0001476045-24-000045 | 10-Q | XBRL Viewer

Organization	6 Months Ended
Organization	Jun. 30, 2024
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 June 30, 2024, the Company owned 39 hotels with an aggregate of 5,883 rooms located in 17 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 June 30, 2024, 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.

Earnings Per Share

6 Months Ended

Jun. 30, 2024

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. For the three months ended June 30, 2024 and 2023, the Company excluded zero and zero, respectively, of unvested shares and units as their effect would have been anti-dilutive. For the six months ended June 30, 2024 and 2023, the Company excluded 347,788 and zero, respectively, of unvested shares and units as their effect would have been anti-dilutive.

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 six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Numerator:
Net income (loss) attributable to common shareholders	$	4,861	$	7,157	$	(2,354)	$	321
Dividends on unvested shares and units	(32)		(28)		(64)		(55)

Net income (loss) attributable to common shareholders excluding amounts attributable to unvested shares and units	$	4,829	$	7,129	$	(2,418)	$	266
Denominator:
Weighted average number of common shares - basic	48,900,609		48,846,913		48,896,301		48,842,850

Unvested shares and units	112,921		115,929		—		122,058
Weighted average number of common shares - diluted	49,013,530		48,962,842		48,896,301		48,964,908
Basic income (loss) per common share:
Net income (loss) attributable to common shareholders per weighted average basic common share	$	0.10	$	0.15	$	(0.05)	$	0.01
Diluted income (loss) per common share:
Net income (loss) attributable to common shareholders per weighted average diluted common share	$	0.10	$	0.15	$	(0.05)	$	0.01

Related Party Transactions (Details) - Island Hospitality Management Inc. - Related Party $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) hotel	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) hotel	Jun. 30, 2023 USD ($)	Dec. 31, 2023 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
Other liabilities	$ 0.7		$ 0.7		$ 0.4
Management Fees
Related Party Transaction [Line Items]
Management fees recorded within hotel other operating expenses	$ 2.9	$ 2.8	$ 5.2	$ 5.1

- Definition

Amount of liabilities classified as other.

+ References + Details

Dividends Declared and Paid - Common Dividends (Details) - $ / shares					3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 28, 2024	Mar. 28, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Equity [Abstract]
Total common share dividends declared (in dollars per shares)							$ 0.14	$ 0.14
Distributions declared on LTIP units (in dollars per share)	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.14	$ 0.14	$ 0.14

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Investment in hotel properties, net	$ 1,241,935	$ 1,227,633
Cash and cash equivalents	10,595	68,130
Restricted cash	15,101	17,619
Right of use asset, net	17,849	18,141
Hotel receivables (net of allowance for doubtful accounts of $180 and $280, respectively)	4,176	4,375
Deferred costs, net	4,625	4,246
Prepaid expenses and other assets	8,197	3,786
Total assets	1,302,478	1,343,930
Liabilities and Equity:
Mortgage debt, net	190,373	394,544
Revolving credit facility	120,000	0
Unsecured term loan, net	139,417	89,533
Accounts payable and accrued expenses (including $720 and $399 due to related parties, respectively)	28,455	29,255
Lease liability	20,859	20,808
Distributions payable	5,481	5,414
Total liabilities	504,585	539,554
Commitments and Contingencies
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 June 30, 2024 and December 31, 2023, respectively	48	48
Common shares, $0.01 par value, 500,000,000 shares authorized; 48,909,201 and 48,859,836 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	489	488
Additional paid-in capital	1,046,787	1,047,176
Accumulated deficit	(280,852)	(271,651)
Total shareholders’ equity	766,472	776,061
Noncontrolling Interests:
Noncontrolling interest in Operating Partnership	31,421	28,315
Total equity	797,893	804,376
Total liabilities and equity	$ 1,302,478	$ 1,343,930

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

The Company is the lessee under ground, property, air rights, garage and office lease agreements for certain of its properties. The Company's leases are classified as operating or finance leases. The Company recognizes a ROU asset and lease liability at the estimated present value of the minimum lease payments over the lease term. These leases typically provide multi-year renewal options to extend the 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 for its operating leases and as interest expense on the lease liability for its finance lease.

Operating 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 2024 is approximately $32 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. 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.

In May 2024, the Company signed a new 10-year corporate office lease that will commence when the Company takes possession of the space for leasehold improvements, on or before September 1, 2026. Annual base rent will range from $0.6 million to $0.7 million over the term of the lease. The new office lease will be shared with a related party and the Company will be reimbursed for the pro-rata share of rentable space that will be occupied by the related party.

For the six months ended June 30, 2024, the Company made $0.6 million of fixed lease payments and $0.4 million of variable lease payments, which are included in property taxes, ground rent and insurance in our consolidated statement of operations. For the six months ended June 30, 2024, the Company made $0.3 million of fixed lease payments related to its corporate office lease, which is included in general and administrative expense in our consolidated statement of operations.

Finance Leases

The Home2 Phoenix hotel property is subject to a Government Property Lease Excise Tax ("GPLET") agreement with the City of Phoenix. As part of the agreement, title of the hotel property was conveyed to the City of Phoenix and leased back to the Company for a term of 8 years with fixed annual rent payments ranging from $26 thousand to $81 thousand. Title of the hotel property will be re-conveyed to the Company at no cost at the expiration of the 8-year lease term. The GPLET agreement can be terminated by the lessee at any time for a fee of $0.1 million and title of the hotel property would be re-conveyed back to the Company.

The Home2 Phoenix ROU assets are recorded as finance lease assets within Investment in hotel properties, net and the lease liability is recorded within Lease liability in the Company’s consolidated balance sheet. Expenses related to the finance lease are included in depreciation and amortization and interest expense, in the Company’s consolidated statement of operations.

The following table includes information regarding the ROU assets and lease liabilities of the Company as of June 30, 2024 and December 31, 2023 (in thousands):


	Balance Sheet Classification	ROU Asset as of June 30, 2024		ROU Asset as of December 31, 2023
Finance lease assets, net	Investment in hotel properties, net	$	43,580	$	—
Operating lease assets, net	Right of use asset, net	17,849		18,141
Total ROU asset, net		$	61,429	$	18,141

	Balance Sheet Classification	Lease Liability as of June 30, 2024		Lease Liability as of December 31, 2023
Finance lease liability	Lease liability	$	273	$	—
Operating lease liability	Lease liability	20,586		20,808
Total lease liability		$	20,859	$	20,808


Lease Term and Discount Rate			June 30, 2024
Weighted-average remaining lease term (years)			41.6
Weighted-average discount rate			6.90%

The following table includes information regarding the Company's total minimum lease payments for which it is the lessee, as of June 30, 2024, for each of the next five calendar years and thereafter (in thousands):


Total Future Lease Payments	Amount
2024 (remaining six months)	$	940
2025	1,966
2026	1,768
2027	1,313
2028	1,338
Thereafter	62,510
Total lease payments	$	69,835
Less: Imputed interest	(48,976)
Present value of lease liabilities	$	20,859

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
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, 2023, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 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 November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The guidance requires incremental disclosures related to a public entity’s reportable segments. ASU 2023-07 is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. As of June 30, 2024, the Company is currently evaluating the impact of adopting ASU 2023-07 will have on its consolidated financial statements and related disclosures. In March 2020, the FASB issued 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 June 30, 2024, the Company does not anticipate that this guidance will have a material impact on its consolidated financial statements and related disclosures.

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of June 30, 2024, Jeffrey H. Fisher, the Company's Chairman, President and Chief Executive Officer, owns 100% of IHM. As of June 30, 2024, 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 June 30, 2024 and 2023 were $2.9 million and $2.8 million, respectively, and for the six months ended June 30, 2024 and 2023 were $5.2 million and $5.1 million, respectively. At June 30, 2024 and December 31, 2023, 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
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 1,548	$ 4,324
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of investment in hotel properties	30,058	28,821
Amortization of deferred franchise fees	114	117
Amortization of deferred financing fees included in interest expense	645	589
Loss (gain) on sale of hotel properties	140	(55)
Loss on early extinguishment of debt	17	667
Loss on write-off of deferred franchise fee	50	0
Share based compensation	3,259	3,007
Gain from partial lease termination	0	(164)
Changes in assets and liabilities:
Right of use asset	292	342
Hotel receivables	190	(527)
Deferred costs	(166)	(380)
Prepaid expenses and other assets	(4,426)	(6,186)
Accounts payable and accrued expenses	282	2,580
Lease liability	66	(394)
Net cash provided by operating activities	32,069	32,741
Cash flows from investing activities:
Improvements and additions to hotel properties	(18,744)	(15,600)
Acquisition of hotel properties	(43,730)	0
Proceeds from sale of hotel properties, net	17,166	0
Payments of franchise application costs	(700)	0
Net cash used in investing activities	(46,008)	(15,600)
Cash flows from financing activities:
Borrowings on revolving credit facility	121,000	0
Repayments on revolving credit facility	(1,000)	0
Repayments on construction loan	0	(39,331)
Borrowings on unsecured term loan	50,000	90,000
Repayments of mortgage debt	(263,961)	(54,221)
Proceeds from the issuance of mortgage debt	60,300	0
Principal payments on finance lease	(15)	0
Payment of financing costs	(1,026)	(3)
Proceeds from issuance of common shares	27	31
Distributions-common shares/units	(7,200)	(7,096)
Distributions-preferred shares	(3,975)	(3,975)
Net cash used in financing activities	(46,114)	(14,595)
Net change in cash, cash equivalents and restricted cash	(60,053)	2,546
Cash, cash equivalents and restricted cash, beginning of period	85,749	45,153
Cash, cash equivalents and restricted cash, end of period	25,696	47,699
Supplemental disclosure of cash flow information:
Cash paid for interest	14,441	11,961
Cash paid for taxes	685	697
Remeasurement of right of use asset from partial lease termination	0	531
Remeasurement of lease liability from partial lease termination	0	695
Common Shares
Cash flows from financing activities:
Payment of offering costs on common shares	$ (264)	$ 0

Leases - Schedule of Right of Use Asset and Lease Liability (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Finance lease assets, net	$ 43,580	$ 0
Right of use asset, net	17,849	18,141
Total ROU asset, net	61,429	18,141
Lease liability	273	0
Lease liability	20,586	20,808
Total lease liability	$ 20,859	$ 20,808

Disposition of Hotel Properties	6 Months Ended
Disposition of Hotel Properties	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Disposition of Hotel Properties	Disposition of Hotel Properties On January 9, 2024, the Company sold the Hilton Garden Inn Denver Tech Center ("HGI Denver Tech") hotel property in Denver, CO for $18.0 million and recognized a loss on sale of the hotel property of $0.1 million. The sale 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.

Equity Incentive Plan - Schedule of Restricted Share Awards (Details) - Restricted Stock - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Number of Shares
Nonvested at beginning of the period (in shares)	5,789	6,666
Granted (in shares)	2,943	2,457
Vested (in shares)	(819)	(3,334)
Nonvested at end of the period (in shares)	7,913	5,789
Weighted-Average Grant Date Fair Value
Nonvested at beginning of the period (in dollars per share)	$ 11.78	$ 11.47
Granted (in dollars per share)	10.20	12.21
Vested (in dollars per share)	12.21	11.47
Nonvested at end of the period (in dollars per share)	$ 11.15	$ 11.78

Debt

6 Months Ended

Jun. 30, 2024

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	June 30, 2024 Property Carrying Value		Balance Outstanding on Loan as of
						June 30, 2024		December 31, 2023
Revolving Credit Facility (1)	6.96	%	October 28, 2026	$	689,811	$	120,000	$	—
Unsecured Term Loan (2)	6.91	%	October 28, 2025	689,811		140,000		90,000






Residence Inn by Marriott Garden Grove, CA	4.79	%	April 6, 2024	—		—		29,496
Residence Inn by Marriott Silicon Valley I, CA	4.64	%	July 1, 2024	—		—		60,134
Residence Inn by Marriott Silicon Valley II, CA	4.64	%	July 1, 2024	—		—		65,609
Residence Inn by Marriott San Mateo, CA	4.64	%	July 1, 2024	—		—		45,100
Residence Inn by Marriott Mountain View, CA	4.64	%	July 1, 2024	—		—		35,171

Hilton Garden Inn Marina del Rey, CA	4.68	%	July 6, 2024	38,001		18,759		19,023
Homewood Suites by Hilton Billerica, MA	4.32	%	December 6, 2024	10,749		14,314		14,481
Hampton Inn & Suites Houston Medical Center, TX	4.25	%	January 6, 2025	13,852		16,150		16,338
Courtyard by Marriott Dallas, TX (3)	7.61	%	September 11, 2028	39,889		24,500		24,500
Hyatt Place Pittsburgh, PA (6)	7.29	%	June 11, 2029	30,442		23,300		—
Residence Inn by Marriott Austin, TX (4)	7.42	%	September 6, 2033	34,161		20,850		20,850
TownePlace Suites by Marriott Austin, TX (4)	7.42	%	September 6, 2033	30,683		19,075		19,075
Courtyard by Marriott Summerville, SC (5)	7.33	%	September 11, 2033	18,534		9,000		9,000
Residence Inn by Marriott Summerville, SC (5)	7.33	%	September 11, 2033	17,116		9,500		9,500
SpringHill Suites by Marriott Savannah, GA (7)	6.70	%	June 6, 2034	31,635		22,000		27,832
Hampton Inn & Suites Exeter, NH (7)	6.70	%	June 11, 2034	12,318		15,000		—
Total debt before unamortized debt issue costs				$	967,191	$	452,448	$	486,109
Unamortized term loan and mortgage debt issue costs						(2,658)		(2,032)
Total debt outstanding						$	449,790	$	484,077

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 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 its duration.

4.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.

5.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 its duration.

6.On May 31, 2024, a subsidiary of Chatham entered into an agreement with Wells Fargo Bank to obtain a $23.3 million loan secured by the Hyatt Place Pittsburgh. The loan has a term of five years, carries a fixed interest rate of 7.29%, and is interest-only for its duration.

7.On June 6, 2024, two subsidiaries of Chatham entered into two agreements with Barclays Capital Real Estate and Wells Fargo Bank to obtain a $22.0 million loan secured by the SpringHill Suites Savannah and a $15.0 million loan secured by the Hampton Inn & Suites Exeter. Each loan has a term of ten years, carries a fixed interest rate of 6.70%, and is interest-only for its duration.

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. The unsecured 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. On May 3, 2024, the Company amended its funded unsecured term loan to increase its size from $90.0 million to $140.0 million, its current balance outstanding as of June 30, 2024.

During the six months ended June 30, 2024, the Company repaid the maturing mortgage loans of $29.3 million on the Residence Inn Garden Grove hotel property, $34.9 million on the Residence Inn Mountain View hotel property, $27.6 million on the SpringHill Suites Savannah hotel property, $59.5 million on the Residence Inn Silicon Valley I hotel property, $65.0 million on the Residence Inn Silicon Valley II hotel property, and $44.7 million on the Residence Inn San Mateo hotel property. During the year ended December 31, 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 credit facility and unsecured term loan, and proceeds from its eight 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 June 30, 2024 and December 31, 2023 was $198.7 million and $396.0 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 June 30, 2024, the Company’s variable rate debt consisted of borrowings under its revolving credit facility and its unsecured term loan. The estimated fair value of the Company’s variable rate debt as of June 30, 2024 and December 31, 2023 was $260.0 million and $90.0 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 June 30, 2024, one of our mortgage debt lenders has enforced cash trap provisions resulting in $0.4 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 June 30, 2024, for the current year and each of the next five calendar years and thereafter are as follows (in thousands):


	Amount
2024 (remaining six months)	$	33,248
2025	155,975
2026	120,000
2027	—
2028	24,590
Thereafter	118,635
Total debt before unamortized debt issue costs	$	452,448
Unamortized term loan and mortgage debt issue costs	(2,658)
Total debt outstanding	$	449,790

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 property. The Company recorded its derivative instruments on the balance sheet at their estimated fair values and categorized the fair value measurement of these assets as Level 2. 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 six months ended June 30, 2023, the Company terminated its interest rate caps related to the construction loan when the loan was repaid.

