RevPAR Outperformance and Higher Margins Drive
Results
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 results
for the first quarter ended March 31, 2017. The company also
provided its initial guidance for the 2017 second quarter and
updated its full-year guidance.
First Quarter 2017 Key Metrics
- Portfolio Revenue per Available Room
(RevPAR) – Rose 1.2 percent, above the guidance range of 0-1
percent, to $125, compared to the 2016 first quarter, for Chatham’s
38, wholly owned hotels. Average daily rate (ADR) improved 2.5
percent to $163, while occupancy declined 1.3 percent occupancy to
77 percent.
- Net Income - Improved $1.3
million to $4.6 million. Net income per diluted share improved to
$0.12 versus $0.08 in the 2016 first quarter.
- Adjusted EBITDA – Advanced $0.5
million, or 1.8 percent, to $28.1 million.
- Adjusted FFO – Rose $0.4 million
to $18.1 million. Adjusted FFO per diluted share was $0.47, up 2
percent versus last year at the upper end of the company’s guidance
of $0.44-$0.47 per share.
- Operating Margins – Advanced
hotel gross operating profit margins (total revenue less total
hotel operating expenses) 40 basis points to a strong 47.0 percent.
Comparable hotel EBITDA margins improved further, up 70 basis
points to 39.9 percent.
Consolidated Financial Results
The following is a summary of the consolidated financial results
for the three months ended March 31, 2017. RevPAR, ADR and
occupancy for 2017 and 2016 are based on hotels owned as of March
31, 2017 ($ in millions, except per share, RevPAR, ADR, occupancy
and margins):
Three Months Ended March 31, 2017
2016 Net income $4.6 $3.3 Diluted net income per
common share $0.12 $0.08 RevPAR $125 $124 ADR $163 $159 Occupancy
77% 78% Adjusted EBITDA $28.1 $27.6 GOP Margin 47.0% 46.6% Hotel
EBITDA Margin 39.9% 39.2% AFFO $18.1 $17.7 AFFO per diluted share
$0.47 $0.46 Dividends per share $0.33 $0.31
Operating Results
“Our first quarter results exceeded our guidance expectations
for the quarter, driven by a combination of better than expected
RevPAR and operating margin performance,” said Jeffrey H. Fisher,
Chatham’s president and chief executive officer. “Despite tough
comparisons from the 2016 first quarter and the fact that lower
quality brands in our markets have more capacity to grab market
share on a relative basis, RevPAR growth for our entire portfolio
exceeded its markets’ average by 90 basis points. As we have
commented over the last nine months, we have focused a lot of
effort on modifying and enhancing our revenue management strategies
and are pleased with these gains, especially in this environment.
Excluding our six hotels in oil-industry influenced Houston and
western Pennsylvania markets where RevPAR declined 6.5 percent,
RevPAR would have risen 2.3 percent, entirely attributable to
increased ADR.”
First quarter RevPAR performance for certain key markets:
- Enhanced by the inauguration, two
Washington D.C.-area hotels saw RevPAR jump 8.4 percent.
- Silicon Valley RevPAR rose 0.2 percent
with a 1.0 percent increase in ADR to $230.
- RevPAR at its three San Diego hotels
advanced 3.4 percent.
- Four Houston hotels experienced a
RevPAR decline of 3.6 percent. The city benefited from hosting the
Super Bowl in February, and the company’s hotels maximized revenues
around the game. In the last two quarters of 2016, RevPAR declined
22.0 percent and 21.9 percent, respectively.
- Two Los Angeles area hotels experienced
a RevPAR decline of 3.8 percent due to the impact of new Residence
Inn supply not far from its Residence Inn in Anaheim, Ca as well as
tough comparisons related to the Porter Ranch gas leak
displacement.
