |||||||||||||
Hotel property acquisition costs and other charges | 15 | 298 | 15 | 310 | |||||||||||||
Impairment loss | 6,663 | — | 6,663 | — | |||||||||||||
Loss on early extinguishment of debt | — | — | — | 4 | |||||||||||||
Adjustments for unconsolidated real estate entity items | 28 | 27 | 42 | 36 | |||||||||||||
Loss on sale from unconsolidated real estate entities | — | 8 | — |
8 |
|||||||||||||
Share based compensation | 999 | 759 | 1,786 | 1,495 | |||||||||||||
Adjusted EBITDA | $ | 35,086 | $ | 36,862 | $ | 63,156 | $ | 64,439 |
CHATHAM LODGING TRUST |
|||||||||||||||||||
ADJUSTED HOTEL EBITDA |
|||||||||||||||||||
(In thousands, except share and per share data) |
|||||||||||||||||||
For the three months ended | For the six months ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||
Net Income | $ | 5,069 | $ | 12,250 | $ | 9,713 | $ | 15,572 | |||||||||||
Add: | Interest expense | 6,773 | 7,092 | 13,765 | 14,129 | ||||||||||||||
Income tax expense | — | 179 | 317 | 179 | |||||||||||||||
Depreciation and amortization | 11,714 | 12,281 | 23,718 | 24,756 | |||||||||||||||
Corporate general and administrative | 3,287 | 2,972 | 6,555 | 6,084 | |||||||||||||||
Hotel property acquisition costs and other charges | 15 | 298 | 15 | 310 | |||||||||||||||
Impairment loss | 6,663 | — | 6,663 | — | |||||||||||||||
Loss on early extinguishment of debt | — | — | — | 4 | |||||||||||||||
Loss on sale from unconsolidated real estate entities | — | 8 | — | 8 | |||||||||||||||
Less: | Interest and other income | (6 | ) | (15 | ) | (18 | ) | (36 | ) | ||||||||||
Income from unconsolidated real estate entities | (927 | ) | (942 | ) | (842 | ) | (295 | ) | |||||||||||
Adjusted Hotel EBITDA |
$ | 32,588 | $ | 34,123 | $ | 59,886 | $ | 60,711 |
View source version on businesswire.com: http://www.businesswire.com/news/home/20170802005201/en/
Source:
Chatham Lodging Trust
Dennis Craven, 561-227-1386
Chief
Operating Officer
or
Daly Gray, Inc.
Chris Daly,
703-435-6293