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Aug. 02, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		48,909,949
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
Earnings Per Share - Narrative (Details) - shares	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	0	347,788	0

Equity Incentive Plan - Schedule of Share-based Payment Award, Valuation Assumptions (Details) - $ / shares						1 Months Ended		6 Months Ended	12 Months Ended
	Mar. 01, 2024	Mar. 01, 2023	Mar. 01, 2022	Mar. 01, 2021	Mar. 01, 2020	Feb. 29, 2024	Feb. 28, 2023	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Time-Based LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Granted (in shares)	204,909	171,171	152,004	132,381	130,206
Estimate Value Per Unit (in dollars per share)	$ 9.33	$ 11.11	$ 12.33	$ 12.52	$ 13.05
Volatility	35.00%	37.00%	80.00%	78.00%	20.00%
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Risk Free Interest Rate	4.92%	5.11%	1.01%	0.08%	1.06%
Performance-Based LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Granted (in shares)	307,355	256,757	228,000	198,564	195,301
Estimate Value Per Unit (in dollars per share)	$ 12.42	$ 16.64	$ 18.58	$ 15.91	$ 13.66
Volatility	35.00%	69.00%	66.00%	64.00%	20.00%
Dividend Yield	2.60%	3.50%	3.50%	3.40%	8.10%
Risk Free Interest Rate	4.32%	4.61%	1.44%	0.30%	0.90%
Long Term Incentive Plan Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Granted (in shares)								512,264	466,988
Estimate Value Per Unit (in dollars per share)								$ 13.88	$ 15.37	$ 15.03
Vested (in shares)						170,173	234,361	322,025	372,558

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, 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)						43,378
Issuance of shares pursuant to Equity Incentive Plan	540		540					540
Issuance of shares, net of offering costs (in shares)							2,866
Issuance of shares, net of offering costs		$ 31		$ 31					$ 31
Issuance of restricted time-based shares (in shares)						2,457
Amortization of share based compensation	2,772		23					23			2,749
Dividends declared on common shares	(6,840)		(6,840)							(6,840)
Distributions declared on LTIP units	(362)										(362)
Dividends accrued on preferred shares	(3,975)		(3,975)							(3,975)
Reallocation of noncontrolling interest	0		(493)					(493)			493
Net income (loss)	4,324		4,296							4,296	28
Ending balance (in shares) at Jun. 30, 2023					4,800,000	48,856,806
Ending balance at Jun. 30, 2023	814,487		788,476		$ 48	$ 488		1,047,124		(259,184)	26,011
Beginning balance (in shares) at Mar. 31, 2023					4,800,000	48,855,155
Beginning balance at Mar. 31, 2023	809,256		784,710		$ 48	$ 488		1,047,095		(262,921)	24,546
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs (in shares)							1,651
Issuance of shares, net of offering costs		17		17					17
Amortization of share based compensation	1,437		12					12			1,425
Dividends declared on common shares	(3,420)		(3,420)							(3,420)
Distributions declared on LTIP units	(181)										(181)
Dividends accrued on preferred shares	(1,987)		(1,987)							(1,987)
Net income (loss)	9,365		9,144							9,144	221
Ending balance (in shares) at Jun. 30, 2023					4,800,000	48,856,806
Ending balance at Jun. 30, 2023	814,487		788,476		$ 48	$ 488		1,047,124		(259,184)	26,011
Beginning balance (in shares) at Dec. 31, 2023					4,800,000	48,859,836
Beginning balance at Dec. 31, 2023	804,376		776,061		$ 48	$ 488		1,047,176		(271,651)	28,315
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to equity incentive plan (in shares)						43,670
Issuance of shares pursuant to Equity Incentive Plan	471		471			$ 1		470
Issuance of shares, net of offering costs (in shares)							2,752
Issuance of shares, net of offering costs		(237)		(237)					(237)
Issuance of restricted time-based shares (in shares)						2,943
Amortization of share based compensation	2,978		27					27			2,951
Dividends declared on common shares	(6,847)		(6,847)							(6,847)
Distributions declared on LTIP units	(430)										(430)
Forfeited distributions declared on LTIP units	9										9
Dividends accrued on preferred shares	(3,975)		(3,975)							(3,975)
Reallocation of noncontrolling interest	0		(649)					(649)			649
Net income (loss)	1,548		1,621							1,621	(73)
Ending balance (in shares) at Jun. 30, 2024					4,800,000	48,909,201
Ending balance at Jun. 30, 2024	797,893		766,472		$ 48	$ 489		1,046,787		(280,852)	31,421
Beginning balance (in shares) at Mar. 31, 2024					4,800,000	48,907,719
Beginning balance at Mar. 31, 2024	794,978		765,029		$ 48	$ 489		1,046,779		(282,287)	29,949
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs (in shares)							1,482
Issuance of shares, net of offering costs		$ (7)		$ (7)					$ (7)
Amortization of share based compensation	1,516		15					15			1,501
Dividends declared on common shares	(3,426)		(3,426)							(3,426)
Distributions declared on LTIP units	(215)										(215)
Dividends accrued on preferred shares	(1,987)		(1,987)							(1,987)
Net income (loss)	7,034		6,848							6,848	186
Ending balance (in shares) at Jun. 30, 2024					4,800,000	48,909,201
Ending balance at Jun. 30, 2024	$ 797,893		$ 766,472		$ 48	$ 489		$ 1,046,787		$ (280,852)	$ 31,421

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
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, 2023, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
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 November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The guidance requires incremental disclosures related to a public entity’s reportable segments. ASU 2023-07 is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. As of June 30, 2024, the Company is currently evaluating the impact of adopting ASU 2023-07 will have on its consolidated financial statements and related disclosures. In March 2020, the FASB issued 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 June 30, 2024, the Company does not anticipate that this guidance will have a material impact on its consolidated financial statements and related disclosures.

Equity Incentive Plan

6 Months Ended

Jun. 30, 2024

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 2024 and 2023, the Company issued 43,670 and 43,378 common shares, respectively, to its independent trustees as compensation for services performed in 2023 and 2022, respectively. As of June 30, 2024, there were 722,380 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 six months ended June 30, 2024 and the year ended December 31, 2023 is as follows:


	For the six months ended			For the year ended
	June 30, 2024			December 31, 2023
	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	5,789	$	11.78	6,666	$	11.47
Granted	2,943	10.20		2,457	12.21
Vested	(819)	12.21		(3,334)	11.47

Non-vested at end of the period	7,913	$	11.15	5,789	$	11.78

As of June 30, 2024 and December 31, 2023, there were $47 thousand and $45 thousand, respectively, of unrecognized compensation costs related to restricted share awards. As of June 30, 2024, these costs were expected to be recognized over a weighted-average period of approximately 2.1 years. For the three months ended June 30, 2024 and 2023, the Company recognized approximately $15 thousand and $12 thousand, respectively, and for the six months ended June 30, 2024 and 2023, the Company recognized approximately $27 thousand and $22 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 six months ended June 30, 2024 and the year ended December 31, 2023 is as follows:


	For the six months ended			For the year ended
	June 30, 2024			December 31, 2023
	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	999,955	$	15.37	905,525	$	15.03
Granted	512,264	11.18		466,988	14.36
Vested	(322,025)	14.03		(372,558)	13.27
Forfeited	(28,391)	15.91		—	—
Non-vested at end of the period	1,161,803	$	13.88	999,955	$	15.37

Time-Based LTIP Awards

On March 1, 2024, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, granted 204,909 time-based LTIP unit awards (the “2024 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 2024 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, 2024, the Company's Operating Partnership, upon the recommendation of the Compensation Committee, also granted 307,355 performance-based LTIP unit awards (the "2024 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 $12.42 per 2024 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 2024 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 2024 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, 2024 and ending on February 28, 2027. The 2024 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
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 (2)	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%
2024 Time-Based LTIP Unit Awards	3/1/2024	204,909	$9.33	35%	—%	4.92%
2024 Performance-Based LTIP Unit Awards	3/1/2024	307,355	$12.42	35%	2.6%	4.32%

(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.

(2) In February 2024, 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, 170,173 LTIP units vested.

The Company recorded $1.5 million and $1.4 million in compensation expense related to the LTIP units for the three months ended June 30, 2024 and 2023, respectively, and $3.0 million and $2.7 million in compensation expense related to the LTIP units for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, there was $9.9 million and $7.1 million, respectively, of total unrecognized compensation cost related to LTIP units. This cost is expected to be recognized over approximately 2.1 years, which represents the weighted average remaining vesting period of the LTIP units.