“Our ability to control expenses in a modest RevPAR growth
environment was key to our success in the quarter. Considering that
RevPAR rose 1.2 percent, we grew hotel EBITDA by 2.7 percent and
hotel EBITDA margins by a meaningful 70 basis points,” highlighted
Dennis Craven, Chatham’s chief operating officer. “On the expense
side, we reduced rooms-related expenses year-over-year. Guest
acquisition costs, which have grown in recent years, were flat
year-over-year. Hotel operating expenses were only up slightly,
rising $0.1 million, or 0.2 percent, to $36.3 million.”
Joint Venture Investment Performance
During the quarter, the Innkeepers and Inland joint ventures
contributed Adjusted EBITDA and Adjusted FFO of approximately $3.2
million and $1.4 million, respectively. Adjusted EBITDA finished
the quarter at the upper end of guidance and Adjusted FFO was $0.2
million above guidance. Year-over-year, Adjusted EBITDA contributed
by the joint ventures was down $0.1 million, but Adjusted FFO
contributed by the joint ventures was up $0.1 million.
No distributions were made during the 2017 first quarter.
Chatham and Colony NorthStar have executed commitment letters to
refinance the debt on both the Innkeepers portfolio and the Inland
portfolio. The new loans will have a fully extended maturity date
in 2022 and are expected to lower the overall combined interest
rate. Closing is estimated to occur during the second quarter.
“We have worked diligently with Colony NorthStar to refinance
the debt for both portfolios,” stated Jeremy Wegner, Chatham’s
chief financial officer. “We believe this is an excellent time to
solidify the two joint ventures’ capital structures and set aside
reserves to fund any necessary capital expenditures to enhance the
competitive position of the hotels. By the end of 2017, most of the
48 hotels in the Inland portfolio, which were capital-starved under
prior ownership, will be fully renovated, and we will have
renovated approximately one-third of the hotels in the Innkeepers
portfolio.”
Capital Markets & Capital Structure
As of March 31, 2017, the company had net debt of $575.2 million
(total consolidated debt less unrestricted cash). Total debt
outstanding was $588.0 million at an average interest rate of 4.5
percent, comprised of $531.5 million of fixed-rate mortgage debt at
an average interest rate of 4.7 percent and $56.5 million
outstanding on the company’s $250 million senior unsecured
revolving credit facility, which currently carries a 3.4 percent
interest rate.
Chatham’s leverage ratio was approximately 40 percent at March
31, 2017, based on the ratio of the company’s net debt to hotel
investments at cost. The weighted average maturity date for
Chatham’s fixed-rate debt is February 2024. As of March 31, 2017,
Chatham’s proportionate share of joint venture debt and
unrestricted cash was $168.0 million and $2.9 million,
respectively.
On March 31, 2017, as defined in the company’s credit agreement,
Chatham’s fixed charge coverage ratio, including its interest in
the two joint ventures with Colony NorthStar, was 3.4 times, and
total net debt to trailing 12-month corporate EBITDA was 5.8 times.
Excluding its interests in the two joint ventures, Chatham’s fixed
charge coverage ratio was 3.6 times, and net debt to trailing
12-month corporate EBITDA was 5.1 times.
Dividend
Chatham currently pays a monthly dividend of $0.11 per common
share.
Hotel Investments
During the quarter, the company began the renovations of the
Residence Inn San Diego Gaslamp and the Courtyard by Marriott at
the Houston Medical Center. Chatham is investing approximately $18
thousand per room upgrading the two hotels’ design and
features.
Chatham continues to pursue the redevelopment and expansion of
its two Residence Inns in Sunnyvale, Calif. “We are value
engineering the two projects in Sunnyvale to ensure that we
maximize the returns,” Fisher stated. “Building in Silicon Valley
is not only expensive but also very complex when it comes to
zoning, permitting and construction requirements. Although it has
taken quite some time, these are long-term investments which we
expect to create significant value for our shareholders.
