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 and owns 133 hotels wholly or through joint ventures, today announced preliminary room revenue per available room (“RevPAR”) results for the quarter ended September 30, 2016, and updated its outlook for net income, net income per diluted share, adjusted EBITDA and adjusted FFO per share.
“We faced tough comparisons over a very strong 2015 third quarter when our occupancy reached an all-time high of 88 percent for our owned portfolio,” noted Jeffrey H. Fisher, Chatham’s president and chief executive officer. “Our RevPAR recently was adversely impacted more than expected due to lower GDP growth that is restraining business travel, as well as new supply and a significant drop in demand in our oil-industry influenced Houston and western Pennsylvania markets. We have six hotels in those markets and those hotels experienced a RevPAR decline of 21 percent. This performance negatively impacted our RevPAR by approximately 200 basis points. Our reduced guidance with respect to adjusted EBITDA and FFO per share is reflective of reduced RevPAR performance, increased wage pressures and rising guest acquisition costs primarily from online travel agency commissions.”
The company also announced that it will report third quarter 2016 financial results on Thursday, November 3, 2016, before the opening of the market. That same day at 10:00 a.m. ET, Jeffrey H. Fisher, Chatham’s chief executive officer, Dennis M. Craven, executive vice president and chief operating officer, and Jeremy Wegner, senior vice president and chief financial officer, will host a conference call to review third quarter 2016 financial results.
Shareholders and other interested parties may listen to a simultaneous webcast of the conference call on the Internet by logging onto Chatham’s Web site, http://chathamlodgingtrust.
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 interests in 133 hotels totaling 18,178 rooms/suites, comprised of 38 properties it wholly owns with an aggregate of 5,680 rooms/suites in 15 states and the District of Columbia and a minority investment in two joint ventures that own 95 hotels with an aggregate of 12,498 rooms/suites. Additional information about Chatham may be found atchathamlodgingtrust.com.
