0001476045-23-000066 | 10-Q | XBRL Viewer

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. These unaudited consolidated financial statements, in the opinion of management, include all adjustments consisting of normal, recurring adjustments which are considered necessary for a fair statement of the consolidated balance sheets, consolidated statements of operations, consolidated statements of equity, and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full year performance due to seasonal and other factors, including the timing of the acquisition or sale of hotels. The consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited financial statements prepared in accordance with GAAP, and the related notes thereto as of December 31, 2022, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04 Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. In December 2022, the FASB issued ASU No. 2022-06 Reference Rate Reform (Topic 848). ASU 2022-06 amended and deferred the sunset provision in ASU 2020-04 from December 31, 2022 to December 31, 2024. As of September 30, 2023, the Company does not anticipate that this guidance will have a material impact on its consolidated financial statements; however, the Company will continue to evaluate the impact that ASU 2020-04 may have on its consolidated financial statements and related disclosures.

Related Party Transactions (Details) - Island Hospitality Management Inc. - Related Party $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) hotel	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) hotel	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Ownership percentage in related party owned by the company's chairman	100.00%		100.00%
Number of hotels managed by related party \| hotel	39		39
Related party transaction, amounts of transaction		$ 3.0
Amounts due to related party	$ 0.7		$ 0.7		$ 0.4
Management Fees
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 3.0	$ 3.0	$ 8.1	$ 7.6

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net income attributable to common shareholders	$ 5,342	$ 10,141	$ 5,662	$ 5,872
Dividends on unvested shares and units	(27)	0	(83)	0
Net income attributable to common shareholders excluding amounts attributable to unvested shares and units	$ 5,315	$ 10,141	$ 5,579	$ 5,872
Denominator:
Weighted average number of common shares - basic (in shares)	48,850,339	48,798,528	48,845,374	48,793,839
Unvested shares and units (in shares)	153,745	274,367	130,711	229,996
Weighted average number of common shares - diluted (in shares)	49,004,084	49,072,895	48,976,085	49,023,835
Basic income per common share:
Net income attributable to common shareholders per weighted average basic common share (in dollars per share)	$ 0.11	$ 0.21	$ 0.11	$ 0.12
Diluted income per common share:
Net income attributable to common shareholders per weighted average diluted common share (in dollars per share)	$ 0.11	$ 0.21	$ 0.11	$ 0.12

Investment in Hotel Properties - (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investments, All Other Investments [Abstract]
Land and improvements	$ 289,671	$ 289,589
Building and improvements	1,276,283	1,267,035
Furniture, fixtures and equipment	107,756	98,373
Renovations in progress	14,074	11,710
Investment in hotel properties, at cost	1,687,784	1,666,707
Less: accumulated depreciation	(445,829)	(402,455)
Investment in hotel properties, net	$ 1,241,955	$ 1,264,252

Disposition of Hotel Properties	9 Months Ended
Disposition of Hotel Properties	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Disposition of Hotel Properties	Disposition of Hotel Properties On May 6, 2022, the Company sold the Hilton Garden Inn Boston-Burlington ("HGI Burlington") hotel property in Burlington, MA for $23.2 million and recognized a gain on sale of the hotel property of $0.5 million. Proceeds from the sale were used to repay amounts outstanding on the Company's revolving credit facility. On May 13, 2022, the Company sold a portfolio of three hotels, the Homewood Suites Dallas-Market Center ("HWS Dallas") hotel property in Dallas, TX, the Courtyard Houston West University ("CY Houston West U") hotel property in Houston, TX, and the Residence Inn Houston West University ("RI Houston West U") hotel property in Houston, TX, for $57.0 million, and recognized a gain on sale of the hotel properties of $1.8 million. Proceeds from the sale were used to repay amounts outstanding on the Company's revolving credit facility. The sales did not represent a strategic shift that had or will have a major effect on the Company's operations and financial results and did not qualify to be reported as discontinued operations.

Leases - Lease Cost (Details)	Sep. 30, 2023
Leases [Abstract]
Weighted-average remaining lease term (years)	42 years 1 month 2 days
Weighted-average discount rate	6.89%

Organization	9 Months Ended
Organization	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Chatham Lodging Trust (“we,” “us” or the “Company”) was formed as a Maryland real estate investment trust on October 26, 2009. The Company is internally-managed and invests primarily in upscale extended-stay and premium-branded select-service hotels. The Company has elected to be treated as a real estate investment trust for federal income tax purposes ("REIT"). The net proceeds from our share offerings are contributed to Chatham Lodging, L.P., our operating partnership (the “Operating Partnership”), in exchange for partnership interests. Substantially all of the Company’s assets are held by, and all operations are conducted through, the Operating Partnership. The Company is the sole general partner of the Operating Partnership and owns 100% of the common units of limited partnership interest in the Operating Partnership ("common units"). Certain of the Company’s executive officers hold vested and unvested long-term incentive plan units in the Operating Partnership ("LTIP units"), which are presented as non-controlling interests on our consolidated balance sheets. As of September 30, 2023, the Company owned 39 hotels with an aggregate of 5,915 rooms located in 16 states and the District of Columbia. To qualify as a REIT, the Company cannot operate the hotels. Therefore, the Operating Partnership and its subsidiaries lease the Company's hotels to taxable REIT subsidiary lessees (“TRS Lessees”), which are wholly owned by the Company’s taxable REIT subsidiary (“TRS”) holding company. Each hotel is leased to a TRS Lessee under a percentage lease that provides for rental payments equal to the greater of (i) a fixed base rent amount or (ii) a percentage rent based on hotel revenue. Lease revenue from each TRS Lessee is eliminated in consolidation. The TRS Lessees have entered into management agreements with a third-party management company that provides day-to-day management for the hotels. As of September 30, 2023, Island Hospitality Management LLC (“IHM”), which is 100% owned by Jeffrey H. Fisher, the Company's Chairman, President and Chief Executive Officer, managed all of the Company’s hotels.

Debt - Additional Information (Details)			9 Months Ended
Debt - Additional Information (Details)	Dec. 19, 2022 USD ($)	Oct. 28, 2022 USD ($) extension_option	Sep. 30, 2023 USD ($) mortgage_loan mortgage_debt_lender	Dec. 31, 2022 USD ($)	Oct. 26, 2018 USD ($)
Debt Instrument [Line Items]
Number of mortgage loans \| mortgage_loan			5
Number of mortgage debt lenders enforcing cash trap provisions \| mortgage_debt_lender			4
Restricted cash			$ 6,200,000
Fixed Rate Debt
Debt Instrument [Line Items]
Estimated fair value of debt			384,800,000	$ 412,700,000
Variable rate debt
Debt Instrument [Line Items]
Estimated fair value of debt			90,000,000	$ 39,300,000
Construction loan
Debt Instrument [Line Items]
Repayments of debt			39,300,000
Homewood Suites by Hilton San Antonio, TX
Debt Instrument [Line Items]
Repayments of debt			14,400,000
Residence Inn Tysons Hotel Property
Debt Instrument [Line Items]
Repayments of debt			19,700,000
Courtyard Houston Hotel Property
Debt Instrument [Line Items]
Repayments of debt			16,000,000
Hyatt Place Pittsburgh Hotel Property
Debt Instrument [Line Items]
Repayments of debt			19,700,000
Residence Inn Bellevue Hotel Property
Debt Instrument [Line Items]
Repayments of debt			$ 40,500,000
Construction loan \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3.50%
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 260,000,000
Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 215,000,000			$ 250,000,000
Number of extension options \| extension_option		2
Period of extension options		6 months
Increasing commitments amount	$ 45,000,000
Revolving Credit Facility \| Delayed Draw Term Loan
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 90,000,000
Number of extension options \| extension_option		2
Period of extension options		1 year

Consolidated Statements of Equity (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Distributions declared per common share (in dollars per share)	$ 0.07	$ 0	$ 0.21	$ 0
Distributions declared on LTIP units (in dollars per share)	$ 0.07		$ 0.21
Common Shares
Issuance of shares, offering costs	$ 0	$ 0	$ 0	$ 107,000

Leases - Schedule of Right of Use Asset and Lease Liability (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Right of Use Asset
Beginning balance	$ 19,297
Amortization	(483)
Partial lease termination	(531)
Ending balance	18,283
Lease Liability
Beginning balance	22,108
Amortization	(497)
Partial lease termination	(695)
Ending balance	$ 20,916

Acquisition of Hotel Properties	9 Months Ended
Acquisition of Hotel Properties	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisition of Hotel Properties	Acquisition of Hotel PropertiesOn March 8, 2022, the Company acquired the Hilton Garden Inn Destin Miramar Beach ("HGI Destin") hotel property in Miramar Beach, FL for $31.0 million. The Company allocated the purchase price of the hotel based on the estimated fair values of the assets on the date of acquisition. Property acquisition costs of $48 thousand were capitalized in 2022.

Allowance for Doubtful Accounts	9 Months Ended
Allowance for Doubtful Accounts	Sep. 30, 2023
Receivables [Abstract]
Allowance for Doubtful Accounts	Allowance for Doubtful AccountsThe Company maintains an allowance for doubtful accounts at a level believed to be adequate to absorb estimated probable losses. That estimate is based on past loss experience, current economic and market conditions and other relevant factors. The allowance for doubtful accounts was $0.4 million and $0.3 million as of September 30, 2023 and December 31, 2022, respectively.

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts related to receivables	$ 413	$ 344
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	100,000,000	100,000,000
Preferred shares, shares issued (in shares)	4,800,000	4,800,000
Preferred shares, shares outstanding (in shares)	4,800,000	4,800,000
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	500,000,000	500,000,000
Common shares, shares issued (in shares)	48,858,127	48,808,105
Common shares, shares outstanding (in shares)	48,858,127	48,808,105

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Reconciliation of Amounts Used in Calculating Basic and Diluted Net Income (Loss) Per Share

The following is a reconciliation of the amounts used in calculating basic and diluted net income per common share (in thousands, except share and per share data):


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
Numerator:
Net income attributable to common shareholders	$	5,342	$	10,141	$	5,662	$	5,872
Dividends on unvested shares and units	(27)		—		(83)		—

Net income attributable to common shareholders excluding amounts attributable to unvested shares and units	$	5,315	$	10,141	$	5,579	$	5,872
Denominator:
Weighted average number of common shares - basic	48,850,339		48,798,528		48,845,374		48,793,839

Unvested shares and units	153,745		274,367		130,711		229,996
Weighted average number of common shares - diluted	49,004,084		49,072,895		48,976,085		49,023,835
Basic income per common share:
Net income attributable to common shareholders per weighted average basic common share	$	0.11	$	0.21	$	0.11	$	0.12
Diluted income per common share:
Net income attributable to common shareholders per weighted average diluted common share	$	0.11	$	0.21	$	0.11	$	0.12