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

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 six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Numerator:
Net income (loss) attributable to common shareholders	$	4,861	$	7,157	$	(2,354)	$	321
Dividends on unvested shares and units	(32)		(28)		(64)		(55)

Net income (loss) attributable to common shareholders excluding amounts attributable to unvested shares and units	$	4,829	$	7,129	$	(2,418)	$	266
Denominator:
Weighted average number of common shares - basic	48,900,609		48,846,913		48,896,301		48,842,850

Unvested shares and units	112,921		115,929		—		122,058
Weighted average number of common shares - diluted	49,013,530		48,962,842		48,896,301		48,964,908
Basic income (loss) per common share:
Net income (loss) attributable to common shareholders per weighted average basic common share	$	0.10	$	0.15	$	(0.05)	$	0.01
Diluted income (loss) per common share:
Net income (loss) attributable to common shareholders per weighted average diluted common share	$	0.10	$	0.15	$	(0.05)	$	0.01

Investment in Hotel Properties (Tables)

6 Months Ended

Jun. 30, 2024

Investments, All Other Investments [Abstract]

Schedule of Investment in Hotel Properties

Investment in hotel properties, net as of June 30, 2024 and December 31, 2023 consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Land and improvements	$	285,723	$	289,671
Building and improvements	1,263,089		1,274,970
Furniture, fixtures and equipment	109,683		108,222
Finance lease assets	43,730		—
Renovations in progress	12,815		15,138
	1,715,040		1,688,001
Less accumulated depreciation and amortization	(473,105)		(460,368)
Investment in hotel properties, net	$	1,241,935	$	1,227,633

Debt - Schedule of Components of Mortgage and Revolving Credit Facility Debt (Details) $ in Thousands						6 Months Ended
	Jun. 06, 2024 USD ($) subsidiary agreement	May 31, 2024 USD ($)	Aug. 31, 2023 USD ($) subsidiary agreement	Aug. 30, 2023 USD ($)	Aug. 16, 2023 USD ($) subsidiary agreement	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Participating Mortgage Loans [Line Items]
Property Carrying Value						$ 967,191
Total debt before unamortized debt issue costs						452,448	$ 486,109
Unamortized term loan and mortgage debt issue costs						(2,658)	(2,032)
Total debt outstanding						$ 449,790	484,077
Barclays Capital Real Estate and Wells Fargo Bank
Participating Mortgage Loans [Line Items]
Number of subsidiaries \| subsidiary	2
Number of agreements \| agreement	2
Wells Fargo Bank
Participating Mortgage Loans [Line Items]
Term of debt				5 years
Number of subsidiaries \| subsidiary			2
Number of agreements \| agreement			2
Barclays Capital Real Estate
Participating Mortgage Loans [Line Items]
Number of subsidiaries \| subsidiary					2
Number of agreements \| agreement					2
Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Interest Rate						6.96%
Property Carrying Value						$ 689,811
Total debt before unamortized debt issue costs						$ 120,000	0
Revolving Credit Facility \| Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Debt Instrument, Variable Interest Rate, Type						Secured Overnight Financing Rate (SOFR) [Member]
Revolving Credit Facility \| Minimum \| Revolving Credit Facility \| Variable Rate Component One
Participating Mortgage Loans [Line Items]
Basis spread on variable rate						1.50%
Revolving Credit Facility \| Maximum \| Revolving Credit Facility \| Variable Rate Component One
Participating Mortgage Loans [Line Items]
Basis spread on variable rate						2.25%
Unsecured Term Loan
Participating Mortgage Loans [Line Items]
Interest Rate						6.91%
Property Carrying Value						$ 689,811
Total debt before unamortized debt issue costs						$ 140,000	90,000
Unsecured Term Loan \| Revolving Credit Facility \| Variable Rate Component One
Participating Mortgage Loans [Line Items]
Basis spread on variable rate						0.10%
Unsecured Term Loan \| Minimum \| Revolving Credit Facility \| Variable Rate Component One
Participating Mortgage Loans [Line Items]
Basis spread on variable rate						1.45%
Unsecured Term Loan \| Maximum \| Revolving Credit Facility \| Variable Rate Component One
Participating Mortgage Loans [Line Items]
Basis spread on variable rate						2.20%
Residence Inn by Marriott Garden Grove, CA
Participating Mortgage Loans [Line Items]
Interest Rate						4.79%
Property Carrying Value						$ 0
Total debt before unamortized debt issue costs						$ 0	29,496
Residence Inn by Marriott Silicon Valley I, CA
Participating Mortgage Loans [Line Items]
Interest Rate						4.64%
Property Carrying Value						$ 0
Total debt before unamortized debt issue costs						$ 0	60,134
Residence Inn by Marriott Silicon Valley II, CA
Participating Mortgage Loans [Line Items]
Interest Rate						4.64%
Property Carrying Value						$ 0
Total debt before unamortized debt issue costs						$ 0	65,609
Residence Inn by Marriott San Mateo, CA
Participating Mortgage Loans [Line Items]
Interest Rate						4.64%
Property Carrying Value						$ 0
Total debt before unamortized debt issue costs						$ 0	45,100
Residence Inn by Marriott Mountain View, CA
Participating Mortgage Loans [Line Items]
Interest Rate						4.64%
Property Carrying Value						$ 0
Total debt before unamortized debt issue costs						$ 0	35,171
Hilton Garden Inn Marina del Rey, CA
Participating Mortgage Loans [Line Items]
Interest Rate						4.68%
Property Carrying Value						$ 38,001
Total debt before unamortized debt issue costs						$ 18,759	19,023
Homewood Suites by Hilton Billerica, MA
Participating Mortgage Loans [Line Items]
Interest Rate						4.32%
Property Carrying Value						$ 10,749
Total debt before unamortized debt issue costs						$ 14,314	14,481
Hampton Inn & Suites Houston Medical Center, TX
Participating Mortgage Loans [Line Items]
Interest Rate						4.25%
Property Carrying Value						$ 13,852
Total debt before unamortized debt issue costs						$ 16,150	16,338
Courtyard by Marriott Dallas, TX
Participating Mortgage Loans [Line Items]
Interest Rate						7.61%
Property Carrying Value						$ 39,889
Total debt before unamortized debt issue costs						$ 24,500	24,500
Courtyard by Marriott Dallas, TX \| Wells Fargo Bank
Participating Mortgage Loans [Line Items]
Interest Rate				7.61%
Total debt before unamortized debt issue costs				$ 24,500
Hyatt Place Pittsburgh, PA
Participating Mortgage Loans [Line Items]
Interest Rate						7.29%
Property Carrying Value						$ 30,442
Total debt before unamortized debt issue costs						$ 23,300	0
Hyatt Place Pittsburgh, PA \| Wells Fargo Bank
Participating Mortgage Loans [Line Items]
Interest Rate		7.29%
Total debt before unamortized debt issue costs		$ 23,300
Term of debt		5 years
Residence Inn by Marriott Austin, TX
Participating Mortgage Loans [Line Items]
Interest Rate						7.42%
Property Carrying Value						$ 34,161
Total debt before unamortized debt issue costs						$ 20,850	20,850
Residence Inn by Marriott Austin, TX \| Barclays Capital Real Estate
Participating Mortgage Loans [Line Items]
Interest Rate					7.42%
Total debt before unamortized debt issue costs					$ 20,900
Term of debt					10 years
Debt instrument, period of interest					5 years
Amortization period					30 years
TownePlace Suites by Marriott Austin, TX
Participating Mortgage Loans [Line Items]
Interest Rate						7.42%
Property Carrying Value						$ 30,683
Total debt before unamortized debt issue costs						$ 19,075	19,075
TownePlace Suites by Marriott Austin, TX \| Barclays Capital Real Estate
Participating Mortgage Loans [Line Items]
Interest Rate					7.42%
Total debt before unamortized debt issue costs					$ 19,100
Term of debt					10 years
Debt instrument, period of interest					5 years
Amortization period					30 years
Courtyard by Marriott Summerville, SC
Participating Mortgage Loans [Line Items]
Interest Rate						7.33%
Property Carrying Value						$ 18,534
Total debt before unamortized debt issue costs						$ 9,000	9,000
Courtyard by Marriott Summerville, SC \| Wells Fargo Bank
Participating Mortgage Loans [Line Items]
Interest Rate			7.33%
Total debt before unamortized debt issue costs			$ 9,000
Term of debt			10 years
Residence Inn by Marriott Summerville, SC
Participating Mortgage Loans [Line Items]
Interest Rate						7.33%
Property Carrying Value						$ 17,116
Total debt before unamortized debt issue costs						$ 9,500	9,500
Residence Inn by Marriott Summerville, SC \| Wells Fargo Bank
Participating Mortgage Loans [Line Items]
Interest Rate			7.33%
Total debt before unamortized debt issue costs			$ 9,500
Term of debt			10 years
SpringHill Suites by Marriott Savannah, GA
Participating Mortgage Loans [Line Items]
Interest Rate						6.70%
Property Carrying Value						$ 31,635
Total debt before unamortized debt issue costs						$ 22,000	27,832
SpringHill Suites by Marriott Savannah, GA \| Barclays Capital Real Estate and Wells Fargo Bank
Participating Mortgage Loans [Line Items]
Interest Rate	6.70%
Total debt before unamortized debt issue costs	$ 22,000
Term of debt	10 years
Hampton Inn & Suites Exeter, NH
Participating Mortgage Loans [Line Items]
Interest Rate						6.70%
Property Carrying Value						$ 12,318
Total debt before unamortized debt issue costs						$ 15,000	$ 0
Hampton Inn & Suites Exeter, NH \| Barclays Capital Real Estate and Wells Fargo Bank
Participating Mortgage Loans [Line Items]
Interest Rate	6.70%
Total debt before unamortized debt issue costs	$ 15,000
Term of debt	10 years
Delayed Draw Term Loan \| Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Debt Instrument, Variable Interest Rate, Type						Secured Overnight Financing Rate (SOFR) [Member]
Delayed Draw Term Loan \| Revolving Credit Facility \| Variable Rate Component One
Participating Mortgage Loans [Line Items]
Basis spread on variable rate						0.10%

Debt - Schedule of Future Scheduled Principal Payments of Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024 (remaining six months)	$ 33,248
2025	155,975
2026	120,000
2027	0
2028	24,590
Thereafter	118,635
Total debt before unamortized debt issue costs	452,448	$ 486,109
Unamortized term loan and mortgage debt issue costs	(2,658)	(2,032)
Total debt outstanding	$ 449,790	$ 484,077

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Right of Use Asset and Liability

The following table includes information regarding the ROU assets and lease liabilities of the Company as of June 30, 2024 and December 31, 2023 (in thousands):


	Balance Sheet Classification	ROU Asset as of June 30, 2024		ROU Asset as of December 31, 2023
Finance lease assets, net	Investment in hotel properties, net	$	43,580	$	—
Operating lease assets, net	Right of use asset, net	17,849		18,141
Total ROU asset, net		$	61,429	$	18,141

	Balance Sheet Classification	Lease Liability as of June 30, 2024		Lease Liability as of December 31, 2023
Finance lease liability	Lease liability	$	273	$	—
Operating lease liability	Lease liability	20,586		20,808
Total lease liability		$	20,859	$	20,808

Schedule of Lease Cost


Lease Term and Discount Rate			June 30, 2024
Weighted-average remaining lease term (years)			41.6
Weighted-average discount rate			6.90%

Schedule of Operating Lease Maturity


Total Future Lease Payments	Amount
2024 (remaining six months)	$	940
2025	1,966
2026	1,768
2027	1,313
2028	1,338
Thereafter	62,510
Total lease payments	$	69,835
Less: Imputed interest	(48,976)
Present value of lease liabilities	$	20,859

Dividends Declared and Paid

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Dividends Declared and Paid

Common Dividends

The Company declared total common share dividends of $0.14 per share and distributions on LTIP units of $0.14 per unit for the six months ended June 30, 2024. The Company declared total common share dividends of $0.14 per share and distributions on LTIP units of $0.14 per unit for the six months ended June 30, 2023. The common share dividends and distributions were as follows:



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


March	3/28/2024	4/15/2024	$	0.07	$	0.07





June	6/28/2024	7/15/2024	0.07		0.07







Total 2024			$	0.14	$	0.14



	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







Total 2023			$	0.14	$	0.14

Preferred Dividends

During the six months ended June 30, 2024 and 2023, the Company declared total dividends of $0.82812 and $0.82812, respectively, per share of 6.625% Series A Cumulative Redeemable Preferred Shares. The preferred share dividends were as follows:

Record Date

Payment Date

Dividend per Preferred Share

March

3/28/2024

4/15/2024

0.41406

June

6/28/2024

7/15/2024

0.41406

Total 2024

0.82812

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

Total 2023

0.82812

Leases - Schedule of Lease Cost (Details)	Jun. 30, 2024
Leases [Abstract]
Weighted-average remaining lease term (years)	41 years 7 months 6 days
Weighted-average discount rate	6.90%

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 2, 2024, the Company borrowed $15.0 million on its unsecured revolving credit facility to repay its maturing mortgage loan on the Hilton Garden Inn Marina del Rey hotel property. On July 5, 2024, the Company repaid the maturing mortgage loan of $18.8 million on the Hilton Garden Inn Marina del Rey hotel property.

Dividends Declared and Paid - Schedule of Preferred Dividends (Details) - $ / shares					6 Months Ended	12 Months Ended
	Jun. 28, 2024	Mar. 28, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Dec. 31, 2023
Equity [Abstract]
Preferred stock, dividends per share, declared (in dollars per share)	$ 0.41406	$ 0.41406	$ 0.41406	$ 0.41406	$ 0.82812	$ 0.82812

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 6,848	$ 9,144	$ 1,621	$ 4,296

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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Reference 13: 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 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Leases - Schedule of Operating Lease Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (remaining six months)	$ 940
2025	1,966
2026	1,768
2027	1,313
2028	1,338
Thereafter	62,510
Total lease payments	69,835
Less: Imputed interest	(48,976)
Present value of lease liabilities	$ 20,859	$ 20,808

Debt - Additional Information (Details)			6 Months Ended	12 Months Ended
Debt - Additional Information (Details)	Dec. 19, 2022 USD ($)	Oct. 28, 2022 USD ($) extension_option	Jun. 30, 2024 USD ($) mortgage_debt_lender	Dec. 31, 2023 USD ($) mortgage_loan	May 04, 2023 USD ($)
Debt Instrument [Line Items]
Total debt before unamortized debt issue costs			$ 452,448,000	$ 486,109,000
Number of mortgage loans \| mortgage_loan				8
Number of mortgage debt lenders enforcing cash trap provisions \| mortgage_debt_lender			1
Restricted cash			$ 400,000
Construction loan \| Variable Rate Component One
Debt Instrument [Line Items]
Debt Instrument, Variable Interest Rate, Type			London Interbank Offered Rate (LIBOR) 1 [Member]
Basis spread on variable rate			3.50%
Fixed Rate Debt
Debt Instrument [Line Items]
Estimated fair value of debt			$ 198,700,000	$ 396,000,000.0
Revolving Credit Facility
Debt Instrument [Line Items]
Number of extension options \| extension_option		2
Total debt before unamortized debt issue costs			120,000,000	0
Estimated fair value of debt			260,000,000.0	90,000,000.0
Unsecured Term Loan
Debt Instrument [Line Items]
Total debt before unamortized debt issue costs			140,000,000	90,000,000
Residence Inn by Marriott Garden Grove, CA
Debt Instrument [Line Items]
Total debt before unamortized debt issue costs			0	29,496,000
Repayments of debt			29,300,000
Residence Inn Mountain View
Debt Instrument [Line Items]
Repayments of debt			34,900,000
SpringHill Suites by Marriott Savannah, GA
Debt Instrument [Line Items]
Total debt before unamortized debt issue costs			22,000,000	27,832,000
Repayments of debt			27,600,000
Residence Inn by Marriott Silicon Valley I, CA
Debt Instrument [Line Items]
Total debt before unamortized debt issue costs			0	60,134,000
Repayments of debt			59,500,000
Residence Inn by Marriott Silicon Valley II, CA
Debt Instrument [Line Items]
Total debt before unamortized debt issue costs			0	65,609,000
Repayments of debt			65,000,000
Residence Inn by Marriott San Mateo, CA
Debt Instrument [Line Items]
Total debt before unamortized debt issue costs			0	45,100,000
Repayments of debt			44,700,000
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 by Marriott Houston, TX
Debt Instrument [Line Items]
Repayments of debt				16,000,000
Hyatt Place Pittsburgh, PA
Debt Instrument [Line Items]
Total debt before unamortized debt issue costs			$ 23,300,000	0
Repayments of debt				19,700,000
Residence Inn by Marriott Bellevue, WA
Debt Instrument [Line Items]
Repayments of debt				$ 40,500,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 260,000,000.0
Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 215,000,000.0
Period of extension options		6 months
Increasing commitments amount	$ 45,000,000.0
Debt Instrument, Variable Interest Rate, Type			Secured Overnight Financing Rate (SOFR) [Member]
Revolving Credit Facility \| Revolving Credit Facility \| Variable Rate Component One \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			1.50%
Revolving Credit Facility \| Revolving Credit Facility \| Variable Rate Component One \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			2.25%
Revolving Credit Facility \| Delayed Draw Term Loan
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 90,000,000.0			$ 140,000,000
Number of extension options \| extension_option		2
Period of extension options		1 year
Debt Instrument, Variable Interest Rate, Type			Secured Overnight Financing Rate (SOFR) [Member]
Revolving Credit Facility \| Delayed Draw Term Loan \| Variable Rate Component One
Debt Instrument [Line Items]
Basis spread on variable rate			0.10%
Revolving Credit Facility \| Unsecured Term Loan \| Variable Rate Component One
Debt Instrument [Line Items]
Basis spread on variable rate			0.10%
Revolving Credit Facility \| Unsecured Term Loan \| Variable Rate Component One \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			1.45%
Revolving Credit Facility \| Unsecured Term Loan \| Variable Rate Component One \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			2.20%

