0001437749-26-015470 | 10-Q | XBRL Viewer

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Note 10 - Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net loss attributable to common shareholders	$ (6,291)	$ (451)
Dividends on unvested shares and units	(62)	(49)
Net loss attributable to common shareholders excluding amounts attributable to unvested shares and units	$ (6,353)	$ (500)
Weighted average number of common shares - basic (in shares)	47,251,535	48,960,924
Unvested shares and units (in shares)	0	0
Weighted average number of common shares - diluted (in shares)	47,251,535	48,960,924
Net loss attributable to common shareholders (Note 10) (in dollars per share)	$ (0.13)	$ (0.01)
Net loss attributable to common shareholders per weighted average diluted common share (in dollars per share)	$ (0.13)	$ (0.01)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Note 1 - Organization

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1.	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 March 31, 2026, the Company owned 39 hotels with an aggregate of 5,610 rooms located in 18 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 March 31, 2026, 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.

Supplemental Disclosure of Non-cash Investing and Financing Information	3 Months Ended
Mar. 31, 2026
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	Supplemental disclosure of non-cash investing and financing information (dollars in thousands): On January 15, 2026, the Company issued 61,699 common shares to its independent trustees pursuant to the Company’s Equity Incentive Plan as compensation for services performed in 2025. On January 15, 2025, the Company issued 61,551 common shares to its independent trustees pursuant to the Company’s Equity Incentive Plan as compensation for services performed in 2024. As of March 31, 2026, the Company had accrued distributions payable of $7,040. As of March 31, 2025, the Company had accrued distributions payable of $6,595. Accrued share-based compensation of $107 and $141 is included in accounts payable and accrued expenses as of March 31, 2026 and 2025, respectively. Accrued capital improvements of $612 and $3,125 are included in accounts payable and accrued expenses as of March 31, 2026 and 2025 respectively.

Supplemental Disclosure of Non-cash Investing and Financing Information

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Cash Flow, Supplemental Disclosures [Text Block]

Supplemental disclosure of non-cash investing and financing information (dollars in thousands):

On January 15, 2026, the Company issued 61,699 common shares to its independent trustees pursuant to the Company’s Equity Incentive Plan as compensation for services performed in 2025. On January 15, 2025, the Company issued 61,551 common shares to its independent trustees pursuant to the Company’s Equity Incentive Plan as compensation for services performed in 2024.

As of March 31, 2026, the Company had accrued distributions payable of $7,040. As of March 31, 2025, the Company had accrued distributions payable of $6,595.

Accrued share-based compensation of $107 and $141 is included in accounts payable and accrued expenses as of March 31, 2026 and 2025, respectively.

Accrued capital improvements of $612 and $3,125 are included in accounts payable and accrued expenses as of March 31, 2026 and 2025 respectively.

Note 11 - Equity Incentive Plan (Details Textual) - USD ($)
$ / shares in Units, $ in Thousands

1 Months Ended

2 Months Ended

3 Months Ended

12 Months Ended

Jan. 15, 2026

Jan. 15, 2025

Feb. 28, 2026

Jan. 31, 2026

Feb. 28, 2025

Jan. 31, 2025

Mar. 01, 2026

Mar. 31, 2026

Mar. 31, 2025

Dec. 31, 2025

May 06, 2025

Share-Based Compensation Arrangement by Share-Based Payment Award, Target Allocation Payout Percentage

100.00%

Restricted Stock [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

8,433

8,044

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)

4,482

1,800

The 2026 Time-Based LTIP Unit Award {Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

265,890

Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price (in dollars per share)

$ 7.08

The 2026 Performance-Based LTIP Unit Awards [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

398,834

Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price (in dollars per share)

$ 9.12

The 2022 Performance-based, Long-term Incentive Plan Units [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

^[1]

228,000

Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price (in dollars per share)

^[1]

$ 18.58

The 2023 Performance-based, Long-term Incentive Plan Units [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

^[2]

256,757

Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price (in dollars per share)

^[2]

$ 16.64

Long-term Incentive Plan Units [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

664,724

634,293

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)

207,534

315,563

Minimum [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Target Allocation Payout Percentage

50.00%

Maximum [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Target Allocation Payout Percentage

200.00%

Equity Incentive Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)

2,150,000

Share-Based Payment Arrangement, Plan Term (Year)

10 years

Share-Based Compensation Arrangement by Share-Based Payment Award, Dividends Paid on Unvested Shares, Percentage

10.00%

Share-Based Compensation Arrangement by Share-Based Payment Award, Dividends Accrued on Unvested Shares, Percentage

90.00%

Stock Issued During Period, Shares, Issued for Services (in shares)

61,699

61,551

61,699

61,551

Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)

1,788,449

Share-Based Payment Arrangement, Plan Expiration Date

Mar. 22, 2032

Equity Incentive Plan [Member] | Restricted Stock [Member]

Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount

$ 114

$ 60

Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)

2 years 4 months 24 days

Share-Based Payment Arrangement, Expense

$ 11

$ 7

Equity Incentive Plan [Member] | The 2026 Time-Based LTIP Unit Award {Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

265,890

Equity Incentive Plan [Member] | The 2026 Performance-Based LTIP Unit Awards [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

398,834

Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price (in dollars per share)

$ 9.12

Equity Incentive Plan [Member] | The 2022 Performance-based, Long-term Incentive Plan Units [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)

142,905

Equity Incentive Plan [Member] | The 2023 Performance-based, Long-term Incentive Plan Units [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)

Equity Incentive Plan [Member] | Long-term Incentive Plan Units [Member]

Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount

$ 10,600

$ 6,500

Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)

2 years 3 months 18 days

Share-Based Payment Arrangement, Expense

$ 1,400

$ 1,500

Equity Incentive Plan [Member] | Minimum [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)

3 years

Equity Incentive Plan [Member] | Minimum [Member] | The 2026 Performance-Based LTIP Unit Awards [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Target Allocation Payout Percentage

50.00%

Equity Incentive Plan [Member] | Maximum [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)

5 years

Equity Incentive Plan [Member] | Maximum [Member] | The 2026 Performance-Based LTIP Unit Awards [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Target Allocation Payout Percentage

200.00%

[1]	In February 2025, 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, 142,905 LTIP units vested.
[2]	In February 2026, following the end of the measurement period, the Company’s TSR did not meet certain criteria and based on the Company’s TSR over the measurement period, zero LTIP units vested.

Note 6 - Debt

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Debt Disclosure [Text Block]

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):

					*March 31, 2026*
	*Interest*			*Maturity*	*Property*		*Balance Outstanding on Loan as of*
Collateral	*Rate*			*Date*	*Carrying Value*		*March 31, 2026*			*December 31, 2025*
Revolving Credit Facility (1)		5.16	%	September 25, 2029	$	—	$	85,000		$	—
Unsecured Term Loan (2)		5.13	%	September 25, 2029		—		200,000			200,000
Courtyard by Marriott Dallas, TX		7.61	%	September 11, 2028		38,142		24,500			24,500
Hyatt Place Pittsburgh, PA		7.29	%	June 11, 2029		28,577		23,300			23,300
Residence Inn by Marriott Austin, TX		7.42	%	September 6, 2033		35,633		20,850			20,850
TownePlace Suites by Marriott Austin, TX		7.42	%	September 6, 2033		28,594		19,075			19,075
Courtyard by Marriott Summerville, SC		7.33	%	September 11, 2033		17,345		9,000			9,000
Residence Inn by Marriott Summerville, SC		7.33	%	September 11, 2033		16,484		9,500			9,500
SpringHill Suites by Marriott Savannah, GA		6.70	%	June 6, 2034		31,541		22,000			22,000
Hampton Inn & Suites Exeter, NH		6.70	%	June 11, 2034		11,812		15,000			15,000
Total debt before unamortized debt issue costs					$	208,128	$	428,225		$	343,225
Unamortized term loan and mortgage debt issue costs								(4,110	)		(4,312	)
Total debt outstanding							$	424,115		$	338,913

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.

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.

At March 31, 2026 and December 31, 2025, the Company had $285.0 million and $200.0 million, respectively, of outstanding borrowings under its revolving credit facility and unsecured term loan. At March 31, 2026, the aggregate maximum remaining borrowing availability under the Credit Facility was $215.0 million.

During the three months ended March 31, 2026, the Company had net borrowings of $85.0 million under its revolving credit facility. During the three months ended March 31, 2025, the Company repaid the maturing mortgage loan of $16.0 million on the Hampton Inn Houston hotel property.

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 March 31, 2026 and December 31, 2025 was $149.3 million and $154.0 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 March 31, 2026, 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 March 31, 2026 and December 31, 2025 was $285.0 million and $200.0 million, respectively.

