News Release
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Chatham Lodging Trust Provides Business Update
RevPAR, Margins Continue to Accelerate, Cash Flow Positive and Growing
The below chart summarizes RevPAR statistics by month for the company’s 39 comparable hotels:
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January |
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February |
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March |
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April |
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May |
Occupancy – 2021 |
46% |
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50% |
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60% |
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65% |
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70% |
ADR - 2021 |
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RevPAR – 2021 |
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RevPAR - 2020 |
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% Change in RevPAR |
(55)% |
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(57)% |
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7% |
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230% |
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192% |
RevPAR Index |
132 |
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127 |
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122 |
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126 |
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~128 |
"RevPAR has more than doubled since December, portfolio-wide occupancy of 70% in May is strong, and I am particularly excited to see sequential RevPAR growth of 17% from April to May compared to 14% from March to April,” highlighted
The below chart summarizes key hotel operating performance measures and corporate cash flow per month for each of the four months ending
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January |
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February |
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March |
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April |
RevPAR – 2021 |
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Gross operating profit |
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23% |
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26% |
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37% |
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41% |
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2% |
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5% |
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22% |
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27% |
Corporate EBITDA |
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Debt Service |
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Cash used before CAPEX |
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“Operationally, our platform working alongside Island Hospitality allows us to move quickly while analyzing day-to-day demand trends to adapt our operating structure to generate as much profit as possible, leading to maximum cash flow,” stated
About
Non-GAAP Financial Measures
Included in this press release are certain “non-GAAP financial measures,” within the meaning of
Forward-Looking Statement Safe Harbor
Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements include those with regard to the potential future impact of the COVID-19 pandemic, within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements include information about possible or assumed future results of the lodging industry and our business, financial condition, liquidity, results of operations, cash flow and plans and objectives. These statements generally are characterized by the use of the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may” or similar expressions. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, our actual results could differ materially from those set forth in the forward-looking statements. Important factors that we think could cause our actual results to differ materially from expected results are summarized below.
One of the most significant factors, however, is the ongoing impact of the current outbreak of the COVID-19 pandemic on
Other 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
View source version on businesswire.com: https://www.businesswire.com/news/home/20210603005988/en/
Chief Operating Officer
(561) 227-1386
Source: