Chatham Lodging Q2 net loss narrows to $8.7M; RevPAR up 170%; to acquire two Austin hotels for $71M

Chatham Lodging Trust

2021-Q2 EPS reported -$0.12 revenue$82,357,000

Net loss of $8.7M ($0.18/share) vs loss of $27.2M ($0.57) in Q2 2020; Adjusted FFO turns positive at $4.9M ($0.10/share).
Portfolio RevPAR jumped 170% to $87 on occupancy of 68% and ADR of $127; July RevPAR reached $113.
Raised $116M net from 6.625% Series A Preferred shares; leverage ratio 28.6%; no debt maturities until 2023.
Under contract to acquire Residence Inn and TownePlace Suites in Austin, TX for $71M; expects to close within a week.
Generated positive cash flow before CAPEX of $4M; estimated liquidity $253M at June 30, 2021.

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