Investment in Hotel Properties

6 Months Ended

Jun. 30, 2024

Investments, All Other Investments [Abstract]

Investment in Hotel Properties

Investment in hotel properties, net

Investment in hotel properties, net as of June 30, 2024 and December 31, 2023 consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Land and improvements	$	285,723	$	289,671
Building and improvements	1,263,089		1,274,970
Furniture, fixtures and equipment	109,683		108,222
Finance lease assets	43,730		—
Renovations in progress	12,815		15,138
	1,715,040		1,688,001
Less accumulated depreciation and amortization	(473,105)		(460,368)
Investment in hotel properties, net	$	1,241,935	$	1,227,633

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Land and improvements	$ 285,723	$ 289,671
Building and improvements	1,263,089	1,274,970
Furniture, fixtures and equipment	109,683	108,222
Finance lease assets	43,730	0
Renovations in progress	12,815	15,138
Investment in hotel properties, at cost	1,715,040	1,688,001
Less accumulated depreciation and amortization	(473,105)	(460,368)
Investment in hotel properties, net	$ 1,241,935	$ 1,227,633

Disposition of Hotel Properties (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 09, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on sale of hotel properties		$ (12)	$ (55)	$ 140	$ (55)
Disposal group, disposed of by sale, not discontinued operations \| Hilton Garden Inn Denver Tech Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount sold in disposition	$ 18,000
Loss on sale of hotel properties	$ 100

Earnings Per Share - Schedule of Reconciliation of Amounts Used in Calculating Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income (loss) attributable to common shareholders	$ 4,861	$ 7,157	$ (2,354)	$ 321
Dividends on unvested shares and units	(32)	(28)	(64)	(55)
Net income (loss) attributable to common shareholders excluding amounts attributable to unvested shares and units	$ 4,829	$ 7,129	$ (2,418)	$ 266
Denominator:
Weighted average number of common shares - basic (in shares)	48,900,609	48,846,913	48,896,301	48,842,850
Unvested shares and units (in shares)	112,921	115,929	0	122,058
Weighted average number of common shares - diluted (in shares)	49,013,530	48,962,842	48,896,301	48,964,908
Basic income (loss) per common share:
Net income (loss) attributable to common shareholders per weighted average basic common share (in dollars per share)	$ 0.10	$ 0.15	$ (0.05)	$ 0.01
Diluted income (loss) per common share:
Net income (loss) attributable to common shareholders per weighted average diluted common share (in dollars per share)	$ 0.10	$ 0.15	$ (0.05)	$ 0.01

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Allowance for doubtful accounts related to receivables	$ 180	$ 280
Due to related parties	$ 28,455	$ 29,255
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)	48,909,201	48,859,836
Common shares, shares outstanding (in shares)	48,909,201	48,859,836
Related Party
Due to related parties	$ 720	$ 399

Consolidated Statements of Equity (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Distributions declared per common share (in dollars per share)	$ 0.07	$ 0.07	$ 0.14	$ 0.14
Distributions declared on LTIP units (in dollars per share)	$ 0.07	$ 0.07	$ 0.14	$ 0.14
Common Shares
Issuance of shares, offering costs	$ 21,000	$ 0	$ 264,000	$ 0

Acquisition of Hotel Properties	6 Months Ended
Acquisition of Hotel Properties	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisition of Hotel Properties	Acquisition of Hotel Properties On May 30, 2024, the Company acquired the Home2 Suites Phoenix Downtown ("Home2 Phoenix") hotel property in Phoenix, AZ for $43.3 million. The Company allocated the purchase price of the hotel based on the estimated fair values of the assets on the date of acquisition. The hotel property is classified as a finance lease for which the Company has recorded right-of-use ("ROU") assets and a lease liability (see Note 12). The Company's ROU asset balance includes $0.3 million related to its lease liability and property acquisition costs of $0.1 million, which are all recorded within Investment in hotel properties, net.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
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

Organization (Details)	6 Months Ended
Organization (Details)	Jun. 30, 2024 hotel room state
Subsidiary, Sale of Stock [Line Items]
Aggregate number of rooms in hotels \| room	5,883
Number of states in which hotels are owned \| state	17
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%

Dividends Declared and Paid - Schedule of Common Dividends (Details) - $ / shares					3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 28, 2024	Mar. 28, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Equity [Abstract]
Distributions declared per common share (in dollars per share)	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.14	$ 0.14	$ 0.14
Distributions declared on LTIP units (in dollars per share)	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.14	$ 0.14	$ 0.14

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
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 six months ended June 30, 2024 and 2023. 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 has generated taxable losses over the last three years. As of June 30, 2024, 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.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

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 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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-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Commitments and Contingencies (Details) $ in Millions	3 Months Ended		6 Months Ended
Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) renewal_period	Jun. 30, 2023 USD ($)
Minimum
Other Commitments [Line Items]
Franchise term			10 years
Maximum
Other Commitments [Line Items]
Franchise term			30 years
Franchise And Marketing Fees
Other Commitments [Line Items]
Franchise and marketing fees	$ 6.9	$ 6.8	$ 12.4	$ 12.1
Related Party \| Island Hospitality Management Inc. \| Management Fees
Other Commitments [Line Items]
Management fees recorded within hotel other operating expenses	$ 2.9	$ 2.8	$ 5.2	$ 5.1
Hotel Management Agreement \| Related Party \| Island Hospitality Management Inc.
Other Commitments [Line Items]
Initial terms of management agreements			5 years
Number of renewal periods \| 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%

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
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 $2.9 million and $2.8 million for the three months ended June 30, 2024 and 2023, respectively, and $5.2 million and $5.1 million for the six months ended June 30, 2024 and 2023, 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 $6.9 million and $6.8 million for the three months ended June 30, 2024 and 2023, respectively, and $12.4 million and $12.1 million for the six months ended June 30, 2024 and 2023, respectively. The initial term of the agreements range from 10 to 30 years with the weighted average expiration being May 2034.