Organization (Details)	9 Months Ended
Organization (Details)	Sep. 30, 2023 hotel room state
Subsidiary, Sale of Stock [Line Items]
Aggregate number of rooms in hotels \| room	5,915
Number of states in which hotels are owned \| state	16
Island Hospitality Management Inc. \| Related Party
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party \| hotel	39
Ownership percentage in related party owned by the company's chairman	100.00%
Operating Partnership
Subsidiary, Sale of Stock [Line Items]
Percentage of common units of limited partnership owned	100.00%

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 11,822	$ 12,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	43,454	44,797
Amortization of deferred franchise fees	161	187
Amortization of deferred financing fees included in interest expense	888	1,096
Gain on sale of hotel properties	(56)	(2,129)
Loss on early extinguishment of debt	672	0
Share based compensation	4,562	4,132
Gain from partial lease termination	(164)	0
Changes in assets and liabilities:
Right of use asset	483	512
Hotel receivables	(21)	(12,240)
Deferred costs	(46)	(175)
Prepaid expenses and other assets	(2,747)	(3,702)
Accounts payable and accrued expenses	7,811	6,482
Lease liability	(497)	(434)
Net cash provided by operating activities	66,322	50,526
Cash flows from investing activities:
Improvements and additions to hotel properties	(21,433)	(12,385)
Acquisition of hotel properties	0	(31,048)
Investment in hotel properties under development	0	(3,995)
Proceeds from sale of hotel properties, net	0	79,569
Receipt of deferred key money	0	400
Net cash (used in) provided by investing activities	(21,433)	32,541
Cash flows from financing activities:
Borrowings on revolving credit facility	0	40,000
Repayments on revolving credit facility	0	(110,000)
Borrowings on construction loan	0	4,324
Repayments on construction loan	(39,331)	0
Borrowings on unsecured term loan	90,000	0
Payments on mortgage debt	(116,117)	(6,697)
Proceeds from the issuance of debt	82,925	0
Payment of financing costs	(966)	(194)
Proceeds from issuance of common shares	44	45
Distributions-common shares/units	(10,654)	(147)
Distributions-preferred shares	(5,962)	(5,962)
Net cash used in financing activities	(61)	(78,738)
Net change in cash, cash equivalents and restricted cash	44,828	4,329
Cash, cash equivalents and restricted cash, beginning of period	45,153	29,869
Cash, cash equivalents and restricted cash, end of period	89,981	34,198
Supplemental disclosure of cash flow information:
Cash paid for interest	18,104	19,169
Capitalized interest	0	330
Cash paid for taxes	840	695
Remeasurement of right of use asset from partial lease termination	531	0
Remeasurement of lease liability from partial lease termination	695	0
Common Shares
Cash flows from financing activities:
Payment of offering costs on common shares	$ 0	$ (107)

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s TRS is subject to federal and state income taxes. Income tax expense was zero for the three and nine months ended September 30, 2023 and 2022. As of each reporting date, the Company's management considers new evidence, both positive and negative, that could impact management's view with regard to future realization of deferred tax assets. The Company's TRS is expecting continued taxable losses in 2023. As of September 30, 2023, the TRS continues to recognize a full valuation allowance equal to 100% of the net deferred tax assets due to the uncertainty of the TRS's ability to utilize these net deferred tax assets. Management will continue to monitor the need for a valuation allowance. On August 16, 2022, the United States enacted the Inflation Reduction Act of 2022, which contains tax-related provisions, including a 15% book-income alternative minimum tax on large corporations with financial accounting profits over $1 billion effective for tax years beginning on or after January 1, 2023, a 1% excise tax on stock repurchases, and the extension and expansion of renewable energy incentives and tax credit programs. The Company is monitoring for potential impacts, but this new law is not expected to have a significant impact on Chatham.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Equity Incentive Plan (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Share Awards

A summary of the Company’s restricted share awards for the nine months ended September 30, 2023 and the year ended December 31, 2022 is as follows:


	For the nine months ended			For the year ended
	September 30, 2023			December 31, 2022
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Non-vested at beginning of the period	6,666	$	11.47	10,000	$	11.47
Granted	2,457	12.21		—	—
Vested	(3,334)	11.47		(3,334)	11.47

Non-vested at end of the period	5,789	$	11.78	6,666	$	11.47

Schedule of Long Term Incentive Unit Awards

A summary of the Company's LTIP unit awards for the nine months ended September 30, 2023 and the year ended December 31, 2022 is as follows:


	For the nine months ended			For the year ended
	September 30, 2023			December 31, 2022
	Number of Units	Weighted-Average Grant Date Fair Value		Number of Units	Weighted-Average Grant Date Fair Value
Non-vested at beginning of the period	905,525	$	15.03	764,178	$	15.00
Granted	466,988	14.36		380,004	16.08
Vested	(372,558)	13.27		(238,657)	16.61

Non-vested at end of the period	999,955	$	15.37	905,525	$	15.03

Schedule of Performance-Based Long-Term Incentive Plan Payout Unit Awards

The 2023 Performance-Based LTIP Unit Awards, if earned, will be paid out between 50% and 200% of target value as follows:


	Relative TSR Hurdles (Percentile)	Payout Percentage
Threshold	25th	50%
Target	55th	100%
Maximum	80th	200%

Schedule of Share-based Payment Award, Valuation Assumptions

The grant date fair values of the LTIPs and the assumptions used to estimate the values are as follows:


	Grant Date	Number of Units Granted	Estimated Value Per Unit	Volatility	Dividend Yield	Risk Free Interest Rate
2018 Time-Based LTIP Unit Awards	3/1/2018	97,968	$16.83	26%	—%	2.07%
2018 Performance-Based LTIP Unit Awards	3/1/2018	146,949	$17.02	26%	6.2%	2.37%
2019 Time-Based LTIP Unit Awards	3/1/2019	88,746	$18.45	21%	—%	2.57%
2019 Performance-Based LTIP Unit Awards	3/1/2019	133,107	$18.91	21%	6.2%	2.55%
2020 Time-Based LTIP Unit Awards	3/1/2020	130,206	$13.05	20%	—%	1.06%
2020 Performance-Based LTIP Unit Awards (1)	3/1/2020	195,301	$13.66	20%	8.1%	0.90%
2021 Time-Based LTIP Unit Awards	3/1/2021	132,381	$12.52	78%	—%	0.08%
2021 Performance-Based LTIP Unit Awards	3/1/2021	198,564	$15.91	64%	3.4%	0.30%
2022 Time-Based LTIP Unit Awards	3/1/2022	152,004	$12.33	80%	—%	1.01%
2022 Performance-Based LTIP Unit Awards	3/1/2022	228,000	$18.58	66%	3.5%	1.44%
2023 Time-Based LTIP Unit Awards	3/1/2023	171,171	$11.11	37%	—%	5.11%
2023 Performance-Based LTIP Unit Awards	3/1/2023	256,757	$16.64	69%	3.5%	4.61%

(1) In February 2023, following the end of the measurement period, the Company’s TSR met certain criteria and based on the Company’s TSR over the measurement period, 234,361 LTIP units vested.

Acquisition of Hotel Properties - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 08, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Property acquisition costs capitalized		$ 48
Hilton Garden Inn Destin Miramar Beach ("HGI Destin")
Business Acquisition [Line Items]
Consideration transferred	$ 31,000

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Nov. 02, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-34693
Entity Registrant Name	CHATHAM LODGING TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-1200777
Entity Address, Address Line One	222 Lakeview Avenue, Suite 200
Entity Address, City or Town	West Palm Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33401
City Area Code	561
Local Phone Number	802-4477
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,858,943
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Central Index Key	0001476045
Current Fiscal Year End Date	--12-31
Common Shares
Document Information [Line Items]
Title of 12(b) Security	Common Shares of Beneficial Interest, $0.01 par value
Trading Symbol	CLDT
Security Exchange Name	NYSE
Series A Preferred Shares
Document Information [Line Items]
Title of 12(b) Security	6.625% Series A Cumulative Redeemable Preferred Shares
Trading Symbol	CLDT-PA
Security Exchange Name	NYSE