2017 Guidance
The company is providing its initial guidance for the 2017
second quarter and raising the lower end of its full year guidance
to account for the company’s performance in the first quarter. The
guidance also reflects the following:
- Industrywide RevPAR growth of 0 to 3
percent in 2017
- Renovations at the following hotels:
- Residence Inn San Diego Gaslamp and
Courtyard by Marriott Houston Medical Center commenced in the first
quarter with an expected completion date in May
- Homewood Suites Maitland, Fla.,
beginning in the second quarter
- Homewood Suites in Bloomington, Minn.,
and Brentwood, Tenn., starting in the third quarter
- Residence Inn San Diego Mission Valley
in the fourth quarter and a completion date in the first quarter,
2018
- No additional acquisitions,
dispositions, debt or equity issuance
Q2 2017 2017
Forecast RevPAR $139-$141 $130-$132 RevPAR growth -1.5%-0.0%
-1.0%-1.0% Total hotel revenue $76.4-$77.5 M $287.8-$293.2 M Net
income $9.7-$11.7 M $26.1-$30.6 M Net income per diluted share
$0.25-$0.30 $0.67-$0.79 Adjusted EBITDA $33.5-$35.5 M $122.0-$126.5
M Adjusted funds from operation ("FFO") $23.5-$25.5 M $81.4-$85.9 M
Adjusted FFO per diluted share $0.60-$0.65 $2.09-$2.20 Hotel EBITDA
margins 40.5%-42.3% 39.8-40.4% Corporate cash administrative
expenses $2.2 M $8.9 M Corporate non-cash administrative expenses
$1.0 M $3.8 M Interest expense (excluding fee amortization) $6.8 M
$27.3 M Non-cash amortization of deferred fees $0.1 M $1.1 M Income
taxes $0.0 M $0.4 M Chatham’s share of JV EBITDA $4.8-$5.0 M
$16.4-$16.9 M Chatham’s share of JV FFO $2.7-$2.9 M $8.4-$8.9 M
Weighted average shares/units outstanding 39.0 M 39.0 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 first quarter 2017 conference later
today at 10 a.m. Eastern Time. 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.com/, or www.streetevents.com, or may
participate in the conference call by dialing 1-877-407-0789 and
referencing Chatham Lodging Trust. A recording of the call will be
available by telephone until 11:59 p.m. ET on Tuesday, May 16,
2017, by dialing 1-844-512-2921, reference number 13659371. A
replay of the conference call will be posted on Chatham’s
website.
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 18,210
rooms/suites, comprised of 38 properties it wholly owns with an
aggregate of 5,712 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 at
chathamlodgingtrust.com.
Non-GAAP Financial Measures
Included in this press release are certain “non-GAAP financial
measures,” within the meaning of Securities and Exchange Commission
(SEC) rules and regulations, that are different from measures
calculated and presented in accordance with GAAP (generally
accepted accounting principles). The company considers the
following non-GAAP financial measures useful to investors as key
supplemental measures of its operating performance: (1) FFO,
(2) Adjusted FFO, (3) EBITDA, (4) Adjusted EBITDA
and (5) Adjusted Hotel EBITDA. These non-GAAP financial measures
should be considered along with, but not as alternatives to, net
income or loss as prescribed by GAAP as a measure of its operating
performance.
FFO As Defined by NAREIT and Adjusted FFO
The company calculates FFO in accordance with standards
established by the National Association of Real Estate Investment
Trusts (NAREIT), which defines FFO as net income or loss
(calculated in accordance with GAAP), excluding gains or losses
from sales of real estate, impairment write-downs, the cumulative
effect of changes in accounting principles, plus depreciation and
amortization (excluding amortization of deferred financing costs),
and after adjustments for unconsolidated partnerships and joint
ventures following the same approach. The company believes that the
presentation of FFO provides useful information to investors
regarding its operating performance because it measures its
performance without regard to specified non-cash items such as real
estate depreciation and amortization, gain or loss on sale of real
estate assets and certain other items that the company believes are
not indicative of the property level performance of its hotel
properties. The company believes that these items reflect
historical cost of its asset base and its acquisition and
disposition activities and are less reflective of its ongoing
operations, and that by adjusting to exclude the effects of these
items, FFO is useful to investors in comparing its operating
performance between periods and between REITs that also report
using the NAREIT definition.
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 Adjusted Hotel EBITDA
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.