Equity Incentive Plan - Schedule of Performance-Based Long-Term Incentive Plan Payout Awards (Details)	Mar. 01, 2024
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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-Section 35
-Paragraph 1D
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 23: 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 27: 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

Equity Incentive Plan (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Share Awards

A summary of the Company’s restricted share awards for the six months ended June 30, 2024 and the year ended December 31, 2023 is as follows:


	For the six months ended			For the year ended
	June 30, 2024			December 31, 2023
	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	5,789	$	11.78	6,666	$	11.47
Granted	2,943	10.20		2,457	12.21
Vested	(819)	12.21		(3,334)	11.47

Non-vested at end of the period	7,913	$	11.15	5,789	$	11.78

Schedule of Long Term Incentive Unit Awards

A summary of the Company's LTIP unit awards for the six months ended June 30, 2024 and the year ended December 31, 2023 is as follows:


	For the six months ended			For the year ended
	June 30, 2024			December 31, 2023
	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	999,955	$	15.37	905,525	$	15.03
Granted	512,264	11.18		466,988	14.36
Vested	(322,025)	14.03		(372,558)	13.27
Forfeited	(28,391)	15.91		—	—
Non-vested at end of the period	1,161,803	$	13.88	999,955	$	15.37

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

The 2024 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
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 (2)	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%
2024 Time-Based LTIP Unit Awards	3/1/2024	204,909	$9.33	35%	—%	4.92%
2024 Performance-Based LTIP Unit Awards	3/1/2024	307,355	$12.42	35%	2.6%	4.32%

(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.

(2) In February 2024, 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, 170,173 LTIP units vested.

Dividends Declared and Paid - Preferred Dividends (Details) - $ / shares						6 Months Ended		12 Months Ended
	Jun. 28, 2024	Mar. 28, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2021	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 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	$ 0.41406		$ 0.82812		$ 0.82812
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)						$ 0.82812	$ 0.82812
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

Dividends Declared and Paid (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Common Dividends and Preferred Dividends

The common share dividends and distributions were as follows:



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


March	3/28/2024	4/15/2024	$	0.07	$	0.07





June	6/28/2024	7/15/2024	0.07		0.07







Total 2024			$	0.14	$	0.14



	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







Total 2023			$	0.14	$	0.14

The preferred share dividends were as follows:

Record Date

Payment Date

Dividend per Preferred Share

March

3/28/2024

4/15/2024

0.41406

June

6/28/2024

7/15/2024

0.41406

Total 2024

0.82812

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

Total 2023

0.82812

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Statement of Cash Flows [Abstract]
Accrued distributions payable	$ 5,481	$ 5,327
Accrued share based compensation	281	235
Accounts payable and accrued expenses	$ 749	$ 700

Acquisition of Hotel Properties (Details) - USD ($) $ in Thousands	May 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Right of use asset, net		$ 17,849	$ 18,141
Home2 Suites Phoenix Downtown ("Home2 Phoenix")
Business Acquisition [Line Items]
Consideration transferred	$ 43,300
Right of use asset, net	300
Business Combination, Acquisition Related Costs	$ 100

Shareholders' Equity	6 Months Ended
Shareholders' Equity	Jun. 30, 2024
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 June 30, 2024, 48,909,201 common shares were outstanding. In January 2021, the Company established an "at-the-market" equity offering program (the "ATM Program") whereby, from time to time, the Company may publicly offer and sell its 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 six months ended June 30, 2024. As of June 30, 2024, there was approximately $77.5 million in common shares available for issuance under the ATM Program. In December 2017, the Company established a $50.0 million dividend reinvestment and stock purchase plan (the "DRSPP") which renewed in December 2020 and renewed again in January 2024. 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 June 30, 2024, the Company issued 1,482 common shares under the DRSPP at a weighted average price per share of $9.06, which generated $13 thousand of proceeds. During the six months ended June 30, 2024, the Company issued 2,752 common shares under the DRSPP at a weighted average price of $9.72, which generated $27 thousand of proceeds. As of June 30, 2024, there was approximately $50.0 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 June 30, 2024, 4,800,000 Series A Preferred Shares were issued and outstanding. During the three months ended June 30, 2024, 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 June 30, 2024, there were 1,909,342 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
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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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
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-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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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-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
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-Name Accounting Standards Codification
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-Paragraph 14
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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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

Subsequent Events (Details) - Hilton Garden Inn Marina Del Rey Hotel Property - Subsequent Event - USD ($) $ in Millions	Jul. 05, 2024	Jul. 02, 2024
Subsequent Event [Line Items]
Repayments of debt	$ 18.8
Unsecured Revolving Credit Facility
Subsequent Event [Line Items]
Proceeds from lines of credit		$ 15.0

Equity Incentive Plan - Additional Information (Details) $ / shares in Units, $ in Thousands						1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 01, 2024 $ / shares shares	Mar. 01, 2023 shares	Mar. 01, 2022 shares	Mar. 01, 2021 shares	Mar. 01, 2020 shares	Jan. 31, 2024 shares	Jan. 31, 2023 shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 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)						43,670	43,378
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)								722,380		722,380
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 \| $								$ 47		$ 47		$ 45
Weighted-average period for recognition of unrecognized compensation costs										2 years 1 month 6 days
Compensation expense, recognized \| $								15	$ 12	$ 27	$ 22
Granted (in shares)										2,943		2,457
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										2 years 1 month 6 days
Compensation expense, recognized \| $								1,500	$ 1,400	$ 3,000	$ 2,700
Exchange ratio										1
Granted (in shares)										512,264		466,988
Total unrecognized compensation cost related to LTIP Units \| $								$ 9,900		$ 9,900		$ 7,100
Time-Based LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	204,909	171,171	152,004	132,381	130,206
Time-Based LTIP Unit Awards \| Awarded March 1, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	204,909
Performance-Based LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	307,355	256,757	228,000	198,564	195,301
Performance-Based LTIP Unit Awards \| Awarded March 1, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	307,355
Grants in period, intrinsic value, amount per share (in dollars per share) \| $ / shares	$ 12.42
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%

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Debt (Tables)

6 Months Ended

Jun. 30, 2024

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	June 30, 2024 Property Carrying Value		Balance Outstanding on Loan as of
						June 30, 2024		December 31, 2023
Revolving Credit Facility (1)	6.96	%	October 28, 2026	$	689,811	$	120,000	$	—
Unsecured Term Loan (2)	6.91	%	October 28, 2025	689,811		140,000		90,000






Residence Inn by Marriott Garden Grove, CA	4.79	%	April 6, 2024	—		—		29,496
Residence Inn by Marriott Silicon Valley I, CA	4.64	%	July 1, 2024	—		—		60,134
Residence Inn by Marriott Silicon Valley II, CA	4.64	%	July 1, 2024	—		—		65,609
Residence Inn by Marriott San Mateo, CA	4.64	%	July 1, 2024	—		—		45,100
Residence Inn by Marriott Mountain View, CA	4.64	%	July 1, 2024	—		—		35,171

Hilton Garden Inn Marina del Rey, CA	4.68	%	July 6, 2024	38,001		18,759		19,023
Homewood Suites by Hilton Billerica, MA	4.32	%	December 6, 2024	10,749		14,314		14,481
Hampton Inn & Suites Houston Medical Center, TX	4.25	%	January 6, 2025	13,852		16,150		16,338
Courtyard by Marriott Dallas, TX (3)	7.61	%	September 11, 2028	39,889		24,500		24,500
Hyatt Place Pittsburgh, PA (6)	7.29	%	June 11, 2029	30,442		23,300		—
Residence Inn by Marriott Austin, TX (4)	7.42	%	September 6, 2033	34,161		20,850		20,850
TownePlace Suites by Marriott Austin, TX (4)	7.42	%	September 6, 2033	30,683		19,075		19,075
Courtyard by Marriott Summerville, SC (5)	7.33	%	September 11, 2033	18,534		9,000		9,000
Residence Inn by Marriott Summerville, SC (5)	7.33	%	September 11, 2033	17,116		9,500		9,500
SpringHill Suites by Marriott Savannah, GA (7)	6.70	%	June 6, 2034	31,635		22,000		27,832
Hampton Inn & Suites Exeter, NH (7)	6.70	%	June 11, 2034	12,318		15,000		—
Total debt before unamortized debt issue costs				$	967,191	$	452,448	$	486,109
Unamortized term loan and mortgage debt issue costs						(2,658)		(2,032)
Total debt outstanding						$	449,790	$	484,077

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 June 30, 2024, for the current year and each of the next five calendar years and thereafter are as follows (in thousands):


