Chatham Lodging Trust announced its first quarter 2024 results, with adjusted FFO per share beating estimates. The company's RevPAR grew by 2% and was driven by strong performance in technology-dependent markets.
Portfolio RevPAR increased 2% to $120 compared to Q1 2023.
Hotel EBITDA margin was 30.8%, slightly up from 30.7% in Q1 2023.
Adjusted EBITDA rose 6% to $18.9 million from $17.8 million in Q1 2023.
Net loss was $5.5 million compared to a net loss of $5.0 million in Q1 2023.
The company's 2024 second quarter guidance reflects assumptions including no renovations, repayment of the $29 million maturing mortgage during April, $50 million of incremental borrowings on Chatham's term loan on May 3, 2024, $60 million of CMBS debt issuance during the second half of May and no additional acquisitions, dispositions, debt or equity issuance.
Visualization of income flow from segment revenue to net income
Analyze how earnings announcements historically affect stock price performance