Adjusted Hotel EBITDA is defined as net income before interest,
income taxes, depreciation and amortization, corporate general and
administrative, hotel property acquisition costs, loss on early
extinguishment of debt, interest and other income and income or
loss from unconsolidated real estate entities. The Company presents
Adjusted Hotel EBITDA because the Company believes it is useful to
investors in comparing its hotel operating performance between
periods and comparing its Adjusted Hotel EBITDA margins to those of
our peer companies. Adjusted Hotel EBITDA represents the results of
operations for its wholly owned hotels only.
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
Adjusted Hotel EBITDA do not represent cash generated from
operating activities as determined by GAAP and should not be
considered as alternatives to net income or loss, cash flows from
operations or any other operating performance measure prescribed by
GAAP. FFO, Adjusted FFO, EBITDA, Adjusted EBITDA and Adjusted Hotel
EBITDA are not measures of the Company’s liquidity. Because of
these limitations, FFO, Adjusted FFO, EBITDA, Adjusted EBITDA and
Adjusted Hotel EBITDA should not be considered in isolation or as a
substitute for performance measures calculated in accordance with
GAAP. The Company compensates for these limitations by relying
primarily on its GAAP results and using FFO, Adjusted FFO, EBITDA,
Adjusted EBITDA and Adjusted Hotel EBITDA only supplementally. The
Company’s consolidated financial statements and the notes to those
statements included elsewhere are prepared in accordance with
GAAP.
The company’s reconciliation of FFO, Adjusted FFO, EBITDA,
Adjusted EBITDA and Adjusted Hotel EBITDA to net income
attributable to common shareholders, as determined under GAAP, is
set forth below.
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 first-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 SEC. Although
the company believes the expectations reflected in such
forward-looking statements are based upon reasonable assumptions,
it can give no assurance that the expectations will be attained or
that any deviation will not be material. All information in this
release is as of May 9, 2017, and the company undertakes no
obligation to update any forward-looking statement to conform the
statement to actual results or changes in the company’s
expectations.
CHATHAM LODGING TRUST Consolidated Balance
Sheets (In thousands, except share and per share data)
March 31, December 31, 2017
2016 Assets: Investment
in hotel properties, net $ 1,226,264 $ 1,233,094 Cash and cash
equivalents 12,769 12,118 Restricted cash 24,116 25,083 Investment
in unconsolidated real estate entities 20,120 20,424
Hotel receivables (net of allowance for
doubtful accounts of $155 and $95, respectively)
6,694 4,389 Deferred costs, net 4,455 4,642 Prepaid expenses and
other assets 5,200 2,778 Deferred tax asset, net -
426 Total assets $ 1,299,618 $ 1,302,954
Liabilities and Equity: Mortgage debt, net $
529,367 $ 530,323 Revolving credit facility 56,500 52,500 Accounts
payable and accrued expenses 28,680 27,782 Distributions and losses
in excess of investments of unconsolidated real estate entities
5,800 6,017 Distributions payable 4,831 4,742
Total liabilities 625,178 621,364
Commitments and contingencies
Equity: Shareholders' Equity:
Preferred shares, $0.01 par value,
100,000,000 shares authorized and unissued at March 31, 2017 and
December 31, 2016
- -
Common shares, $0.01 par value,
500,000,000 shares authorized; 38,402,659 and 38,367,014 shares
issued and outstanding at March 31, 2017 and December 31, 2016,
respectively
380 380 Additional paid-in capital 722,844 722,019 Retained
earnings (distributions in excess of retained earnings)
(53,730 ) (45,657 ) Total shareholders' equity
669,494 676,742 Noncontrolling
Interests: Noncontrolling interest in Operating Partnership
4,946 4,848 Total equity 674,440
