Chatham Lodging Updates Third Quarter Operating Outlook
11 October 2016 - 8:21AM
Business Wire
Sets Earnings Conference Call for November
3
Chatham Lodging Trust (NYSE: CLDT), a lodging real estate
investment trust (REIT) that invests in upscale, extended-stay
hotels and premium-branded, select-service hotels and owns 133
hotels wholly or through joint ventures, today announced
preliminary room revenue per available room (“RevPAR”) results for
the quarter ended September 30, 2016, and updated its outlook for
net income, net income per diluted share, adjusted EBITDA and
adjusted FFO per share.
Previous Q3 2016 Current Q3 2016
Outlook as of 8/3/2016 Outlook as of 10/10/2016
2016
2016
Net income
$13.4-$14.9 M
$12.8-$13.3 M
Net income per diluted share
$0.35-$0.38
$0.33-$0.34
RevPAR Growth
-1.0 to +1.0%
-2.1%
Adjusted EBITDA
$38.0-$39.5 M
$37.0-$37.5 M
Adjusted FFO per Share
$0.72-$0.75
$0.70-$0.71
“We faced tough comparisons over a very strong 2015 third
quarter when our occupancy reached an all-time high of 88 percent
for our owned portfolio,” noted Jeffrey H. Fisher, Chatham’s
president and chief executive officer. “Our RevPAR recently was
adversely impacted more than expected due to lower GDP growth that
is restraining business travel, as well as new supply and a
significant drop in demand in our oil-industry influenced Houston
and western Pennsylvania markets. We have six hotels in those
markets and those hotels experienced a RevPAR decline of 21
percent. This performance negatively impacted our RevPAR by
approximately 200 basis points. Our reduced guidance with respect
to adjusted EBITDA and FFO per share is reflective of reduced
RevPAR performance, increased wage pressures and rising guest
acquisition costs primarily from online travel agency
commissions.”
The company also announced that it will report third quarter
2016 financial results on Thursday, November 3, 2016, before the
opening of the market. That same day at 10:00 a.m. ET, Jeffrey H.
Fisher, Chatham’s chief executive officer, Dennis M. Craven,
executive vice president and chief operating officer, and Jeremy
Wegner, senior vice president and chief financial officer, will
host a conference call to review third quarter 2016 financial
results.
Shareholders and other interested parties may listen to a
simultaneous webcast of the conference call on the Internet by
logging onto Chatham’s Web site, http://chathamlodgingtrust.com/,
or www.streetevents.com, or may participate in the conference call
by dialing 1-877-407-0789 and referencing Chatham Lodging Trust. A
recording of the call will be available by telephone until 11:59
p.m. ET on Thursday, November 10, 2016, by dialing 1-844-512-2921,
reference number 13647058. A replay of the conference call will be
posted on Chatham’s website.
About Chatham Lodging Trust
Chatham Lodging Trust is a self-advised, publicly-traded real
estate investment trust focused primarily on investing in upscale,
extended-stay hotels and premium-branded, select-service hotels.
The company owns interests in 133 hotels totaling 18,178
rooms/suites, comprised of 38 properties it wholly owns with an
aggregate of 5,680 rooms/suites in 15 states and the District of
Columbia and a minority investment in two joint ventures that own
95 hotels with an aggregate of 12,498 rooms/suites. Additional
information about Chatham may be found at
chathamlodgingtrust.com.
Forward-Looking Statement Safe Harbor
Note: This press release contains forward-looking statements
within the meaning of federal securities regulations. These
forward-looking statements are identified by their use of terms and
phrases such as "anticipate," "believe," "could," "estimate,"
"expect," "intend," "may," "should," "plan," "predict," "project,"
"will," "continue" and other similar terms and phrases, including
references to assumption and forecasts of future results.
Forward-looking statements are not guarantees of future performance
and involve known and unknown risks, uncertainties and other
factors which may cause the actual results to differ materially
from those anticipated at the time the forward-looking statements
are made. These risks include, but are not limited to: national and
local economic and business conditions, including the effect on
travel of potential terrorist attacks, that will affect occupancy
rates at the company’s hotels and the demand for hotel products and
services; operating risks associated with the hotel business; risks
associated with the level of the company’s indebtedness and its
ability to meet covenants in its debt agreements; relationships
with property managers; the company’s ability to maintain its
properties in a first-class manner, including meeting capital
expenditure requirements; the company’s ability to compete
effectively in areas such as access, location, quality of
accommodations and room rate structures; changes in travel
patterns, taxes and government regulations which influence or
determine wages, prices, construction procedures and costs; the
company’s ability to complete acquisitions and dispositions; and
the company’s ability to continue to satisfy complex rules in order
for the company to remain a REIT for federal income tax purposes
and other risks and uncertainties associated with the company’s
business described in the company's filings with the SEC. Although
the company believes the expectations reflected in such
forward-looking statements are based upon reasonable assumptions,
it can give no assurance that the expectations will be attained or
that any deviation will not be material. All information in this
release is as of October 10, 2016, and the company undertakes no
obligation to update any forward-looking statement to conform the
statement to actual results or changes in the company’s
expectations.
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version on businesswire.com: http://www.businesswire.com/news/home/20161010006164/en/
Daly Gray Public Relations(Media)Chris Daly,
703-435-6293chris@dalygray.comorChatham Lodging
Trust(Company)Dennis Craven, 561-227-1386Chief Operating
Officerdcraven@cl-trust.com
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