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Jun 30, 2020
Chatham Q2 2020 Earnings Report
Chatham Lodging Trust's performance declined due to the COVID-19 pandemic, but cost-cutting measures and a focus on extended-stay hotels helped to mitigate the impact.
Key Takeaways
Chatham Lodging Trust announced second quarter 2020 results, with a significant decline in RevPAR, net income, Adjusted EBITDA, and Adjusted FFO due to the COVID-19 pandemic. However, the company's cash burn was significantly better than expected, and it has a liquidity runway of 41 months.
Portfolio RevPAR declined 77 percent to $33, compared to the 2019 second quarter.
Net loss was $(27.2) million, a decrease of $36.7 million compared to the 2019 second quarter.
Adjusted EBITDA decreased $42.0 million to $(3.3) million.
Adjusted FFO declined $40.1 million to $(12.4) million.
Forward Guidance
Chatham believes that they will return to 2019 revenue levels sooner than most of their lodging REIT peers.
Positive Outlook
- Implementation of more efficient housekeeping standards.
- Less costly complimentary food and beverage programs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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