Financial Data and Key Metrics Changes - Chatham Lodging Trust reported Q3 2024 hotel EBITDA of 32.2millionandadjustedEBITDAof29.6 million, with adjusted FFO of 0.35pershare[21]−RevPARgrowthwas1.3200 [9][16] - Overall, RevPAR for the portfolio exceeded 2019 levels for the second consecutive quarter, with a Q3 RevPAR of 150[8]MarketDataandKeyMetricsChanges−Businesstravelshowedsteadygrowthacrossthecountry,withoccupancyratesforkeyweekdaysreaching79191 [15] - The company noted that 30 of its 38 comparable hotels produced positive RevPAR in October, indicating strong overall trends [15] Company Strategy and Development Direction - The company is focused on recycling capital by selling five hotels, expected to generate approximately 80million,topaydowndebtandinvestinhigher−qualityassets[4][5]−Chathamaimstoenhanceinternalgrowthbyacquiringnewerassetsandreducingongoingcapitalrequirements,withatargetleveragerangeof4.75xto5.25x[28][30]−ThecompanyisoptimisticaboutthedemanddynamicsinSiliconValley,drivenbytechindustrygrowthandcorporateexpansions[10][11]Management′sCommentsonOperatingEnvironmentandFutureOutlook−Managementexpressedconfidenceintherecoveryofmarginsandoverallperformance,citingashiftindemandtowardsbusinesstravelpost−summer[25]−ThecompanyanticipatesRevPARgrowthof119 million to 21million[23]−Managementnotedthatexpensepressureshavelessened,withlaborcostsreturningtomorehistoricalincreases[13]OtherImportantInformation−Thecompanyhasonly30 million of debt maturing over the next 12 months and 135millionavailableunderitsrevolvingcreditfacility[22]−Capitalexpendituresfor2024areexpectedtobearound34 million, slightly below the budget of $37 million [20] Q&A Session Summary Question: Improvement in RevPAR in September and October - Management indicated that the improvement is likely due to a shift in demand towards corporate travel as leisure travel wanes post-summer [25] Question: Target leverage and asset sales - Management stated that a leverage target of 4.75x to 5.25x is reasonable, and they are actively pursuing asset sales to enhance growth [28][30] Question: Market conditions and pricing - Management noted that while there hasn't been dramatic movement in buyer-seller expectations, there is increased activity in the market [31]