Future scheduled principal payments of debt obligations as of March 31, 2026, for the current year and each of the next five calendar years and thereafter are as follows (in thousands):

	*Amount*
2026 (remaining nine months)	$	—
2027		—
2028		24,590
2029		308,681
2030		410
Thereafter		94,544
Total debt before unamortized debt issue costs	$	428,225
Unamortized term loan and mortgage debt issue costs		(4,110	)
Total debt outstanding	$	424,115

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: 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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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual [Table]
Material Terms of Trading Arrangement [Text Block]	Item 5. Other Information. During the three months ended March 31, 2026, none of the Company's trustees or officers adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933).
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 10 - Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*For the three months ended*
	*March 31,*
	*2026*			*2025*
Numerator:
Net loss attributable to common shareholders	$	(6,291	)	$	(451	)
Dividends on unvested shares and units		(62	)		(49	)
Net loss attributable to common shareholders excluding amounts attributable to unvested shares and units	$	(6,353	)	$	(500	)
Denominator:
Weighted average number of common shares - basic		47,251,535			48,960,924
Unvested shares and units		—			—
Weighted average number of common shares - diluted		47,251,535			48,960,924
Basic loss per common share:
Net loss attributable to common shareholders per weighted average basic common share	$	(0.13	)	$	(0.01	)
Diluted loss per common share:
Net loss attributable to common shareholders per weighted average diluted common share	$	(0.13	)	$	(0.01	)

Note 8 - Dividends Declared and Paid (Details Textual) - $ / shares		2 Months Ended	3 Months Ended
	Mar. 31, 2026	Mar. 01, 2025	Mar. 31, 2026	Mar. 31, 2025
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.1	$ 0.09	$ 0.1	$ 0.09
Distribution Made to Limited Partner, Distributions Declared, Per Unit (in dollars per share)	$ 0.1	$ 0.09	0.1	0.09
Preferred Stock, Dividends Per Share, Declared (in dollars per share)			0.41406	0.41406
Series A Preferred Stock [Member]
Preferred Stock, Dividends Per Share, Declared (in dollars per share)			$ 0.41406	$ 0.41406
Preferred Stock, Dividend Rate, Percentage			6.625%	6.625%

Note 1 - Organization (Details Textual)	3 Months Ended
Note 1 - Organization (Details Textual)	Mar. 31, 2026
Number of Real Estate Properties	39
Number of Units in Real Estate Property	5,610
Number of States in which Entity Operates	18
Operating Partnership [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	100.00%
Island Hospitality Management, LLC (“IHM”) [Member]
Ownership Percentage	100.00%

Note 6 - Debt - Schedule of Debt (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Carrying value, collateral

$ 208,128

Outstanding

428,225

$ 343,225

Outstanding

428,225

343,225

Unamortized term loan and mortgage debt issue costs

(4,110)

(4,312)

Total debt outstanding

$ 424,115

338,913

Unsecured Delayed-draw Term Loan [Member]

Interest rate

^[1]

5.13%

Maturity date

^[1]

Sep. 25, 2029

Carrying value, collateral

^[1]

$ 0

Outstanding

^[1]

200,000

Outstanding

^[1]

$ 200,000

200,000

First Mortgage Lien Secured by Courtyard by Marriott, Dallas, TX [Member]

Interest rate

7.61%

Maturity date

Sep. 11, 2028

Carrying value, collateral

$ 38,142

Outstanding

24,500

Outstanding

$ 24,500

24,500

First Mortgage Lien Secured by Hyatt Place, Pittsburgh, PA [Member]

Interest rate

7.29%

Maturity date

Jun. 11, 2029

Carrying value, collateral

$ 28,577

Outstanding

23,300

Outstanding

$ 23,300

23,300

First Mortgage Lien Secured by Residence Inn by Marriott Austin, TX [Member]

Interest rate

7.42%

Maturity date

Sep. 06, 2033

Carrying value, collateral

$ 35,633

Outstanding

20,850

Outstanding

$ 20,850

20,850

First Mortgage Lien Secured by TownePlace Suites by Marriott Austin, TX [Member]

Interest rate

7.42%

Maturity date

Sep. 06, 2033

Carrying value, collateral

$ 28,594

Outstanding

19,075

Outstanding

$ 19,075

19,075

First Mortgage Lien Secured by Courtyard by Marriott Summerville, SC [Member]

