The following is a summary of the Chatham Lodging Trust (CLDT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Chatham Lodging Trust reported a 2% increase in revenue per available room (RevPAR) and nearly 20% growth in other operating profit lines.

• Free cash flow generated in Q1 2024 was $8.3 million, marking a 10% increase compared to the same period last year.

• The company sold Hilton Garden in Denver Tech for $18 million with plans to reinvest in higher-growth hotels.

• Their financial stability was enhanced by a $50 million increase in borrowings under their term loan.

• Q1 2023 Hotel EBITDA was at $21 million, adjusted EBITDA was $18.9 million, and adjusted FFO per share was $0.16.

Business Progress:

• The company has achieved growth through increased parking rates, improved retail market operation product offerings, and pricing in select markets.

• The firm is strategic in its sale of assets, aiming to redeploy proceeds into higher growth hotels and markets, with a target of sales proceeds between $40 million - $100 million.

• Anticipating more acquisition opportunities in 2024 and 2025, the company also repaid a $29 million maturing mortgage in April and plans further repayments.

• They have pledged to continue outperforming their peers through internal growth, strategic balance sheet management, and business strategy.

• Chatham Lodging Trust is looking forward to recycling capital over the next 6 to 18 months, focusing on acquisitions in markets with strong population and business growth.

• The company expects a healthy quarter driven largely by the business travel segment and encouraging trends in April across various portfolios.

More details: Chatham Lodging Trust IR

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