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of September 30, 2023, Jeffrey H. Fisher, the Company's Chairman, President and Chief Executive Officer, owns 100% of IHM. As of September 30, 2023, the Company had hotel management agreements with IHM to manage all 39 of its hotels. Hotel management, revenue management and accounting fees accrued or paid to IHM for the hotels owned by the Company for the three months ended September 30, 2023 and 2022 were $3.0 million and $3.0 million, respectively, and for the nine months ended September 30, 2023 and 2022 were $8.1 million and $7.6 million, respectively. At September 30, 2023 and December 31, 2022, the amounts due to IHM were $0.7 million and $0.4 million, respectively. Cost reimbursements from related parties revenue represent reimbursements of costs incurred on behalf of IHM. These costs relate primarily to office expenses shared with IHM. Various shared office expenses and rent are paid by the Company and allocated to IHM based on the amount of square footage occupied by each entity. As the Company records cost reimbursements based upon costs incurred with no added markup, the revenue and related expense has no impact on the Company’s operating income or net income. Cost reimbursements are recorded based upon the occurrence of a reimbursed activity.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Debt - Schedule of Components of Mortgage Debt (Details)					9 Months Ended
	Aug. 31, 2023 USD ($) subsidiary agreement	Aug. 30, 2023 USD ($)	Aug. 16, 2023 USD ($) subsidiary agreement	Aug. 04, 2020 USD ($) extension_option	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Participating Mortgage Loans [Line Items]
Property Carrying Value					$ 506,040,000
Total debt before unamortized debt issue costs					487,735,000	$ 470,257,000
Unamortized term loan and mortgage debt issue costs					(1,664,000)	(373,000)
Total debt outstanding					$ 486,071,000	469,884,000
Wells Fargo Bank
Participating Mortgage Loans [Line Items]
Interest Rate	7.33%	7.61%
Term of debt	10 years	5 years
Barclays Capital Real Estate
Participating Mortgage Loans [Line Items]
Interest Rate			7.42%
Term of debt			10 years
Debt instrument, period of interest			5 years
Amortization period			30 years
Construction loan \| Mack Real Estate Credit Strategies
Participating Mortgage Loans [Line Items]
Debt amount				$ 40,000,000
Term of debt				4 years
Number of extension options \| extension_option				2
Period of extension options				6 months
Floor Rate \| Construction loan \| Mack Real Estate Credit Strategies
Participating Mortgage Loans [Line Items]
Basis spread on variable rate				0.25%
LIBOR \| Construction loan
Participating Mortgage Loans [Line Items]
Basis spread on variable rate					3.50%
LIBOR \| Construction loan \| Mack Real Estate Credit Strategies
Participating Mortgage Loans [Line Items]
Basis spread on variable rate				7.50%
Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Interest Rate					0.00%
Property Carrying Value					$ 0
Total debt before unamortized debt issue costs					$ 0	0
Revolving Credit Facility \| SOFR \| Minimum \| Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Basis spread on variable rate					1.50%
Revolving Credit Facility \| SOFR \| Maximum \| Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Basis spread on variable rate					2.25%
Unsecured Term Loan
Participating Mortgage Loans [Line Items]
Interest Rate					6.56%
Property Carrying Value					$ 0
Total debt before unamortized debt issue costs					$ 90,000,000	0
Unsecured Term Loan \| SOFR \| Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Basis spread on variable rate					0.10%
Unsecured Term Loan \| SOFR \| Minimum \| Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Basis spread on variable rate					1.45%
Unsecured Term Loan \| SOFR \| Maximum \| Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Basis spread on variable rate					2.20%
Construction loan
Participating Mortgage Loans [Line Items]
Interest Rate					11.00%
Property Carrying Value					$ 0
Total debt before unamortized debt issue costs					$ 0	39,331,000
Homewood Suites by Hilton San Antonio, TX
Participating Mortgage Loans [Line Items]
Interest Rate					4.59%
Property Carrying Value					$ 0
Total debt before unamortized debt issue costs					$ 0	14,402,000
Residence Inn by Marriott Vienna, VA
Participating Mortgage Loans [Line Items]
Interest Rate					4.49%
Property Carrying Value					$ 0
Total debt before unamortized debt issue costs					$ 0	19,680,000
Courtyard by Marriott Houston, TX
Participating Mortgage Loans [Line Items]
Interest Rate					4.19%
Property Carrying Value					$ 0
Total debt before unamortized debt issue costs					$ 0	16,200,000
Hyatt Place Pittsburgh, PA
Participating Mortgage Loans [Line Items]
Interest Rate					4.65%
Property Carrying Value					$ 0
Total debt before unamortized debt issue costs					$ 0	19,975,000
Residence Inn by Marriott Bellevue, WA
Participating Mortgage Loans [Line Items]
Interest Rate					4.97%
Property Carrying Value					$ 0
Total debt before unamortized debt issue costs					$ 0	41,133,000
Residence Inn by Marriott Garden Grove, CA
Participating Mortgage Loans [Line Items]
Interest Rate					4.79%
Property Carrying Value					$ 36,561,000
Total debt before unamortized debt issue costs					$ 29,673,000	30,184,000
Residence Inn by Marriott Silicon Valley I, CA
Participating Mortgage Loans [Line Items]
Interest Rate					4.64%
Property Carrying Value					$ 64,976,000
Total debt before unamortized debt issue costs					$ 60,427,000	61,280,000
Residence Inn by Marriott Silicon Valley II, CA
Participating Mortgage Loans [Line Items]
Interest Rate					4.64%
Property Carrying Value					$ 72,627,000
Total debt before unamortized debt issue costs					$ 65,929,000	66,860,000
Residence Inn by Marriott San Mateo, CA
Participating Mortgage Loans [Line Items]
Interest Rate					4.64%
Property Carrying Value					$ 54,890,000
Total debt before unamortized debt issue costs					$ 45,321,000	45,960,000
Residence Inn by Marriott Mountain View, CA
Participating Mortgage Loans [Line Items]
Interest Rate					4.64%
Property Carrying Value					$ 40,052,000
Total debt before unamortized debt issue costs					$ 35,343,000	35,842,000
SpringHill Suites by Marriott Savannah, GA
Participating Mortgage Loans [Line Items]
Interest Rate					4.62%
Property Carrying Value					$ 30,699,000
Total debt before unamortized debt issue costs					$ 27,968,000	28,365,000
Hilton Garden Inn Marina del Rey, CA
Participating Mortgage Loans [Line Items]
Interest Rate					4.68%
Property Carrying Value					$ 37,546,000
Total debt before unamortized debt issue costs					$ 19,154,000	19,535,000
Homewood Suites by Hilton Billerica, MA
Participating Mortgage Loans [Line Items]
Interest Rate					4.32%
Property Carrying Value					$ 10,961,000
Total debt before unamortized debt issue costs					$ 14,563,000	14,804,000
Hampton Inn & Suites Houston Medical Center, TX
Participating Mortgage Loans [Line Items]
Interest Rate					4.25%
Property Carrying Value					$ 14,069,000
Total debt before unamortized debt issue costs					$ 16,432,000	16,706,000
Courtyard by Marriott Dallas, TX
Participating Mortgage Loans [Line Items]
Interest Rate					7.61%
Property Carrying Value					$ 40,820,000
Total debt before unamortized debt issue costs					$ 24,500,000	0
Residence Inn by Marriott Austin, TX
Participating Mortgage Loans [Line Items]
Interest Rate					7.42%
Property Carrying Value					$ 34,932,000
Total debt before unamortized debt issue costs					$ 20,850,000	0
TownePlace Suites by Marriott Austin, TX
Participating Mortgage Loans [Line Items]
Interest Rate					7.42%
Property Carrying Value					$ 31,618,000
Total debt before unamortized debt issue costs					$ 19,075,000	0
Courtyard by Marriott Summerville, SC
Participating Mortgage Loans [Line Items]
Interest Rate					7.33%
Property Carrying Value					$ 18,890,000
Total debt before unamortized debt issue costs					$ 9,000,000	0
Residence Inn by Marriott Summerville, SC
Participating Mortgage Loans [Line Items]
Interest Rate					7.33%
Property Carrying Value					$ 17,399,000
Total debt before unamortized debt issue costs					$ 9,500,000	$ 0
Courtyard by Marriott Dallas Downtown \| Wells Fargo Bank
Participating Mortgage Loans [Line Items]
Debt amount		$ 24,500,000
Residence Inn by Marriott \| Barclays Capital Real Estate
Participating Mortgage Loans [Line Items]
Debt amount			$ 20,900,000
Number of subsidiaries \| subsidiary			2
Number of agreements \| agreement			2
TownePlace Suites by Marriott Austin \| Barclays Capital Real Estate
Participating Mortgage Loans [Line Items]
Debt amount			$ 19,100,000
Courtyard by Marriott Summerville \| Wells Fargo Bank
Participating Mortgage Loans [Line Items]
Debt amount	$ 9,000,000
Number of subsidiaries \| subsidiary	2
Number of agreements \| agreement	2
Residence Inn by Marriott Summerville \| Wells Fargo Bank
Participating Mortgage Loans [Line Items]
Debt amount	$ 9,500,000

Dividends Declared and Paid

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Dividends Declared and Paid

Common Dividends

The Company declared total common share dividends of $0.07 per share and distributions on LTIP units of $0.07 per unit for the three months ended September 30, 2023, and $0.21 per share and unit for the nine months ended September 30, 2023.



	Record Date	Payment Date	Common share distribution amount		LTIP unit distribution amount


March	3/31/2023	4/17/2023	$	0.07	$	0.07





June	6/30/2023	7/17/2023	0.07		0.07




September	9/29/2023	10/16/2023	0.07		0.07


Total 2023			$	0.21	$	0.21

Preferred Dividends

During the three and nine months ended September 30, 2023, the Company declared dividends of $0.41406 and $1.24218, respectively, per share of 6.625% Series A Cumulative Redeemable Preferred Shares. The preferred share dividends paid were as follows:

Record Date

Payment Date

Dividend per Preferred Share

March

3/31/2023

4/17/2023

0.41406

June

6/30/2023

7/17/2023

0.41406

September

9/29/2023

10/16/2023

0.41406

Total 2023

1.24218

Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

The two-class method is used to determine earnings per share because unvested restricted shares and unvested LTIP units are considered to be participating shares. The LTIP units held by the non-controlling interest holders, which may be converted to common shares, have been excluded from the denominator of the diluted earnings per common share calculation as there would be no effect on the amounts since limited partners' share of income or loss would also be added back to net income or loss. Unvested restricted shares, unvested long-term incentive plan units and unvested Class A Performance LTIP units that could potentially dilute basic earnings per common share in the future would not be included in the computation of diluted loss per common share, for the periods where a loss has been recorded, because they would have been anti-dilutive for the periods presented.

The following is a reconciliation of the amounts used in calculating basic and diluted net income per common share (in thousands, except share and per share data):


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
Numerator:
Net income attributable to common shareholders	$	5,342	$	10,141	$	5,662	$	5,872
Dividends on unvested shares and units	(27)		—		(83)		—

Net income attributable to common shareholders excluding amounts attributable to unvested shares and units	$	5,315	$	10,141	$	5,579	$	5,872
Denominator:
Weighted average number of common shares - basic	48,850,339		48,798,528		48,845,374		48,793,839

Unvested shares and units	153,745		274,367		130,711		229,996
Weighted average number of common shares - diluted	49,004,084		49,072,895		48,976,085		49,023,835
Basic income per common share:
Net income attributable to common shareholders per weighted average basic common share	$	0.11	$	0.21	$	0.11	$	0.12
Diluted income per common share:
Net income attributable to common shareholders per weighted average diluted common share	$	0.11	$	0.21	$	0.11	$	0.12

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Operating Lease Maturity

The following table includes information regarding the Company's total minimum lease payments for which it is the lessee, as of September 30, 2023, for each of the next five calendar years and thereafter (in thousands):


Total Future Lease Payments	Amount
2023 (remaining three months)	$	468
2024	1,875
2025	1,940
2026	1,727
2027	1,272
Thereafter	63,553
Total lease payments	$	70,835
Less: Imputed interest	(49,919)
Present value of lease liabilities	$	20,916

Schedule of Right of Use Asset and Liability

The following table includes information regarding the right of use assets and lease liabilities of the Company as of September 30, 2023 (in thousands):


	Right of Use Asset		Lease Liability
Balance as of January 1, 2023	$	19,297	$	22,108
Amortization	(483)		(497)
Partial lease termination	(531)		(695)
Balance as of September 30, 2023	$	18,283	$	20,916

Schedule of Lease Cost


Lease Term and Discount Rate			September 30, 2023
Weighted-average remaining lease term (years)			42.09
Weighted-average discount rate			6.89%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. These unaudited consolidated financial statements, in the opinion of management, include all adjustments consisting of normal, recurring adjustments which are considered necessary for a fair statement of the consolidated balance sheets, consolidated statements of operations, consolidated statements of equity, and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full year performance due to seasonal and other factors, including the timing of the acquisition or sale of hotels. The consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited financial statements prepared in accordance with GAAP, and the related notes thereto as of December 31, 2022, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04 Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. In December 2022, the FASB issued ASU No. 2022-06 Reference Rate Reform (Topic 848). ASU 2022-06 amended and deferred the sunset provision in ASU 2020-04 from December 31, 2022 to December 31, 2024. As of September 30, 2023, the Company does not anticipate that this guidance will have a material impact on its consolidated financial statements; however, the Company will continue to evaluate the impact that ASU 2020-04 may have on its consolidated financial statements and related disclosures.

Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt

The Company’s mortgage loans are collateralized by first-mortgage liens on certain of the Company’s properties. The mortgage loans are non-recourse except for instances of fraud or misapplication of funds. Mortgage, revolving credit facility, and unsecured term loan debt consisted of the following (dollars in thousands):


Collateral	Interest Rate		Maturity Date	September 30, 2023 Property Carrying Value		Balance Outstanding on Loan as of
						September 30, 2023		December 31, 2022
Revolving Credit Facility (1)	—	%	October 28, 2026	$	—	$	—	$	—
Unsecured Term Loan (2)	6.56	%	October 28, 2025	—		90,000		—
Construction Loan (3)	11.0	%	August 4, 2024	—		—		39,331
Homewood Suites by Hilton San Antonio, TX	4.59	%	February 6, 2023	—		—		14,402
Residence Inn by Marriott Vienna, VA	4.49	%	February 6, 2023	—		—		19,680
Courtyard by Marriott Houston, TX	4.19	%	May 6, 2023	—		—		16,200
Hyatt Place Pittsburgh, PA	4.65	%	July 6, 2023	—		—		19,975
Residence Inn by Marriott Bellevue, WA	4.97	%	December 6, 2023	—		—		41,133
Residence Inn by Marriott Garden Grove, CA	4.79	%	April 6, 2024	36,561		29,673		30,184
Residence Inn by Marriott Silicon Valley I, CA	4.64	%	July 1, 2024	64,976		60,427		61,280
Residence Inn by Marriott Silicon Valley II, CA	4.64	%	July 1, 2024	72,627		65,929		66,860
Residence Inn by Marriott San Mateo, CA	4.64	%	July 1, 2024	54,890		45,321		45,960
Residence Inn by Marriott Mountain View, CA	4.64	%	July 1, 2024	40,052		35,343		35,842
SpringHill Suites by Marriott Savannah, GA	4.62	%	July 6, 2024	30,699		27,968		28,365
Hilton Garden Inn Marina del Rey, CA	4.68	%	July 6, 2024	37,546		19,154		19,535
Homewood Suites by Hilton Billerica, MA	4.32	%	December 6, 2024	10,961		14,563		14,804
Hampton Inn & Suites Houston Medical Center, TX	4.25	%	January 6, 2025	14,069		16,432		16,706
Courtyard by Marriott Dallas, TX (4)	7.61	%	September 11, 2028	40,820		24,500		—
Residence Inn by Marriott Austin, TX (5)	7.42	%	September 6, 2033	34,932		20,850		—
TownePlace Suites by Marriott Austin, TX (5)	7.42	%	September 6, 2033	31,618		19,075		—
Courtyard by Marriott Summerville, SC (6)	7.33	%	September 11, 2033	18,890		9,000		—
Residence Inn by Marriott Summerville, SC (6)	7.33	%	September 11, 2033	17,399		9,500		—
Total debt before unamortized debt issue costs				$	506,040	$	487,735	$	470,257
Unamortized term loan and mortgage debt issue costs						(1,664)		(373)
Total debt outstanding						$	486,071	$	469,884

1.The interest rate for the revolving credit facility is variable and based on one-month term secured overnight financing rate ("SOFR") plus a spread of 1.50% to 2.25% based on the Company's leverage and a credit spread adjustment of 0.10%.

2.The interest rate for the unsecured term loan is variable and based on one-month term SOFR plus a spread of 1.45% to 2.20% based on the Company's leverage and a credit spread adjustment of 0.10%.

3.On August 4, 2020, a subsidiary of Chatham entered into an agreement with affiliates of Mack Real Estate Credit Strategies to obtain a $40.0 million loan to fund the remaining construction costs of the Home2 Suites by Hilton Woodland Hills Los Angeles ("Home2 Woodland Hills") hotel development. The loan had an initial term of four years and there were two six-month extension options. The interest rate on the loan was LIBOR, subject to a 0.25% floor, plus a spread of 7.5%. The loan was repaid on February 1, 2023.

4.On August 30, 2023, a subsidiary of Chatham entered into an agreement with Wells Fargo Bank to obtain a $24.5 million loan secured by the Courtyard by Marriott Dallas Downtown. The loan has a term of five years, carries a fixed interest rate of 7.61%, and is interest-only for the duration of the loan.

5.On August 16, 2023, two subsidiaries of Chatham entered into two agreements with Barclays Capital Real Estate to obtain a $20.9 million loan and a $19.1 million loan secured by the Residence Inn by Marriott Austin and the TownePlace Suites by Marriott Austin, respectively. Each loan has a term of ten years, carries a fixed interest rate of 7.42%, and is interest-only for the first five years before amortizing based upon a 30-year amortization schedule.

6.On August 31, 2023, two subsidiaries of Chatham entered into two agreements with Wells Fargo Bank to obtain a $9.0 million loan and a $9.5 million loan secured by the Courtyard by Marriott Summerville and the Residence Inn by Marriott Summerville, respectively. Each loan has a term of ten years, carries a fixed interest rate of 7.33%, and is interest-only for the duration of the loan.

On October 28, 2022, the Company entered into a $215.0 million unsecured revolving credit facility and a $90.0 million unsecured delayed-draw term loan facility that replaced the Company’s previous $250.0 million revolving credit facility that was scheduled to mature on March 8, 2023. The revolving credit facility has an initial maturity of October 28, 2026 and provides two six-month extension options. The unsecured delayed-draw term loan facility has an initial maturity of October 28, 2025 and provides two one-year extension options. On December 19, 2022, the Company executed an amendment to its unsecured revolving credit facility, increasing commitments by $45.0 million for a total borrowing capacity of $260.0 million.

During the nine months ended September 30, 2023, the Company repaid the $39.3 million construction loan on the Home2 Woodland Hills hotel property, and the maturing mortgage loans of $14.4 million on the Homewood Suites San Antonio hotel property, $19.7 million on the Residence Inn Tysons hotel property, $16.0 million on the Courtyard Houston hotel property, $19.7 million on the Hyatt Place Pittsburgh hotel property, and $40.5 million on the Residence Inn Bellevue hotel property. The Company utilized cash, borrowings under its unsecured delayed-draw term loan, and proceeds from its five new mortgage loans to repay these loans.

The Company estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument at estimated market rates. All of the Company's mortgage loans are fixed-rate. Rates take into consideration general market conditions, quality and estimated value of collateral and maturity of debt with similar credit terms and are classified within level 3 of the fair value hierarchy. The estimated fair value of the Company’s fixed rate debt as of September 30, 2023 and December 31, 2022 was $384.8 million and $412.7 million, respectively.

The Company estimates the fair value of its variable rate debt by taking into account general market conditions and the estimated credit terms it could obtain for debt with similar maturity and is classified within level 3 of the fair value hierarchy. As of September 30, 2023, the Company’s variable rate debt consisted of borrowings under its revolving credit facility and its unsecured delayed-draw term loan. The estimated fair value of the Company’s variable rate debt as of September 30, 2023 and December 31, 2022 was $90.0 million and $39.3 million, respectively.

The Company's mortgage debt agreements contain “cash trap” provisions that are triggered when the hotel’s operating results fall below a certain debt service coverage ratio or debt yield. When these provisions are triggered, all of the excess cash flow generated by the hotel is deposited directly into cash management accounts for the benefit of the lenders until a specified debt service coverage ratio or debt yield is reached. Such provisions do not allow the lender the right to accelerate repayment of the underlying debt. As of September 30, 2023, four of our mortgage debt lenders have enforced cash trap provisions resulting in $6.2 million of restricted cash. The Company does not expect that such cash traps will affect its ability to satisfy its short-term liquidity requirements.

Future scheduled principal payments of debt obligations as of September 30, 2023, for the current year and each of the next five calendar years and thereafter are as follows (in thousands):


	Amount
2023 (remaining three months)	$	1,846
2024	297,003
2025	105,961
2026	—
2027	—
Thereafter	82,925
Total debt before unamortized debt issue costs	$	487,735
Unamortized term loan and mortgage debt issue costs	(1,664)
Total debt outstanding	$	486,071

Accounting for Derivative Instruments

The Company had interest rate cap agreements to hedge against interest rate fluctuations related to the construction loan for the Home2 Woodland Hills hotel. The Company recorded its derivative instruments on the balance sheet at their estimated fair values. Changes in the fair value of the derivatives are recorded each period in current earnings or in other comprehensive income, depending on whether a derivative is designated as part of a hedging relationship and, if it is, depending on the type of hedging relationship. The Company's interest rate caps were not designated as a hedge but to eliminate the incremental cost to the Company if the one-month LIBOR were to exceed 3.5%. Accordingly, the interest rate caps were recorded on the balance sheet under prepaid expenses and other assets at the estimated fair value and realized and unrealized changes in the fair value are reported in the consolidated statement of operations. During the nine months ended September 30, 2023, the Company terminated its interest rate caps related to the construction loan when the loan was repaid.

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Statement of Cash Flows [Abstract]
Accrued distributions payable	$ 5,370	$ 1,656
Accrued share based compensation	353	405
Accounts payable and accrued expenses	$ 1,190	$ 1,113

Equity Incentive Plan - Schedule of Performance-Based Long-Term Incentive Plan Payout Awards (Details)	Mar. 01, 2022
Relative TSR Hurdles (Percentile)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold (in percentage)	25.00%
Target (in percentage)	55.00%
Maximum (in percentage)	80.00%
Payout Percentage
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold (in percentage)	50.00%
Target (in percentage)	100.00%
Maximum (in percentage)	200.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Dividends Declared and Paid - Schedule of Common Dividends (Details) - $ / shares				3 Months Ended		9 Months Ended
	Sep. 29, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Distributions declared per common share (in dollars per share)	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0	$ 0.21	$ 0
Distributions declared on LTIP units (in dollars per share)	$ 0.07	$ 0.07	$ 0.07	$ 0.07		$ 0.21

Debt - Schedule of Future Scheduled Principal Payments of Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2023 (remaining three months)	$ 1,846
2024	297,003
2025	105,961
2026	0
2027	0
Thereafter	82,925
Total debt before unamortized debt issue costs	487,735	$ 470,257
Unamortized term loan and mortgage debt issue costs	(1,664)	(373)
Total debt outstanding	$ 486,071	$ 469,884

Equity Incentive Plan - Additional Information (Details) $ / shares in Units, $ in Thousands							1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 01, 2023 $ / shares shares	Mar. 01, 2022 shares	Mar. 01, 2021 shares	Mar. 01, 2020 shares	Mar. 01, 2019 shares	Mar. 01, 2018 shares	Jan. 31, 2023 shares	Jan. 31, 2022 shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) shares	May 24, 2022 shares
Independent Trustees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common share issued as compensation for services performed (in shares)							43,378	34,672
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)														1,600,000
Common shares available for issuance (in shares)									1,252,326		1,252,326
Equity Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for share awards under equity											3 years
Equity Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for share awards under equity											5 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs \| $									$ 57		$ 57		$ 61
Weighted-average period for recognition of unrecognized compensation costs											1 year 6 months
Compensation expense, recognized \| $									12	$ 10	$ 35	$ 29
Granted (in shares)											2,457		0
Long Term Incentive Plan Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period for recognition of unrecognized compensation costs											1 year 10 months 24 days
Compensation expense, recognized \| $									1,400	$ 1,300	$ 4,200	$ 3,700
Exchange ratio											1
Granted (in shares)											466,988		380,004
Total unrecognized compensation cost related to LTIP Units \| $									$ 8,500		$ 8,500		$ 6,500
Time-Based LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	171,171	152,004	132,381	130,206	88,746	97,968
Time-Based LTIP Unit Awards \| Awarded March 1, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	171,171
Performance-Based LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	256,757	228,000	198,564	195,301	133,107	146,949
Performance-Based LTIP Unit Awards \| Awarded March 1, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	256,757
Grants in period, intrinsic value, amount per share (in dollars per share) \| $ / shares	$ 16.64
Performance-Based LTIP Unit Awards \| Awarded March 1, 2021 \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of units paid out	50.00%
Performance-Based LTIP Unit Awards \| Awarded March 1, 2021 \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of units paid out	200.00%