Interest rate

7.33%

Maturity date

Sep. 11, 2033

Carrying value, collateral

$ 17,345

Outstanding

9,000

Outstanding

$ 9,000

9,000

First Mortgage Lien Secured by Residence Inn by Marriott Summerville, SC [Member]

Interest rate

7.33%

Maturity date

Sep. 11, 2033

Carrying value, collateral

$ 16,484

Outstanding

9,500

Outstanding

$ 9,500

9,500

First Mortgage Lien Secured by SpringHill Suites by Marriott, Savannah, GA [Member]

Interest rate

6.70%

Maturity date

Jun. 06, 2034

Carrying value, collateral

$ 31,541

Outstanding

22,000

Outstanding

$ 22,000

22,000

First Mortgage Lien Secured by Hampton Inn & Suites, Exeter, NH [Member]

Interest rate

6.70%

Maturity date

Jun. 11, 2034

Carrying value, collateral

$ 11,812

Outstanding

15,000

Outstanding

$ 15,000

15,000

Revolving Credit Facility [Member]

Interest rate

^[2]

5.16%

Maturity date

^[2]

Sep. 25, 2029

Carrying value, collateral

^[2]

$ 0

Outstanding

^[2]

85,000

Outstanding

^[2]

$ 85,000

$ 0

[1]	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.
[2]	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.

Note 4 - Disposition of Hotel Properties (Details Textual) - USD ($) $ in Thousands					3 Months Ended
	Dec. 23, 2025	Apr. 22, 2025	Mar. 17, 2025	Jan. 30, 2025	Mar. 31, 2026	Mar. 31, 2025
Proceeds from Sale, Real Estate, Held-for-Investment					$ 0	$ 29,855
Gains (Losses) on Sales of Investment Real Estate					$ 122	$ 7,118
Homewood Suites by Hilton, Hotel Property in Billerica, Maine [Member]
Proceeds from Sale, Real Estate, Held-for-Investment	$ 17,400
Gains (Losses) on Sales of Investment Real Estate	$ 6,500
Courtyard Houston Hotel Property in Houston, TX [Member]
Proceeds from Sale, Real Estate, Held-for-Investment		$ 23,500
Gains (Losses) on Sales of Investment Real Estate		$ 100
Hampton Inn & Suites, Houston-Medical Center [Member]
Proceeds from Sale, Real Estate, Held-for-Investment			$ 15,500
Gains (Losses) on Sales of Investment Real Estate			$ 1,800
Homewood Suites by Hilton Nashville-Brentwood [Member]
Proceeds from Sale, Real Estate, Held-for-Investment				$ 15,000
Gains (Losses) on Sales of Investment Real Estate				$ 5,600

- Definition

The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes.

+ References + Details

Note 3 - Acquisition of Hotel Properties (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Payment for Acquisition, Real Estate, Held-for-Investment	$ 92,458	$ (0)
Asset Acquisition, Consideration Transferred, Transaction Cost	$ 500

Note 2 - Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Significant Accounting Policies [Text Block]

2.	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, the Operating Partnership (a variable interest entity) 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, 2025, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

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 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, which requires disaggregated disclosures in the notes of the financial statements of certain categories of expenses that are included in expense line items on the face of the income statement. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the potential impact adopting ASU 2024-03 will have on the Company's consolidated financial statements and disclosures.

Note 12 - Leases (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Lessee, Lease, Assets and Liabilities [Table Text Block]

		*ROU Asset*		*ROU Asset*
	*Balance Sheet Classification*	*as of March 31, 2026*		*as of December 31, 2025*
Finance lease assets, net	Investment in hotel properties, net	$	40,491	$	40,943
Operating lease assets, net	Right of use asset, net		16,746		16,912
Total ROU asset, net		$	57,237	$	57,855

		*Lease Liability*		*Lease Liability*
	*Balance Sheet Classification*	*as of March 31, 2026*		*as of December 31, 2025*
Finance lease liability	Lease liability	$	290	$	283
Operating lease liability	Lease liability		19,631		19,784
Total lease liability		$	19,921	$	20,067

Lease, Cost [Table Text Block]

Lease Term and Discount Rate	*March 31, 2026*
Weighted-average remaining lease term (years)		41.92
Weighted-average discount rate		6.83	%

Contractual Obligation, Fiscal Year Maturity [Table Text Block]