681,590 Total liabilities and equity $ 1,299,618
$ 1,302,954
CHATHAM LODGING
TRUST Consolidated Statements of Operations (In
thousands, except share and per share data)
For the three
months ended March 31, 2017
2016 Revenue: Room $ 64,393 $ 63,934 Food and
beverage 1,502 1,508 Other 2,446 2,354 Cost reimbursements from
unconsolidated real estate entities 881 1,054
Total revenue 69,222 68,850
Expenses: Hotel operating expenses: Room 13,505 13,812 Food
and beverage 1,252 1,178 Telephone 409 421 Other hotel operating
599 589 General and administrative 5,654 5,497 Franchise and
marketing fees 5,302 5,187 Advertising and promotions 1,331 1,352
Utilities 2,370 2,382 Repairs and maintenance 3,252 3,201
Management fees 2,247 2,229 Insurance 333 337
Total hotel operating expenses 36,254 36,185 Depreciation
and amortization 12,004 12,475 Property taxes, ground rent and
insurance 4,788 5,023 General and administrative 3,268 3,112 Hotel
property acquisition costs and other charges - 12 Reimbursed costs
from unconsolidated real estate entities 881
1,054 Total operating expenses 57,195
57,861 Operating income 12,027 10,989 Interest and other
income 12 21 Interest expense, including amortization of deferred
fees (6,993 ) (7,037 ) Loss on early extinguishment of debt - (4 )
Loss from unconsolidated real estate entities (85 )
(647 ) Income before income tax expense 4,961 3,322 Income tax
expense (317 ) - Net income 4,644 3,322 Net
income attributable to non-controlling interests (31 )
(22 ) Net income attributable to common shareholders $ 4,613
$ 3,300
Income per Common Share -
Basic: Net income attributable to common shareholders $ 0.12
$ 0.09
Income per Common Share -
Diluted: Net income attributable to common shareholders $ 0.12
$ 0.08
Weighted average number of common
shares outstanding: Basic 38,361,113 38,274,448 Diluted
38,573,928 38,413,354
Distributions paid per common
share $ 0.33 $ 0.31
CHATHAM LODGING TRUST
FFO and EBITDA (In thousands, except share and per share
data)
For the three months ended March 31,
2017 2016 Funds From Operations
("FFO"): Net income $ 4,644 $ 3,322 Depreciation 11,950 12,421
Adjustments for unconsolidated real estate entity items 1,471 1,962
FFO attributable to common share and unit
holders 18,065 17,705 Hotel property
acquisition costs and other charges - 12 Loss on early
extinguishment of debt - 4 Adjustments for unconsolidated real
estate entity items 7 10
Adjusted FFO attributable
to common share and unit holders $ 18,072
$ 17,731 Weighted average number of common
shares and units Basic 38,618,888 38,532,223 Diluted 38,831,703
38,671,129
For the three months ended
March 31,
2017 2016
Earnings Before Interest, Taxes,
Depreciation and Amortization ("EBITDA"):
Net income $ 4,644 $ 3,322 Interest expense 6,993 7,037 Income tax
expense 317 - Depreciation and amortization 12,004 12,475
Adjustments for unconsolidated real estate entity items 3,313 3,983
EBITDA 27,271 26,817
Hotel property acquisition costs and other charges - 12 Loss on
early extinguishment of debt - 4 Adjustments for unconsolidated
real estate entity items 15 10 Share based compensation 787 735
Adjusted EBITDA $
28,073 $ 27,578 CHATHAM
LODGING TRUST ADJUSTED HOTEL EBITDA (In thousands,
except share and per share data)
For the three months
ended March 31, 2017
2016 Net Income $ 4,644 $ 3,322 Add: Interest
expense 6,993 7,037 Income tax expense 317 - Depreciation and
amortization 12,004 12,475 Corporate general and administrative
3,268 3,112 Hotel property acquisition costs and other charges - 12
Loss from unconsolidated real estate entities 85 647 Loss on early
extinguishment of debt - 4 Less: Interest and other income
(12 ) (21 )
Adjusted Hotel EBITDA $
27,299 $ 26,588
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170509005535/en/
Chatham Lodging TrustDennis Craven (Company)Chief Operating
Officer561-227-1386orDaly Gray, Inc.Chris Daly
(Media)703-435-6293
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