Equity Incentive Plan - Schedule of Restricted Share Awards (Details) - Restricted Stock - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Number of Shares
Nonvested at beginning of the period (in shares)	6,666	10,000
Granted (in shares)	2,457	0
Vested (in shares)	(3,334)	(3,334)
Nonvested at end of the period (in shares)	5,789	6,666
Weighted-Average Grant Date Fair Value
Nonvested at beginning of the period (in dollars per share)	$ 11.47	$ 11.47
Granted (in dollars per share)	12.21	0
Vested (in dollars per share)	11.47	11.47
Nonvested at end of the period (in dollars per share)	$ 11.78	$ 11.47

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Investment in hotel properties, net	$ 1,241,955	$ 1,264,252
Cash and cash equivalents	71,648	26,274
Restricted cash	18,333	18,879
Right of use asset, net	18,283	19,297
Hotel receivables (net of allowance for doubtful accounts of $413 and $344, respectively)	5,198	5,178
Deferred costs, net	4,413	6,428
Prepaid expenses and other assets	6,158	3,430
Total assets	1,365,988	1,343,738
Liabilities and Equity:
Mortgage debt, net	396,602	430,553
Revolving credit facility	0	0
Construction loan	0	39,331
Unsecured term loan, net	89,469	0
Accounts payable and accrued expenses	35,785	28,528
Lease liability, net	20,916	22,108
Distributions payable	5,370	5,221
Total liabilities	548,142	525,741
Commitments and contingencies (Note 14)
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized; 4,800,000 and 4,800,000 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	48	48
Common shares, $0.01 par value, 500,000,000 shares authorized; 48,858,127 and 48,808,105 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	488	488
Additional paid-in capital	1,047,148	1,047,023
Accumulated deficit	(257,263)	(252,665)
Total shareholders’ equity	790,421	794,894
Noncontrolling Interests:
Noncontrolling interest in Operating Partnership	27,425	23,103
Total equity	817,846	817,997
Total liabilities and equity	$ 1,365,988	$ 1,343,738

Dividends Declared and Paid - Common Dividends (Details) - $ / shares				3 Months Ended	9 Months Ended
	Sep. 29, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2023
Equity [Abstract]
Total common share dividends declared (in dollars per shares)				$ 0.07	$ 0.21
Distributions declared on LTIP units (in dollars per share)	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.21

Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

The Residence Inn Gaslamp hotel property is subject to a ground lease with an expiration date of January 31, 2065 with an extension option by the Company of up to three additional terms of ten years each. Monthly payments are currently approximately $44 thousand per month and increase 10% every five years. The hotel is subject to annual supplemental rent payments calculated as 5% of gross revenues during the applicable lease year, minus 12 times the monthly base rent scheduled for the lease year.

The Residence Inn New Rochelle hotel property is subject to an air rights lease and garage lease that each expire on December 1, 2104. The lease agreements with the City of New Rochelle cover the space above the parking garage that is occupied by the hotel as well as 128 parking spaces in a parking garage that is attached to the hotel. The annual base rent for the garage lease is the hotel’s proportionate share of the city’s adopted budget for the operations, management and maintenance of the garage and established reserves to fund for the cost of capital repairs. Aggregate rent for 2023 is approximately $30 thousand per quarter.

The Hilton Garden Inn Marina del Rey hotel property is subject to a ground lease with an expiration date of December 31, 2067. Minimum monthly payments are currently approximately $47 thousand per month and a percentage rent payment less the minimum rent is due in arrears equal to 5% to 25% of gross income based on the type of income.

The Company entered into a corporate office lease in September 2015. The lease is for a term of 11 years and includes a 12-month rent abatement period and certain tenant improvement allowances. The Company has a renewal option of up to two successive terms of 5 years each. On June 1, 2023, the Company executed an amendment to the corporate office lease to vacate

and surrender possession of 7,374 rentable square feet in exchange for an early termination payment of $0.1 million. The partial termination of this lease required the Company to apply ASC 842 and remeasure the right of use asset and lease liability and recognize those adjustments in the consolidated statement of operations. During the nine months ended September 30, 2023, the Company recognized a gain from partial lease termination of approximately $0.2 million as a result of this partial termination. The Company shares the space with a related party and is reimbursed for the pro-rata share of rentable space occupied by the related party.

The Company is the lessee under ground, air rights, garage and office lease agreements for certain of its properties, all of which qualify as operating leases as of September 30, 2023. These leases typically provide multi-year renewal options to extend term as lessee at the Company's option. Option periods are included in the calculation of the lease obligation liability only when options are reasonably certain to be exercised.

In calculating the Company's lease obligations under the various leases, the Company uses discount rates estimated to be equal to what the Company would have to pay to borrow on a collateralized basis over a similar term, for an amount equal to the lease payments, in a similar economic environment. Lease obligations are based on contractually required cash payments while lease expense is recognized on a straight-line basis.


Total Future Lease Payments	Amount
2023 (remaining three months)	$	468
2024	1,875
2025	1,940
2026	1,727
2027	1,272
Thereafter	63,553
Total lease payments	$	70,835
Less: Imputed interest	(49,919)
Present value of lease liabilities	$	20,916

The Company incurred $0.9 million of fixed lease payments and $0.6 million of variable lease payments for the nine months ended September 30, 2023, which are included in property taxes, ground rent and insurance in our consolidated statement of operations.

The following table includes information regarding the right of use assets and lease liabilities of the Company as of September 30, 2023 (in thousands):


	Right of Use Asset		Lease Liability
Balance as of January 1, 2023	$	19,297	$	22,108
Amortization	(483)		(497)
Partial lease termination	(531)		(695)
Balance as of September 30, 2023	$	18,283	$	20,916


Lease Term and Discount Rate			September 30, 2023
Weighted-average remaining lease term (years)			42.09
Weighted-average discount rate			6.89%

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Shares	Total Shareholders’ Equity	Total Shareholders’ Equity Common Shares	Preferred Shares	Common Shares	Common Shares Common Shares	Additional Paid - In Capital	Additional Paid - In Capital Common Shares	Accumulated Deficit	Noncontrolling Interest in Operating Partnership
Beginning balance (in shares) at Dec. 31, 2021					4,800,000	48,768,890
Beginning balance at Dec. 31, 2021	$ 814,193		$ 797,502		$ 48	$ 487		$ 1,048,070		$ (251,103)	$ 16,691
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)						34,672
Issuance of shares pursuant to Equity Incentive Plan	487		487			$ 1		486
Issuance of shares, net of offering costs (in shares)							3,592
Issuance of shares, net of offering costs		$ (62)		$ (62)					$ (62)
Amortization of share based compensation	3,727		29					29			3,698
Dividends accrued on preferred shares	(5,962)		(5,962)							(5,962)
Reallocation of noncontrolling interest	0		(1,521)					(1,521)			1,521
Net income (loss)	12,000		11,834							11,834	166
Ending balance (in shares) at Sep. 30, 2022					4,800,000	48,807,154
Ending balance at Sep. 30, 2022	824,383		802,307		$ 48	$ 488		1,047,002		(245,231)	22,076
Beginning balance (in shares) at Jun. 30, 2022					4,800,000	48,806,107
Beginning balance at Jun. 30, 2022	812,698		792,144		$ 48	$ 488		1,046,980		(255,372)	20,554
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs (in shares)							1,047
Issuance of shares, net of offering costs		12		12					12
Amortization of share based compensation	1,284		10					10			1,274
Dividends accrued on preferred shares	(1,987)		(1,987)							(1,987)
Net income (loss)	12,376		12,128							12,128	248
Ending balance (in shares) at Sep. 30, 2022					4,800,000	48,807,154
Ending balance at Sep. 30, 2022	824,383		802,307		$ 48	$ 488		1,047,002		(245,231)	22,076
Beginning balance (in shares) at Dec. 31, 2022					4,800,000	48,808,105
Beginning balance at Dec. 31, 2022	817,997		794,894		$ 48	$ 488		1,047,023		(252,665)	23,103
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)						45,835
Issuance of shares pursuant to Equity Incentive Plan	540		540					540
Issuance of shares, net of offering costs (in shares)							4,187
Issuance of shares, net of offering costs		44		44					44
Amortization of share based compensation	4,209		34					34			4,175
Dividends declared on common shares	(10,260)		(10,260)							(10,260)
Distributions declared on LTIP units	(544)										(544)
Dividends accrued on preferred shares	(5,962)		(5,962)							(5,962)
Reallocation of noncontrolling interest	0		(493)					(493)			493
Net income (loss)	11,822		11,624							11,624	198
Ending balance (in shares) at Sep. 30, 2023					4,800,000	48,858,127
Ending balance at Sep. 30, 2023	817,846		790,421		$ 48	$ 488		1,047,148		(257,263)	27,425
Beginning balance (in shares) at Jun. 30, 2023					4,800,000	48,856,806
Beginning balance at Jun. 30, 2023	814,487		788,476		$ 48	$ 488		1,047,124		(259,184)	26,011
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs (in shares)							1,321
Issuance of shares, net of offering costs		$ 12		$ 12					$ 12
Amortization of share based compensation	1,437		12					12			1,425
Dividends declared on common shares	(3,421)		(3,421)							(3,421)
Distributions declared on LTIP units	(181)										(181)
Dividends accrued on preferred shares	(1,987)		(1,987)							(1,987)
Net income (loss)	7,499		7,329							7,329	170
Ending balance (in shares) at Sep. 30, 2023					4,800,000	48,858,127
Ending balance at Sep. 30, 2023	$ 817,846		$ 790,421		$ 48	$ 488		$ 1,047,148		$ (257,263)	$ 27,425

Equity Incentive Plan

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plan

The Company maintains its Equity Incentive Plan to attract and retain independent trustees, executive officers and other key employees. The plan provides for the grant of options to purchase common shares, share awards, share appreciation rights, performance units and other equity-based awards. The plan was amended on May 24, 2022 to increase the maximum number of shares available under the plan by 1,600,000 shares and extend the term of the plan to March 22, 2032. Share awards under this plan generally vest over three to five years, though compensation for the Company’s independent trustees includes share grants that vest immediately. The Company pays dividends on unvested shares and units, except for performance-based shares and outperformance based units, for which dividends on unvested performance-based shares and units are accrued and not paid until those shares or units vest. Certain awards may provide for accelerated vesting if there is a change in control. In January 2023 and 2022, the Company issued 43,378 and 34,672 common shares, respectively, to its independent trustees as compensation for services performed in 2022 and 2021, respectively. As of September 30, 2023, there were 1,252,326 common shares available for issuance under the Equity Incentive Plan.