Total Future Lease Payments	*Amount*
2026 (remaining nine months)	$	1,280
2027		1,313
2028		1,338
2029		1,338
2030		1,407
Thereafter		59,765
Total lease payments	$	66,441
Less: Imputed interest		(46,520	)
Present value of lease liabilities	$	19,921

Note 6 - Debt - Schedule of Future Payments of Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
2026 (remaining nine months)	$ 0
2027	0
2028	24,590
2029	308,681
2030	410
Thereafter	94,544
Total debt before unamortized debt issue costs	428,225	$ 343,225
Unamortized term loan and mortgage debt issue costs	(4,110)	(4,312)
Total debt outstanding	$ 424,115	$ 338,913

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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+ Details

Note 10 - Earnings Per Share (Details Textual) - shares	3 Months Ended
Note 10 - Earnings Per Share (Details Textual) - shares	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	1,033,071	881,780

Note 8 - Dividends Declared and Paid (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Dividends Declared [Table Text Block]

			*Common share*		*LTIP unit*
			*distribution*		*distribution*
	*Record Date*	*Payment Date*	*amount*		*amount*
March	3/31/2026	4/15/2026	$	0.10	$	0.10

Total 2026			$	0.10	$	0.10

			Common share		LTIP unit
			distribution		distribution
	Record Date	Payment Date	amount		amount
March	3/31/2025	4/15/2025	$	0.09	$	0.09

*Total 2025*			$	0.09	$	0.09

			*Dividend per*
	*Record Date*	*Payment Date*	*Preferred Share*
March	3/31/2026	4/15/2026	$	0.41406

Total 2026			$	0.41406

			*Dividend per*
	*Record Date*	*Payment Date*	*Preferred Share*
March	3/31/2025	4/15/2025	$	0.41406

Total 2025			$	0.41406

Note 16 - Subsequent Events

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Subsequent Events [Text Block]

16. Subsequent Events

In April 2026, the Company repurchased 195,000 common shares at a weighted-average price per share of $8.34 under its Share Repurchase Program for an aggregate purchase price of approximately $1.6 million.

Note 6 - Debt (Details Textual) - USD ($) $ in Thousands		3 Months Ended
Note 6 - Debt (Details Textual) - USD ($) $ in Thousands	Oct. 28, 2022	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Long-Term Debt		$ 424,115		$ 338,913
Repayments of Secured Debt		(0)	$ 15,957
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Fair Value, Inputs, Level 3 [Member]
Debt Instrument, Fair Value Disclosure		149,300		154,000
Revolving Credit Facility and Unsecured Term Loan [Member]
Long-Term Debt		285,000		200,000
Line of Credit Facility, Maximum Borrowing Capacity		215,000
Proceeds from (Repayments of) Secured Debt		85,000
Debt Instrument, Fair Value Disclosure		$ 285,000		$ 200,000
First Mortgage Lien Secured by Hampton Inn & Suites, Houston Medical Center, TX [Member]
Repayments of Secured Debt			$ 16,000
Minimum [Member] \| Unsecured Delayed-draw Term Loan [Member]
Debt Instrument, Basis Spread on Variable Rate	1.45%
Maximum [Member] \| Unsecured Delayed-draw Term Loan [Member]
Debt Instrument, Basis Spread on Variable Rate	2.20%
Revolving Credit Facility [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Revolving Credit Facility [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	2.25%

Note 11 - Equity Incentive Plan - Schedule of Long-Term Incentive Plan Awards (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Non-vested, balance (in shares)	10,825
Non-vested, weighted average fair value (in dollars per share)	$ 8.78
Non-vested, balance (in shares)	14,776	10,825
Non-vested, weighted average fair value (in dollars per share)	$ 8.01	$ 8.78
Long-term Incentive Plan Units [Member]
Non-vested, balance (in shares)	1,377,563	1,139,564
Non-vested, weighted average fair value (in dollars per share)	$ 11.08	$ 13.88
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	664,724	634,293
Granted, weighted average fair value (in dollars per share)	$ 8.3	$ 8.6
Vested (in shares)	(207,534)	(315,563)
Vested, weighted average fair value (in dollars per share)	$ 9.04	$ 14.31
Forfeited (in shares)	(251,843)	(80,731)
Forfeited, weighted average (in dollars per share)	$ 16.64	$ 18.58
Non-vested, balance (in shares)	1,582,910	1,377,563
Non-vested, weighted average fair value (in dollars per share)	$ 9.3	$ 11.08

Note 9 - Shareholders' Equity

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Equity [Text Block]

9.	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 March 31, 2026, 46,875,361 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. The Company did not issue any shares under the ATM Program during the three months ended March 31, 2026. As of March 31, 2026, there was approximately $77.5 million of 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 was 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 March 31, 2026, the Company issued 1,569 common shares under the DRSPP at a weighted-average price per share of $7.38, which generated $12 thousand of proceeds. As of March 31, 2026, there was approximately $49.9 million of common shares available for issuance under the DRSPP.

