Wednesday May 8th, 2013 - 9:14AM
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,