Restricted Share Awards

From time to time, the Company may award restricted shares under the Equity Incentive Plan as compensation to officers, employees and non-employee trustees. The Company recognizes compensation expense for the restricted shares on a straight-line basis over the vesting period based on the fair market value of the shares on the date of issuance.

A summary of the Company’s restricted share awards for the nine months ended September 30, 2023 and the year ended December 31, 2022 is as follows:


	For the nine months ended			For the year ended
	September 30, 2023			December 31, 2022
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Non-vested at beginning of the period	6,666	$	11.47	10,000	$	11.47
Granted	2,457	12.21		—	—
Vested	(3,334)	11.47		(3,334)	11.47

Non-vested at end of the period	5,789	$	11.78	6,666	$	11.47

As of September 30, 2023 and December 31, 2022, there were $57 thousand and $61 thousand, respectively, of unrecognized compensation costs related to restricted share awards. As of September 30, 2023, these costs were expected to be recognized over a weighted-average period of approximately 1.5 years. For the three months ended September 30, 2023 and 2022, the Company recognized approximately $12 thousand and $10 thousand, respectively, and for the nine months ended September 30, 2023 and 2022, the Company recognized approximately $35 thousand and $29 thousand, respectively, of expense related to the restricted share awards.

Long-Term Incentive Plan Awards

LTIP units are a special class of partnership interests in the Operating Partnership which may be issued to eligible participants for the performance of services to or for the benefit of the Company. Under the Equity Incentive Plan, each LTIP unit issued is deemed equivalent to an award of one common share thereby reducing the number of shares available for other equity awards on a one-for-one basis.

A summary of the Company's LTIP unit awards for the nine months ended September 30, 2023 and the year ended December 31, 2022 is as follows:


	For the nine months ended			For the year ended
	September 30, 2023			December 31, 2022
	Number of Units	Weighted-Average Grant Date Fair Value		Number of Units	Weighted-Average Grant Date Fair Value
Non-vested at beginning of the period	905,525	$	15.03	764,178	$	15.00
Granted	466,988	14.36		380,004	16.08
Vested	(372,558)	13.27		(238,657)	16.61

Non-vested at end of the period	999,955	$	15.37	905,525	$	15.03

Time-Based LTIP Awards

On March 1, 2023, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, granted 171,171 time-based LTIP unit awards (the “2023 Time-Based LTIP Unit Award”). The grants were made pursuant to award agreements that provide for time-based vesting (the "LTIP Unit Time-Based Vesting Agreement").

Time-based LTIP unit awards will vest ratably provided that the recipient remains employed by the Company through the applicable vesting date, subject to acceleration of vesting in the event of the recipient’s death, disability, termination without cause or resignation with good reason, or in the event of a change of control of the Company. Prior to vesting, a holder is entitled to receive distributions on the LTIP units that comprise the 2023 Time-Based LTIP Unit Awards and the prior year LTIP unit awards set forth in the table above.

Performance-Based LTIP Awards

On March 1, 2023, the Company's Operating Partnership, upon the recommendation of the Compensation Committee, also granted 256,757 performance-based LTIP unit awards (the "2023 Performance-Based LTIP Unit Awards"). The grants were made pursuant to award agreements that have market-based vesting conditions. The Performance-Based LTIP Unit Awards are comprised of Class A Performance LTIP Units that will vest only if and to the extent that (i) the Company achieves certain long-term market-based total shareholder return ("TSR") criteria established by the Compensation Committee and (ii) the recipient remains employed by the Company through the applicable vesting date, subject to acceleration of vesting in the event of the recipient’s death, disability, termination without cause or resignation with good reason, or in the event of a change of control of the Company. Compensation expense is based on an estimated value of $16.64 per 2023 Performance-Based LTIP Unit Award, which takes into account that the number of units that ultimately may vest will depend on the achievement of long-term market-based TSR criteria. The 2023 Performance-Based LTIP Unit Awards have an absolute negative TSR modifier which may reduce payout percentages if the absolute TSR over the measurement period is negative.

The 2023 Performance-Based LTIP Unit Awards may be earned based on the Company’s relative TSR performance for the three-year period beginning on March 1, 2023 and ending on February 28, 2026. The 2023 Performance-Based LTIP Unit Awards, if earned, will be paid out between 50% and 200% of target value as follows:


	Relative TSR Hurdles (Percentile)	Payout Percentage
Threshold	25th	50%
Target	55th	100%
Maximum	80th	200%

Payouts at performance levels in between the hurdles will be calculated by straight-line interpolation.

The Company estimated the aggregate compensation cost to be recognized over the service period determined as of the grant date under ASC 718, excluding the effect of estimated forfeitures, using a Monte Carlo approach. In determining the discounted value of the LTIP units, the Company considered the inherent uncertainty that the LTIP units would never reach parity with the other common units of the Operating Partnership and thus have an economic value of zero to the grantee. Additional factors considered in estimating the value of LTIP units included discounts for illiquidity, expectations for future dividends, risk free interest rates, stock price volatility, and economic environment and market conditions.

The grant date fair values of the LTIPs and the assumptions used to estimate the values are as follows:


	Grant Date	Number of Units Granted	Estimated Value Per Unit	Volatility	Dividend Yield	Risk Free Interest Rate
2018 Time-Based LTIP Unit Awards	3/1/2018	97,968	$16.83	26%	—%	2.07%
2018 Performance-Based LTIP Unit Awards	3/1/2018	146,949	$17.02	26%	6.2%	2.37%
2019 Time-Based LTIP Unit Awards	3/1/2019	88,746	$18.45	21%	—%	2.57%
2019 Performance-Based LTIP Unit Awards	3/1/2019	133,107	$18.91	21%	6.2%	2.55%
2020 Time-Based LTIP Unit Awards	3/1/2020	130,206	$13.05	20%	—%	1.06%
2020 Performance-Based LTIP Unit Awards (1)	3/1/2020	195,301	$13.66	20%	8.1%	0.90%
2021 Time-Based LTIP Unit Awards	3/1/2021	132,381	$12.52	78%	—%	0.08%
2021 Performance-Based LTIP Unit Awards	3/1/2021	198,564	$15.91	64%	3.4%	0.30%
2022 Time-Based LTIP Unit Awards	3/1/2022	152,004	$12.33	80%	—%	1.01%
2022 Performance-Based LTIP Unit Awards	3/1/2022	228,000	$18.58	66%	3.5%	1.44%
2023 Time-Based LTIP Unit Awards	3/1/2023	171,171	$11.11	37%	—%	5.11%
2023 Performance-Based LTIP Unit Awards	3/1/2023	256,757	$16.64	69%	3.5%	4.61%

(1) In February 2023, following the end of the measurement period, the Company’s TSR met certain criteria and based on the Company’s TSR over the measurement period, 234,361 LTIP units vested.

The Company recorded $1.4 million and $1.3 million in compensation expense related to the LTIP units for the three months ended September 30, 2023 and 2022, respectively, and $4.2 million and $3.7 million in compensation expense related to the LTIP units for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023 and December 31, 2022, there was $8.5 million and $6.5 million, respectively, of total unrecognized compensation cost related to LTIP units. This cost is expected to be recognized over approximately 1.9 years, which represents the weighted average remaining vesting period of the LTIP units.

Equity Incentive Plan - Schedule of LTIP Unit Awards (Details) - Long Term Incentive Plan Units - $ / shares	1 Months Ended	9 Months Ended	12 Months Ended
	Feb. 28, 2023	Sep. 30, 2023	Dec. 31, 2022
Number of Units
Nonvested at beginning of the period (in shares)		905,525	764,178
Granted (in shares)		466,988	380,004
Vested (in shares)	(234,361)	(372,558)	(238,657)
Nonvested at end of the period (in shares)		999,955	905,525
Weighted-Average Grant Date Fair Value
Nonvested at beginning of the period (in dollars per share)		$ 15.03	$ 15.00
Granted (in dollars per share)		14.36	16.08
Vested (in dollars per share)		13.27	16.61
Nonvested at end of the period (in dollars per share)		$ 15.37	$ 15.03

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is subject to various claims, lawsuits and legal proceedings, including routine litigation arising in the ordinary course of business, regarding the operation of its hotels, its managers and other Company matters. While it is not possible to ascertain the ultimate outcome of such matters, the Company believes that the aggregate identifiable amount of such liabilities, if any, will not have a material adverse impact on its financial condition or results of operations. Management Agreements The management agreements with IHM have an initial term of five years and automatically renew for two five-year periods unless IHM provides written notice to us no later than 90 days prior to the then current term’s expiration date of its intent not to renew. The IHM management agreements provide for early termination at the Company’s option upon sale of any IHM-managed hotel for no termination fee, with six months advance notice. The IHM management agreements may be terminated for cause, including the failure of the managed hotel to meet specified performance levels. Base management fees are calculated as a percentage of the hotel's gross room revenue. If certain financial thresholds are met or exceeded, an incentive management fee is calculated as 10% of the hotel's net operating income less fixed costs, base management fees and a specified return threshold. The incentive management fee is capped at 1% of gross hotel revenues for the applicable calculation. Management fees totaled approximately $3.0 million and $3.0 million for the three months ended September 30, 2023 and 2022, respectively, and $8.1 million and $7.6 million for the nine months ended September 30, 2023 and 2022, respectively. Franchise Agreements The fees associated with the franchise agreements are calculated as a specified percentage of the hotel's gross room revenue. Franchise and marketing fees totaled approximately $7.0 million and $7.1 million for the three months ended September 30, 2023 and 2022, respectively, and $19.1 million and $18.1 million for the nine months ended September 30, 2023 and 2022, respectively. The initial term of the agreements range from 10 to 30 years with the weighted average expiration being March 2035.