	Amount
2024 (remaining six months)	$	33,248
2025	155,975
2026	120,000
2027	—
2028	24,590
Thereafter	118,635
Total debt before unamortized debt issue costs	$	452,448
Unamortized term loan and mortgage debt issue costs	(2,658)
Total debt outstanding	$	449,790

Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
Consolidated Statements of Operations - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
Total revenue	$ 86,479,000	$ 84,476,000	$ 154,920,000	$ 152,091,000
Expenses:
Total hotel operating expenses	46,571,000	43,323,000	88,413,000	83,800,000
Depreciation and amortization	14,914,000	14,670,000	30,169,000	28,928,000
Property taxes, ground rent and insurance	5,981,000	6,069,000	11,275,000	12,174,000
General and administrative	4,633,000	4,612,000	9,227,000	8,954,000
Other charges	27,000	38,000	77,000	38,000
Reimbursable costs from related parties	275,000	365,000	553,000	730,000
Total operating expenses	72,401,000	69,077,000	139,714,000	134,624,000
Operating income before loss on sale of hotel properties	14,078,000	15,399,000	15,206,000	17,467,000
Gain (loss) on sale of hotel properties	12,000	55,000	(140,000)	55,000
Operating income	14,090,000	15,454,000	15,066,000	17,522,000
Interest and other income	684,000	189,000	1,529,000	209,000
Interest expense, including amortization of deferred fees	(7,723,000)	(6,442,000)	(15,030,000)	(12,880,000)
Loss on early extinguishment of debt	(17,000)	0	(17,000)	(691,000)
Gain from partial lease termination	0	164,000	0	164,000
Income before income tax expense	7,034,000	9,365,000	1,548,000	4,324,000
Income tax expense	0	0	0	0
Net income	7,034,000	9,365,000	1,548,000	4,324,000
Net (income) loss attributable to noncontrolling interests	(186,000)	(221,000)	73,000	(28,000)
Net income attributable to Chatham Lodging Trust	6,848,000	9,144,000	1,621,000	4,296,000
Preferred dividends	(1,987,000)	(1,987,000)	(3,975,000)	(3,975,000)
Net income (loss) attributable to common shareholders	$ 4,861,000	$ 7,157,000	$ (2,354,000)	$ 321,000
Income (loss) per common share - basic:
Net income (loss) attributable to common shareholders (Note 10)- (in dollars per share)	$ 0.10	$ 0.15	$ (0.05)	$ 0.01
Income (loss) per common share - diluted:
Net income (loss) attributable to common shareholders (Note 10) - (in dollars per share)	$ 0.10	$ 0.15	$ (0.05)	$ 0.01
Weighted average number of common shares outstanding:
Basic (in shares)	48,900,609	48,846,913	48,896,301	48,842,850
Diluted (in shares)	49,013,530	48,962,842	48,896,301	48,964,908
Distributions declared per common share (in dollars per share)	$ 0.07	$ 0.07	$ 0.14	$ 0.14
Room
Revenue:
Total revenue	$ 79,044,000	$ 77,486,000	$ 141,526,000	$ 139,157,000
Expenses:
Total hotel operating expenses	16,966,000	14,578,000	32,099,000	28,694,000
Food and beverage
Revenue:
Total revenue	2,127,000	2,094,000	3,973,000	4,182,000
Expenses:
Total hotel operating expenses	1,608,000	1,584,000	3,091,000	3,141,000
Other
Revenue:
Total revenue	5,033,000	4,531,000	8,868,000	8,022,000
Reimbursable costs from related parties
Revenue:
Total revenue	275,000	365,000	553,000	730,000
Telephone
Expenses:
Total hotel operating expenses	328,000	360,000	647,000	722,000
Other hotel operating
Expenses:
Total hotel operating expenses	1,025,000	950,000	1,844,000	1,863,000
General and administrative
Expenses:
Total hotel operating expenses	7,231,000	7,305,000	14,396,000	14,112,000
Franchise and marketing fees
Expenses:
Total hotel operating expenses	6,936,000	6,801,000	12,425,000	12,141,000
Advertising and promotions
Expenses:
Total hotel operating expenses	1,585,000	1,460,000	2,927,000	2,975,000
Utilities
Expenses:
Total hotel operating expenses	3,106,000	2,899,000	6,115,000	6,050,000
Repairs and maintenance
Expenses:
Total hotel operating expenses	4,103,000	3,894,000	8,057,000	7,623,000
Management fees paid to related parties
Expenses:
Total hotel operating expenses	2,850,000	2,791,000	5,159,000	5,079,000
Insurance
Expenses:
Total hotel operating expenses	$ 833,000	$ 701,000	$ 1,653,000	$ 1,400,000

Shareholders' Equity (Details)		1 Months Ended		3 Months Ended		6 Months Ended
Shareholders' Equity (Details)	Jun. 30, 2021 USD ($) $ / shares shares	Jan. 31, 2021 USD ($)	Dec. 31, 2017 USD ($)	Jun. 30, 2024 USD ($) vote $ / shares shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) vote $ / shares shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 $ / shares shares
Class of Stock [Line Items]
Common shares, shares authorized (in 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)				48,909,201		48,909,201		48,859,836
Proceeds from issuance of common shares \| $						$ 27,000	$ 31,000
Preferred shares, shares authorized (in 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)				4,800,000		4,800,000		4,800,000
Preferred shares, shares outstanding (in shares)				4,800,000		4,800,000		4,800,000
Preferred dividends \| $				$ 1,987,000	$ 1,987,000	$ 3,975,000	$ 3,975,000
Stock redemption, exchange ratio						1
Vested operating partnership units held by current and former employees (in shares)				1,909,342,000		1,909,342,000
ATM Plan
Class of Stock [Line Items]
Stock purchase plan, authorized amount \| $		$ 100,000,000.0
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 \| $			$ 50,000,000.0
Stock purchase plan, remaining authorized repurchase amount \| $				$ 50,000,000.0		$ 50,000,000.0
Shares issued (in shares)				1,482		2,752
Stock purchase plan, average price per share (in dollars per share) \| $ / shares				$ 9.06		$ 9.72
Proceeds from issuance of common shares \| $				$ 13,000		$ 27,000
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)	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)	3.701

Leases - Narrative (Details) $ in Thousands		1 Months Ended	6 Months Ended
Leases - Narrative (Details) $ in Thousands	Jun. 01, 2023 USD ($) ft²	May 31, 2024 USD ($)	Jun. 30, 2024 USD ($) term parking_space
Lessee, Lease, Description [Line Items]
Operating leases, term of contract		10 years
Net rentable area \| ft²	7,374
Early termination payment	$ 100
Finance lease, term of contract			8 years
Lease Termination Fee			$ 100
Minimum
Lessee, Lease, Description [Line Items]
Operating leases, annual base rent		$ 600
Fixed annual rent payments			26
Maximum
Lessee, Lease, Description [Line Items]
Operating leases, annual base rent		$ 700
Fixed annual rent payments			$ 81
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
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
Quarterly rent			$ 32
Hotel Ground Lease
Lessee, Lease, Description [Line Items]
Fixed lease payments			600
Variable lease, payment			$ 400
Office Lease
Lessee, Lease, Description [Line Items]
Periods in each additional renewal term			5 years
Operating leases, term of contract			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
Fixed lease payments			$ 300

Equity Incentive Plan - Schedule of LTIP Unit Awards (Details) - Long Term Incentive Plan Units - $ / shares	1 Months Ended		6 Months Ended	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Jun. 30, 2024	Dec. 31, 2023
Number of Units
Nonvested at beginning of the period (in shares)			999,955	905,525
Granted (in shares)			512,264	466,988
Vested (in shares)	(170,173)	(234,361)	(322,025)	(372,558)
Forfeited (in shares)			(28,391)	0
Nonvested at end of the period (in shares)			1,161,803	999,955
Weighted-Average Grant Date Fair Value
Nonvested at beginning of the period (in dollars per share)			$ 15.37	$ 15.03
Granted (in dollars per share)			11.18	14.36
Vested (in dollars per share)			14.03	13.27
Forfeited (in dollars per share)			15.91	0
Nonvested at end of the period (in dollars per share)			$ 13.88	$ 15.37