Chatham Lodging Trust(US:CLDT)2025-06-25 11:58Operating Performance and Market Position - Chatham's RevPAR exceeded industry growth for three consecutive years, with FY 2024 up by 2.8% compared to the industry's 1.8%, and Q1 2025 up by 3.8% versus the industry's 2.2%[6] - RevPAR for Chatham's tech-driven hotels increased by 10.4% in 2024 and 3.2% in Q1 2025, despite renovation impacts[6] - Chatham's Silicon Valley and Bellevue properties are showing strong RevPAR growth[29] - Chatham has the highest RevPAR among lodging REITs focused on the limited-service segment[73] Financial Highlights and Capital Allocation - Recovery of Silicon Valley/Bellevue properties to 2019 levels could add $14 million to LTM EBITDA and $0.27 per share of FFO, representing increases of approximately 15% and 27% relative to 2025 guidance midpoint[6,28] - The company sold six hotels for $101 million since the start of 2024 at a cap rate of 6%, including $28 million of forgone capital expenditures[6] - Chatham acquired a newly built Home2 Phoenix in May 2024 for $43 million, with an expected cap rate of 9%[6] - Chatham reduced its net debt by 40% since 3/31/20[57] Portfolio and Strategy - Weighted average supply growth of 0.3% in Chatham's sub-markets indicates limited new supply[6] - 65% of Chatham's LTM EBITDA was generated by extended stay hotels[71] - Chatham had $192 million of liquidity as of 4/30/25[53]