Chatham Lodging Trust Reports Strong Q1 Results
Wednesday May 8th, 2013 - 9:14AM XH
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PALM BEACH, FL—Hotel REIT Chatham Lodging Trust posted strong Q1 results, showing comparable RevPAR up 6.4 percent.
For the quarter, hotel RevPAR rose 4.2 percent to $101 and, excluding a Washington, D.C., hotel that is being refurbished/rebranded, comparable RevPAR grew 6.4 percent.
Adjusted EBITDA increased 9.5 percent to $9.4 million while adjusted FFO improved 55.4 percent to $4.5 million. Adjusted FFO per diluted share rose 23.8 percent to 26 cents.
Chatham currently owns wholly or through its joint venture approximately $1.5 billion of premium-branded, upscale, extended-stay and select-service hotels,
Tags: • Hospitality • Ownership • Quarterly Results •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.