Chatham Lodging Q3 AFFO $0.35 meets consensus; RevPAR up 2.1% ex-renovations; sells five hotels for $80M

Chatham Lodging Trust

2024-Q3 EPS reported $0.00 revenue$242,099,000

Net income $4.3M ($0.05 EPS) vs $7.5M ($0.11) YoY; AFFO $17.6M ($0.35/share) vs $20.2M.
Comparable hotel RevPAR $150 (+1.3% YoY); October RevPAR up 6% to $158; Silicon Valley/Bellevue up 8%.
Signed agreements to sell five hotels for net proceeds ~$80M; proceeds to reduce debt.
Q4 guidance: RevPAR $124-$127 (1-3% growth); adjusted FFO $0.15-$0.18/share; expects net loss.
Leverage ~24%, net debt $419M; floating-rate debt of $265M benefits from rate cuts.

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