In May 2025, the Board of Trustees authorized and approved a $25.0 million share repurchase program (the "Share Repurchase Program") of common shares of the Company. Under the Share Repurchase Program, the Company has the ability to repurchase up to $25.0 million of common shares through open market purchases or other privately negotiated transactions at times and in amounts as the Company deems appropriate. The Share Repurchase Program has no time limit and may be suspended or discontinued at any time. During the three months ended March 31, 2026, the Company repurchased 904,927 common shares at a weighted-average price per share of $7.35 for an aggregate purchase price, including commissions, of approximately $6.6 million. As of March 31, 2026, there was approximately $9.4 million of common shares available for repurchase under the Share Repurchase Program.

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. 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 March 31, 2026, 4,800,000 Series A Preferred Shares were issued and outstanding. During the three months ended March 31, 2026, the Company paid preferred share dividends of $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 March 31, 2026, there were 2,399,044 vested LTIP units held by current and former employees.

- Definition

The entire disclosure for equity.

+ References

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-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

+ Details

Note 8 - Dividends Declared and Paid - Schedule of Dividends Declared (Details) - $ / shares		2 Months Ended	3 Months Ended
	Mar. 31, 2026	Mar. 01, 2025	Mar. 31, 2026	Mar. 31, 2025
Dividends declared (in dollars per share)	$ 0.1	$ 0.09	$ 0.1	$ 0.09
Distributions declared (in dollars per share)	0.1	$ 0.09	0.1	0.09
Dividend per preferred share (in dollars per share)			0.41406	0.41406
Series A Preferred Stock [Member]
Dividend per preferred share (in dollars per share)			$ 0.41406	0.41406
O 2024 Q1 Dividends [Member]
Dividends declared (in dollars per share)				0.09
Distributions declared (in dollars per share)				$ 0.09
O 2024 Q1 Dividends [Member] \| Common Stock [Member]
Record date				Mar. 31, 2025
Payment date				Apr. 15, 2025
O 2025 Q3 Dividends [Member] \| Series A Preferred Stock [Member]
Record date			Mar. 31, 2026
Payment date			Apr. 15, 2026
Dividend per preferred share (in dollars per share)			$ 0.41406
O 2024 Q3 Dividends [Member] \| Series A Preferred Stock [Member]
Record date				Mar. 31, 2025
Payment date				Apr. 15, 2025
Dividend per preferred share (in dollars per share)				$ 0.41406
O 2025 Q4 Dividends [Member]
Dividends declared (in dollars per share)	0.1
Distributions declared (in dollars per share)	$ 0.1
O 2025 Q4 Dividends [Member] \| Common Stock [Member]
Record date	Mar. 31, 2026
Payment date	Apr. 15, 2026

Note 15 - Segment Information (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)
Revenues	$ 67,504	$ 68,635
Number of Reportable Segments	1
Related Party [Member] \| Consolidation, Eliminations [Member]
Revenues	$ 300	$ 300

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note 12 - Leases - Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finance lease assets, net	$ 40,491	$ 40,943
Operating lease assets, net	16,746	16,912
Total ROU asset, net	57,237	57,855
Finance lease liability	290	283
Operating lease liability	19,631	19,784
Total lease liability	$ 19,921	$ 20,067

Note 13 - Commitments and Contingencies (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)
Franchise Rights [Member] \| Minimum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	10 years
Franchise Rights [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	30 years
Franchise and Marketing Expense [Member]
Operating Expenses	$ 5.3	$ 5.4
Asset Management Arrangement [Member]
Management and Service, Term of Contract (Year)	5 years
Management and Service, Term of Contract, Number of Renewals	2
Management and Service, Renewal Term (Year)	5 years
Management and Service Fees, Incentive Rate	1.00%
Management Fee Expense	$ 2.3	$ 2.3
Asset Management Arrangement [Member] \| Incentive Rate for Meeting or Exceeding Financial Thresholds [Member]
Management and Service Fees, Incentive Rate	10.00%