Dividends Declared and Paid (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Common Dividends and Preferred Dividends



	Record Date	Payment Date	Common share distribution amount		LTIP unit distribution amount


March	3/31/2023	4/17/2023	$	0.07	$	0.07





June	6/30/2023	7/17/2023	0.07		0.07




September	9/29/2023	10/16/2023	0.07		0.07


Total 2023			$	0.21	$	0.21

The preferred share dividends paid were as follows:

Record Date

Payment Date

Dividend per Preferred Share

March

3/31/2023

4/17/2023

0.41406

June

6/30/2023

7/17/2023

0.41406

September

9/29/2023

10/16/2023

0.41406

Total 2023

1.24218

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended		9 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) renewal_period	Sep. 30, 2022 USD ($)
Other Commitments [Line Items]
Total hotel operating expenses	$ 47,668	$ 43,686	$ 131,469	$ 118,712
Minimum
Other Commitments [Line Items]
Weighted average expiration period			10 years
Maximum
Other Commitments [Line Items]
Weighted average expiration period			30 years
Franchise And Marketing Fees
Other Commitments [Line Items]
Total hotel operating expenses	$ 6,980	$ 7,107	$ 19,121	$ 18,073
Hotel Management Agreement \| Island Hospitality Management Inc.
Other Commitments [Line Items]
Initial terms of management agreements			5 years
Number of renewal periods of management agreements \| renewal_period			2
Renewal periods of management agreements			5 years
Notice period for successive renewal of agreement (no later than)			90 days
Minimum notice period for termination of management agreement			6 months
Management fee			10.00%
Incentive management fee, percentage			1.00%

Shareholders' Equity	9 Months Ended
Shareholders' Equity	Sep. 30, 2023
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Common Shares The Company is authorized to issue up to 500,000,000 common shares of beneficial interest, $0.01 par value per share ("common shares"). Each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders. Holders of the Company’s common shares are entitled to receive dividends when authorized by the Company's Board of Trustees. As of September 30, 2023, 48,858,127 common shares were outstanding. In January 2021, we established an "at-the-market" equity offering program (the "ATM Program") whereby, from time to time, we could publicly offer and sell our common shares having an aggregate offering price of up to $100.0 million by means of ordinary brokers transactions on the New York Stock Exchange (the "NYSE"), in negotiated transactions or in transactions deemed to be “at-the-market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Cantor Fitzgerald & Co., Barclays Capital Inc., BMO Capital Markets Corp., BofA Securities, Inc., BTIG, LLC, Citigroup Global Markets Inc., Regions Securities LLC, Stifel, Nicolaus & Company, Incorporated and Wells Fargo Securities act as sales agents under the ATM Program. The Company did not issue any shares under the ATM Program during the three and nine months ended September 30, 2023. As of September 30, 2023, there was approximately $77.5 million in common shares available for issuance under the ATM Program. In December 2017, we established a $50.0 million dividend reinvestment and stock purchase plan. We filed a new $50.0 million shelf registration statement for the dividend reinvestment and stock purchase plan (the "DRSPP") on December 22, 2020 to replace the prior plan. Under the DRSPP, shareholders may purchase additional common shares by reinvesting some or all of the cash dividends received on common shares. Shareholders may also make optional cash purchases of the Company's common shares subject to certain limitations detailed in the prospectuses for the DRSPP. During the three months ended September 30, 2023, the Company issued 1,321 common shares under the DRSPP at a weighted average price per share of $9.49, which generated $12 thousand of proceeds. During the nine months ended September 30, 2023, the Company issued 4,187 common shares under the DRSPP at a weighted average price per share of $10.42, which generated $44 thousand of proceeds. As of September 30, 2023, there was approximately $47.8 million in common shares available for issuance under the DRSPP. Preferred Shares The Company is authorized to issue up to 100,000,000 preferred shares of beneficial interest, $0.01 par value per share, in one or more series. On June 30, 2021, the Company issued 4,800,000 6.625% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share (the “Series A Preferred Shares”), and received net proceeds of approximately $115.9 million. The Series A Preferred Shares rank senior to common shares with respect to the payment of dividends and distributions of assets in the event of a liquidation, dissolution, or winding up. The Series A Preferred Shares do not have any maturity date and are not subject to mandatory redemptions or sinking fund requirements. The distribution rate is 6.625% per annum of the $25.00 liquidation preference, which is equivalent to $1.65625 per annum per Series A Preferred Share. Distributions on the Series A Preferred Shares are payable quarterly in arrears with the first distribution on the Series A Preferred Shares paid on October 15, 2021. The Company may not redeem the Series A Preferred Shares before June 30, 2026 except in limited circumstances to preserve the Company's status as a REIT for federal income tax purposes and upon the occurrence of a change of control. On and after June 30, 2026, the Company may, at its option, redeem the Series A Preferred Shares, in whole or from time to time in part, by paying $25.00 per share, plus any accrued and unpaid distributions to, but not including, the date of redemption. Upon the occurrence of a change of control, as defined in the Company's declaration of trust, the result of which common shares and the common securities of the acquiring or surviving entity are not listed on the New York Stock Exchange, the NYSE American or NASDAQ, or any successor exchanges, the Company may, at its option, redeem the Series A Preferred Shares in whole or in part within 120 days following the change of control by paying $25.00 per share, plus any accrued and unpaid distributions through the date of redemption. If the Company does not exercise its right to redeem the Series A Preferred Shares upon a change of control, the holders of Series A Preferred Shares have the right to convert some or all of their shares into a number of common shares based on defined formulas subject to share caps. The share cap on each Series A Preferred Share is 3.701 common shares. As of September 30, 2023, 4,800,000 Series A Preferred Shares were issued and outstanding. During the three months ended September 30, 2023, the Company accrued preferred share dividends of approximately $2.0 million. Operating Partnership Units Holders of common units in the Operating Partnership, if and when issued, will have certain redemption rights, which will enable the unit holders to cause the Operating Partnership to redeem their units in exchange for, at the Company’s option, cash per unit equal to the market price per common share at the time of redemption or for common shares on a one-for-one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of share splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of limited partners or shareholders. As of September 30, 2023, there were 1,587,317 vested LTIP units held by current and former employees.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 6
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Investment in Hotel Properties (Tables)

9 Months Ended

Sep. 30, 2023

Investments, All Other Investments [Abstract]

Schedule of Investment in Hotel Properties

Investment in hotel properties, net as of September 30, 2023 and December 31, 2022 consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Land and improvements	$	289,671	$	289,589
Building and improvements	1,276,283		1,267,035
Furniture, fixtures and equipment	107,756		98,373
Renovations in progress	14,074		11,710
	1,687,784		1,666,707
Less: accumulated depreciation	(445,829)		(402,455)
Investment in hotel properties, net	$	1,241,955	$	1,264,252

Dividends Declared and Paid - Schedule of Preferred Dividends (Details) - $ / shares				9 Months Ended
	Sep. 29, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2023
Equity [Abstract]
Preferred stock, dividends per share, declared (in dollars per share)	$ 0.41406	$ 0.41406	$ 0.41406	$ 1.24218

Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Components of Mortgage and Revolving Credit Facility Debt

Mortgage, revolving credit facility, and unsecured term loan debt consisted of the following (dollars in thousands):


Collateral	Interest Rate		Maturity Date	September 30, 2023 Property Carrying Value		Balance Outstanding on Loan as of
						September 30, 2023		December 31, 2022
Revolving Credit Facility (1)	—	%	October 28, 2026	$	—	$	—	$	—
Unsecured Term Loan (2)	6.56	%	October 28, 2025	—		90,000		—
Construction Loan (3)	11.0	%	August 4, 2024	—		—		39,331
Homewood Suites by Hilton San Antonio, TX	4.59	%	February 6, 2023	—		—		14,402
Residence Inn by Marriott Vienna, VA	4.49	%	February 6, 2023	—		—		19,680
Courtyard by Marriott Houston, TX	4.19	%	May 6, 2023	—		—		16,200
Hyatt Place Pittsburgh, PA	4.65	%	July 6, 2023	—		—		19,975
Residence Inn by Marriott Bellevue, WA	4.97	%	December 6, 2023	—		—		41,133
Residence Inn by Marriott Garden Grove, CA	4.79	%	April 6, 2024	36,561		29,673		30,184
Residence Inn by Marriott Silicon Valley I, CA	4.64	%	July 1, 2024	64,976		60,427		61,280
Residence Inn by Marriott Silicon Valley II, CA	4.64	%	July 1, 2024	72,627		65,929		66,860
Residence Inn by Marriott San Mateo, CA	4.64	%	July 1, 2024	54,890		45,321		45,960
Residence Inn by Marriott Mountain View, CA	4.64	%	July 1, 2024	40,052		35,343		35,842
SpringHill Suites by Marriott Savannah, GA	4.62	%	July 6, 2024	30,699		27,968		28,365
Hilton Garden Inn Marina del Rey, CA	4.68	%	July 6, 2024	37,546		19,154		19,535
Homewood Suites by Hilton Billerica, MA	4.32	%	December 6, 2024	10,961		14,563		14,804
Hampton Inn & Suites Houston Medical Center, TX	4.25	%	January 6, 2025	14,069		16,432		16,706
Courtyard by Marriott Dallas, TX (4)	7.61	%	September 11, 2028	40,820		24,500		—
Residence Inn by Marriott Austin, TX (5)	7.42	%	September 6, 2033	34,932		20,850		—
TownePlace Suites by Marriott Austin, TX (5)	7.42	%	September 6, 2033	31,618		19,075		—
Courtyard by Marriott Summerville, SC (6)	7.33	%	September 11, 2033	18,890		9,000		—
Residence Inn by Marriott Summerville, SC (6)	7.33	%	September 11, 2033	17,399		9,500		—
Total debt before unamortized debt issue costs				$	506,040	$	487,735	$	470,257
Unamortized term loan and mortgage debt issue costs						(1,664)		(373)
Total debt outstanding						$	486,071	$	469,884

2.The interest rate for the unsecured term loan is variable and based on one-month term SOFR plus a spread of 1.45% to 2.20% based on the Company's leverage and a credit spread adjustment of 0.10%.

Schedule of Future Scheduled Principal Payments of Debt Obligations

Future scheduled principal payments of debt obligations as of September 30, 2023, for the current year and each of the next five calendar years and thereafter are as follows (in thousands):


	Amount
2023 (remaining three months)	$	1,846
2024	297,003
2025	105,961
2026	—
2027	—
Thereafter	82,925
Total debt before unamortized debt issue costs	$	487,735
Unamortized term loan and mortgage debt issue costs	(1,664)
Total debt outstanding	$	486,071

Leases - Narrative (Details) $ in Thousands		3 Months Ended		9 Months Ended
Leases - Narrative (Details) $ in Thousands	Jun. 01, 2023 USD ($) ft²	Sep. 30, 2023 USD ($) parking_space	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) term parking_space	Sep. 30, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Net rentable area \| ft²	7,374
Early termination payment	$ 100
Gain from lease termination		$ 0	$ 0	$ 164	$ 0
Fixed lease payments				900
Variable lease, payment				$ 600
Ground Leases \| Residence Inn San Diego Gaslamp
Lessee, Lease, Description [Line Items]
Number of additional terms \| term				3
Periods in each additional renewal term		10 years		10 years
Operating leases, monthly payment				$ 44
Operating lease, periodic increase, percentage				10.00%
Periodic increase in monthly payment				5 years
Operating lease, annual supplemental rent, percentage of gross revenues (equal to)				5.00%
Operating lease, annual supplemental rent subtraction, base rent multiplier				12
Ground Leases \| Hilton Garden Inn Marina del Rey, CA
Lessee, Lease, Description [Line Items]
Operating leases, monthly payment				$ 47
Ground Leases \| Hilton Garden Inn Marina del Rey, CA \| Minimum
Lessee, Lease, Description [Line Items]
Operating lease, periodic increase, percentage				5.00%
Ground Leases \| Hilton Garden Inn Marina del Rey, CA \| Maximum
Lessee, Lease, Description [Line Items]
Operating lease, periodic increase, percentage				25.00%
Air Rights Lease And Garage Lease \| Residence Inn By Marriott New Rochelle, NY
Lessee, Lease, Description [Line Items]
Number of parking spaces occupied by hotel \| parking_space		128		128
Quarterly rent				$ 30
Office Lease
Lessee, Lease, Description [Line Items]
Periods in each additional renewal term		5 years		5 years
Operating leases, term of contract		11 years		11 years
Operating leases, abatement term of contract				12 months
Maximum additional terms up to which ground lease can be extended (up to) \| term				2

Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Allowance for doubtful accounts related to receivables	$ 413	$ 344

Leases - Schedule of Operating Lease Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (remaining three months)	$ 468
2024	1,875
2025	1,940
2026	1,727
2027	1,272
Thereafter	63,553
Total lease payments	70,835
Less: Imputed interest	(49,919)
Present value of lease liabilities	$ 20,916	$ 22,108

Dividends Declared and Paid - Preferred Dividends (Details) - $ / shares					3 Months Ended	9 Months Ended
	Sep. 29, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2021	Sep. 30, 2023	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, dividends per share, declared (in dollars per share)	$ 0.41406	$ 0.41406	$ 0.41406			$ 1.24218
Series A Preferred Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, dividends per share, declared (in dollars per share)					$ 0.41406	$ 1.24218
Preferred stock distribution rate				6.625%	6.625%	6.625%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 7,329	$ 12,128	$ 11,624	$ 11,834

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Shareholders' Equity (Details)			1 Months Ended		3 Months Ended		9 Months Ended
Shareholders' Equity (Details)	Jun. 30, 2021 USD ($) $ / shares shares	Dec. 22, 2020 USD ($)	Jan. 31, 2021 USD ($)	Dec. 31, 2017 USD ($)	Sep. 30, 2023 USD ($) vote $ / shares shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) vote $ / shares shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 $ / shares shares
Class of Stock [Line Items]
Common shares, shares authorized (in shares) \| shares					500,000,000		500,000,000		500,000,000
Common shares, par value (in dollars per share) \| $ / shares					$ 0.01		$ 0.01		$ 0.01
Number of votes per common share \| vote					1		1
Common shares, shares outstanding (in shares) \| shares					48,858,127		48,858,127		48,808,105
Proceeds from issuance of common shares \| $							$ 44,000	$ 45,000
Preferred shares, shares authorized (in shares) \| shares					100,000,000		100,000,000		100,000,000
Preferred shares, par value (in dollars per share) \| $ / shares					$ 0.01		$ 0.01		$ 0.01
Preferred shares, shares issued (in shares) \| shares					4,800,000		4,800,000		4,800,000
Preferred shares, shares outstanding (in shares) \| shares					4,800,000		4,800,000		4,800,000
Preferred dividends \| $					$ 1,987,000	$ 1,987,000	$ 5,962,000	$ 5,962,000
Stock redemption, exchange ratio							1
Vested operating partnership units held by current and former employees (in shares) \| shares					1,587,317,000		1,587,317,000
ATM Plan
Class of Stock [Line Items]
Stock purchase plan, authorized amount \| $			$ 100,000,000
Stock purchase plan, remaining authorized repurchase amount \| $					$ 77,500,000		$ 77,500,000
DRSPP Plan
Class of Stock [Line Items]
Stock purchase plan, authorized amount \| $				$ 50,000,000
Stock purchase plan, remaining authorized repurchase amount \| $					$ 47,800,000		$ 47,800,000
Registration statement filed, amount \| $		$ 50,000,000
Shares issued (in shares) \| shares					1,321		4,187
Stock purchase plan, average price per share (in dollars per share) \| $ / shares					$ 9.49		$ 10.42
Proceeds from issuance of common shares \| $					$ 12,000		$ 44,000
Series A Preferred Shares
Class of Stock [Line Items]
Preferred shares, par value (in dollars per share) \| $ / shares	$ 0.01
Preferred shares, shares issued (in shares) \| shares	4,800,000
Preferred stock distribution rate	6.625%				6.625%		6.625%
Proceeds from issuance of preferred shares \| $	$ 115,900,000
Liquidation preference per share (in dollars per share) \| $ / shares	$ 25.00
Liquidation preference per share per annum (in dollars per share) \| $ / shares	$ 1.65625
Change of control, redemption option, period following change of control	120 days
Share cap (in shares) \| shares	3.701

Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
Consolidated Statements of Operations - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Total revenue	$ 86,741,000	$ 87,885,000	$ 238,832,000	$ 224,531,000
Total hotel operating expenses	47,668,000	43,686,000	131,469,000	118,712,000
Depreciation and amortization	14,687,000	14,658,000	43,615,000	44,971,000
Property taxes, ground rent and insurance	6,008,000	5,669,000	18,182,000	16,559,000
General and administrative	4,218,000	4,592,000	13,172,000	12,998,000
Other charges	6,000	304,000	44,000	704,000
Reimbursable costs from related parties	281,000	313,000	1,011,000	997,000
Total operating expenses	72,868,000	69,222,000	207,493,000	194,941,000
Operating income before gain on sale of hotel properties	13,873,000	18,663,000	31,339,000	29,590,000
Gain on sale of hotel properties	1,000	109,000	56,000	2,129,000
Operating income	13,874,000	18,772,000	31,395,000	31,719,000
Interest and other income	479,000	8,000	688,000	10,000
Interest expense, including amortization of deferred fees	(6,849,000)	(6,404,000)	(19,729,000)	(19,729,000)
Loss on early extinguishment of debt	(5,000)	0	(696,000)	0
Gain from partial lease termination	0	0	164,000	0
Income before income tax expense	7,499,000	12,376,000	11,822,000	12,000,000
Income tax expense	0	0	0	0
Net income	7,499,000	12,376,000	11,822,000	12,000,000
Net income attributable to noncontrolling interests	(170,000)	(248,000)	(198,000)	(166,000)
Net income attributable to Chatham Lodging Trust	7,329,000	12,128,000	11,624,000	11,834,000
Preferred dividends	(1,987,000)	(1,987,000)	(5,962,000)	(5,962,000)
Net income attributable to common shareholders	$ 5,342,000	$ 10,141,000	$ 5,662,000	$ 5,872,000
Income per common share - basic:
Net income attributable to common shareholders (Note 11) - (in dollars per share)	$ 0.11	$ 0.21	$ 0.11	$ 0.12
Income per common share - diluted:
Net income attributable to common shareholders (Note 11) - (in dollars per share)	$ 0.11	$ 0.21	$ 0.11	$ 0.12
Weighted average number of common shares outstanding:
Basic (in shares)	48,850,339	48,798,528	48,845,374	48,793,839
Diluted (in shares)	49,004,084	49,072,895	48,976,085	49,023,835
Distributions declared per common share (in dollars per share)	$ 0.07	$ 0	$ 0.21	$ 0
Room
Total revenue	$ 79,862,000	$ 81,970,000	$ 219,019,000	$ 207,896,000
Total hotel operating expenses	17,223,000	14,892,000	45,918,000	40,966,000
Food and beverage
Total revenue	1,975,000	1,816,000	6,156,000	5,199,000
Total hotel operating expenses	1,510,000	1,435,000	4,651,000	3,911,000
Other
Total revenue	4,623,000	3,786,000	12,646,000	10,439,000
Reimbursable costs from related parties
Total revenue	281,000	313,000	1,011,000	997,000
Telephone
Total hotel operating expenses	385,000	346,000	1,106,000	1,106,000
Other hotel operating
Total hotel operating expenses	949,000	883,000	2,812,000	2,494,000
General and administrative
Total hotel operating expenses	7,503,000	6,880,000	21,616,000	19,035,000
Franchise and marketing fees
Total hotel operating expenses	6,980,000	7,107,000	19,121,000	18,073,000
Advertising and promotions
Total hotel operating expenses	1,538,000	1,499,000	4,513,000	3,918,000
Utilities
Total hotel operating expenses	3,758,000	3,419,000	9,807,000	9,091,000
Repairs and maintenance
Total hotel operating expenses	4,111,000	3,600,000	11,735,000	10,392,000
Management fees
Total hotel operating expenses	2,994,000	2,987,000	8,073,000	7,631,000
Insurance
Total hotel operating expenses	$ 717,000	$ 638,000	$ 2,117,000	$ 2,095,000

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Contingency [Line Items]
Tax expense	$ 0	$ 0	$ 0	$ 0
TRS
Income Tax Contingency [Line Items]
Percentage of voting interests of gross deferred tax asset			100.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Investment in Hotel Properties

9 Months Ended

Sep. 30, 2023

Investments, All Other Investments [Abstract]

Investment in Hotel Properties

Investment in hotel properties,net

Investment in hotel properties, net as of September 30, 2023 and December 31, 2022 consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Land and improvements	$	289,671	$	289,589
Building and improvements	1,276,283		1,267,035
Furniture, fixtures and equipment	107,756		98,373
Renovations in progress	14,074		11,710
	1,687,784		1,666,707
Less: accumulated depreciation	(445,829)		(402,455)
Investment in hotel properties, net	$	1,241,955	$	1,264,252

Disposition of Hotel Properties (Details) $ in Thousands			3 Months Ended		9 Months Ended
Disposition of Hotel Properties (Details) $ in Thousands	May 13, 2022 USD ($) hotel	May 06, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of property			$ 1	$ 109	$ 56	$ 2,129
Number of hotels sold \| hotel	3
Disposal group, disposed of by sale, not discontinued operations \| Hilton Garden Inn Boston-Burlington
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount sold in disposition		$ 23,200
Gain on sale of property		$ 500
Disposal group, disposed of by sale, not discontinued operations \| Homewood Suites Dallas-Market Center, Courtyard Houston West University, and Residence Inn Houston West University
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount sold in disposition	$ 57,000
Gain on sale of property	$ 1,800

Equity Incentive Plan - Schedule of Share-based Payment Award, Valuation Assumptions (Details) - $ / shares							1 Months Ended	9 Months Ended	12 Months Ended
	Mar. 01, 2023	Mar. 01, 2022	Mar. 01, 2021	Mar. 01, 2020	Mar. 01, 2019	Mar. 01, 2018	Feb. 28, 2023	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Time-Based LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Granted (in shares)	171,171	152,004	132,381	130,206	88,746	97,968
Estimate Value Per Unit (in dollars per share)	$ 11.11	$ 12.33	$ 12.52	$ 13.05	$ 18.45	$ 16.83
Volatility, percentage	37.00%	80.00%	78.00%	20.00%	21.00%	26.00%
Dividend Yield, percentage	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Risk Free Interest Rate, percentage	5.11%	1.01%	0.08%	1.06%	2.57%	2.07%
Performance-Based LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Granted (in shares)	256,757	228,000	198,564	195,301	133,107	146,949
Estimate Value Per Unit (in dollars per share)	$ 16.64	$ 18.58	$ 15.91	$ 13.66	$ 18.91	$ 17.02
Volatility, percentage	69.00%	66.00%	64.00%	20.00%	21.00%	26.00%
Dividend Yield, percentage	3.50%	3.50%	3.40%	8.10%	6.20%	6.20%
Risk Free Interest Rate, percentage	4.61%	1.44%	0.30%	0.90%	2.55%	2.37%
Long Term Incentive Plan Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Granted (in shares)								466,988	380,004
Estimate Value Per Unit (in dollars per share)								$ 15.37	$ 15.03	$ 15.00
Vested (in shares)							234,361	372,558	238,657