- · Reported revenue per available room (RevPAR) of $81.75 for the first quarter, a decrease of 1.8 percent from the comparable period in 2010 and in line with company’s previously issued guidance of a decrease of 1 percent to 3 percent, as 40 percent or 670 of the company’s 1,650 rooms underwent renovations during the quarter.
- · Achieved 1.4 percent increase in average daily rate (ADR) to $114.45 while occupancy declined 3.1 percent to 71.4 percent reflecting the adverse impact of rooms out of service at five hotels under renovation.
- · Posted essentially flat earnings, a net loss of $18,924, or $0.00 per diluted share.
- · Generated adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $2.7 million and EBITDA of $2.2 million.
- · Reported adjusted funds from operations (FFO) of $1.5 million, FFO of $1.4 million, adjusted FFO per diluted share of $0.13 and FFO per diluted share of $0.12 based on weighted average shares outstanding.
- · Recorded gross operating profit (GOP) margins (hotel operating revenue less hotel operating expenses, before property taxes and insurance) of 36.7 percent, down 240 basis points over the first quarter 2010, reflecting the adverse impact of renovations.
- · Declared a $0.175 per share quarterly dividend.
- · Enhanced five hotels with renovations comprising 670 rooms or 40 percent of its portfolio.
Tuesday, May 10, 2011
PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium-branded select-service hotels, announced results for the first quarter ended March 31, 2011.
2011 First Quarter Highlights and Operating Results
“It has been quite a start to 2011, producing solid first quarter operating results in line with our previous guidance and consensus estimates, and completing renovations on 40 percent of our portfolio on time and under budget.
"We expect that these improvements will boost RevPAR in the coming months as extended stay occupancy returns to more normalized levels,” said Jeffrey H. Fisher (top right photo), Chatham’s chief executive officer and president.
“Recent notable developments with respect to our pending acquisition of five outstanding hotels and our joint venture investment with Cerberus will double the size of our asset base. These deals are truly transformative and demonstrate our ability to continue to execute on our original business plan.”
For a complete copy of the company’s news release and financials, please contact:
Dennis Craven (Company), Chief Financial Officer, (561) 227-1386
Jerry Daly or Carol McCune, Daly Gray (Media), (703) 435-6293