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Dec 31, 2023
Chatham Q4 2023 Earnings Report
Announced results for the fourth quarter ended December 31, 2023.
Key Takeaways
Chatham Lodging Trust reported a mixed fourth quarter with RevPAR increasing by 2.5% to $121, driven by a 0.5% rise in ADR to $173 and a 2% increase in occupancy to 70%. Despite top-line growth, the company incurred a net loss of $11.0 million, compared to a $4.0 million loss in the same quarter of the previous year. Adjusted EBITDA rose slightly to $20.8 million, while Adjusted FFO was $9.8 million.
Portfolio RevPAR increased 2.5 percent to $121 compared to the 2022 fourth quarter.
Net loss was $11.0 million compared to a net loss of $4.0 million in the 2022 fourth quarter.
Hotel EBITDA Margin was 31.6 percent compared to 33.3 percent in the 2022 fourth quarter.
Adjusted EBITDA rose $0.4 million from $20.4 million last year to $20.8 million in the 2023 fourth quarter.
Forward Guidance
The company’s 2024 first quarter guidance reflects the following assumptions: a.Renovations at the following hotels: Four hotels mentioned in the Hotel Investments section of this release b.No additional acquisitions, dispositions, debt or equity issuance
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