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Dec 31, 2024
Chatham Q4 2024 Earnings Report
Portfolio RevPAR increased, GOP margins drove higher, and a healthy outlook was presented.
Key Takeaways
Chatham Lodging Trust announced strong Q4 2024 results, with RevPAR increasing 4% to $129. GOP margins rose 150 basis points to 40.5%, and Adjusted EBITDA increased to $21.1 million. The company also made progress on asset recycling, selling two hotels for $29 million.
Portfolio RevPAR increased 4% to $129 compared to Q4 2023.
GOP margins increased 150 basis points to 40.5% from 39.0% in Q4 2023.
Adjusted EBITDA rose to $21.1 million in Q4 2024 from $20.8 million last year.
Closed on the sale of two hotels for combined proceeds of $29 million.
Revenue by Geographic Location
Forward Guidance
Chatham Lodging Trust provided guidance for Q1 2025 and full year 2025, reflecting assumptions about renovations, floating rate debt, hotel sales, and no additional acquisitions or debt/equity issuance.
Positive Outlook
- RevPAR growth exceeds industry expectations.
- Operating margins are up over 2024.
- Adjusted FFO per share is up when accounting for the net impact from the hotels we have sold or are under contract to sell.
- Balance sheet is in great shape.
- Company can make acquisitions, grow FFO and increase distributable cash flow.
Challenges Ahead
- Renovations at hotels.
- Floating rate debt based on SOFR forward curve.
- Two hotels currently under contract expected to close at the end of the first quarter.
- $6.8 million impact on 2025 Hotel EBITDA from hotels sold in 2024 and 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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