UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 10, 2019
CHATHAM LODGING TRUST
(Exact name of Registrant as specified in its charter)
Maryland | 001-34693 | 27-1200777 |
(State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
222 Lakeview Avenue, Suite 200 West Palm Beach, Florida | 33401 |
(Address of principal executive offices) | (Zip Code) |
(561) 802-4477
(Registrant’s telephone number, including area code)
(Registrant's Former Address)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b.2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨
Item 2.02 Results of Operations and Financial Condition.
On January 10, 2019, Chatham Lodging Trust issued a press release announcing its preliminary room revenue and room revenue per available room (RevPAR) for the three months ended December 31, 2018. A copy of the press release is attached hereto as Exhibit 99.1 to this report and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.
Furthermore, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.
Item 9.01 Financial Statements and Exhibits.
Press Release Dated January 10, 2019 Announcing RevPAR Forecast for Fourth Quarter Outperformance.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CHATHAM LODGING TRUST | ||||
January 10, 2019 | By: | /s/ Jeremy B. Wegner | ||
Name: Jeremy B. Wegner | ||||
Title: Senior Vice President and Chief Financial Officer | ||||
Exhibit Index
Exhibit No. | Description | |
Press Release dated January 10, 2019 Announcing RevPAR Forecast for the Fourth Quarter Outperformance | ||
For Immediate Release | Exhibit 99.1 |
Contact: | |
Dennis Craven (Company) | |
Chief Operating Officer | |
(561) 227-1386 | |
Chatham Lodging Updates RevPAR Forecast for Fourth Quarter Outperformance
Strong RevPAR Growth Across Portfolio, Boosted by Boston Area Demand
WEST PALM BEACH, Fla., January 10, 2019 - 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 137 hotels wholly or through joint ventures, today announced preliminary room revenue and room revenue per available room (“RevPAR”) results for the quarter ended December 31, 2018.
Previous Q4 2018 Outlook as of 10/31/18 | Current Q4 2018 Outlook as of 1/10/19 | |
Room revenue | $65.5 to $67.0 million | $69 million |
RevPAR | $119-$121 | $125 |
RevPAR growth | -1% to +1% | 4% |
“We significantly outperformed our RevPAR expectations since our earnings announcement in October and produced strong fourth quarter RevPAR growth of 4 percent at our 40 comparable hotels,” highlighted Dennis Craven, Chatham’s chief operating officer. “Although we do not have our December net income results, we expect that our adjusted funds from operations (“AFFO”) and AFFO per share will exceed the upper-end of our guidance range. Demand jumped meaningfully at three of our Boston area hotels, driven by business related to the gas explosions in the north Boston area in September that displaced many residents. The room demand was expected to be short-term, but ultimately extended into December. Island Hospitality did a great job quickly assessing demand in the area and securing the business through its deep relationships in the market. These three hotels generated approximately $1.5 million in incremental room revenue in the quarter above our forecast.
“RevPAR grew 1.5 percent across our remaining 37 comparable hotels, solidly above our expectations for those hotels, and if you exclude our four Houston hotels where RevPAR declined 13 percent due to difficult comparisons to the prior year related to demand from Hurricane Harvey, fourth quarter RevPAR was up almost three percent. The overall portfolio performance is very encouraging, and the boost from our Boston hotels enabled us to produce an outstanding quarter and strong finish to 2018,” Craven concluded.
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 137 hotels totaling 18,783 rooms/suites, comprised of 42 properties it wholly owns with an aggregate of 6,283 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 12,500 rooms/suites. Additional information about Chatham may be found at chathamlodgingtrust.com.