Note 11 - Equity Incentive Plan - Schedule of Long-term Incentive Plan Valuation Assumptions (Details)

3 Months Ended

Mar. 31, 2026

$ / shares

The 2022 Time-based, Long-term Incentive Plan Units [Member]

Grant Date

Mar. 01, 2022

Number of units granted (in shares) | shares

152,004

Estimated value per unit (in dollars per share) | $ / shares

$ 12.33

Volatility

80.00%

Dividend yield

0.00%

Risk-free interest rate

1.01%

The 2022 Performance-based, Long-term Incentive Plan Units [Member]

Grant Date

Mar. 01, 2022

^[1]

Number of units granted (in shares) | shares

228,000

^[1]

Estimated value per unit (in dollars per share) | $ / shares

$ 18.58

^[1]

Volatility

66.00%

^[1]

Dividend yield

3.50%

^[1]

Risk-free interest rate

1.44%

^[1]

The 2023 Time-based, Long-term Incentive Plan Units [Member]

Grant Date

Mar. 01, 2023

Number of units granted (in shares) | shares

171,171

Estimated value per unit (in dollars per share) | $ / shares

$ 11.11

Volatility

37.00%

Dividend yield

0.00%

Risk-free interest rate

5.11%

The 2023 Performance-based, Long-term Incentive Plan Units [Member]

Grant Date

Mar. 01, 2023

^[2]

Number of units granted (in shares) | shares

256,757

^[2]

Estimated value per unit (in dollars per share) | $ / shares

$ 16.64

^[2]

Volatility

69.00%

^[2]

Dividend yield

3.50%

^[2]

Risk-free interest rate

4.61%

^[2]

The 2024 Time-based, Long-term Incentive Plan Units [Member]

Grant Date

Mar. 01, 2024

Number of units granted (in shares) | shares

204,909

Estimated value per unit (in dollars per share) | $ / shares

$ 9.33

Volatility

35.00%

Dividend yield

0.00%

Risk-free interest rate

4.92%

The 2024 Performance-based, Long-term Incentive Plan Units [Member]

Grant Date

Mar. 01, 2024

Number of units granted (in shares) | shares

307,355

Estimated value per unit (in dollars per share) | $ / shares

$ 12.42

Volatility

35.00%

Dividend yield

2.60%

Risk-free interest rate

4.32%

The 2025 Time-based, Long-term Incentive Plan Units [Member]

Grant Date

Mar. 01, 2025

Number of units granted (in shares) | shares

253,722

Estimated value per unit (in dollars per share) | $ / shares

$ 7.44

Volatility

29.00%

Dividend yield

0.00%

Risk-free interest rate

4.14%

The 2025 Performance-based, Long-term Incentive Plan Units [Member]

Grant Date

Mar. 01, 2025

Number of units granted (in shares) | shares

380,571

Estimated value per unit (in dollars per share) | $ / shares

$ 9.37

Volatility

33.00%

Dividend yield

3.00%

Risk-free interest rate

4.04%

The 2026 Time-Based LTIP Unit Award {Member]

Grant Date

Mar. 01, 2026

Number of units granted (in shares) | shares

265,890

Estimated value per unit (in dollars per share) | $ / shares

$ 7.08

Volatility

30.00%

Dividend yield

0.00%

Risk-free interest rate

3.53%

The 2026 Performance-Based LTIP Unit Awards [Member]

Grant Date

Mar. 01, 2026

Number of units granted (in shares) | shares

398,834

Estimated value per unit (in dollars per share) | $ / shares

$ 9.12

Volatility

30.00%

Dividend yield

3.90%

Risk-free interest rate

3.43%

[1]	In February 2025, 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, 142,905 LTIP units vested.
[2]	In February 2026, following the end of the measurement period, the Company’s TSR did not meet certain criteria and based on the Company’s TSR over the measurement period, zero LTIP units vested.

Note 8 - Dividends Declared and Paid

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Dividends Declared Disclosure [Text Block]

8.	Dividends Declared and Paid

Common Dividends

The Company declared total dividends on common shares of $ 0.10 per share and distributions on LTIP units of $ 0.10 per unit for the three months ended March 31, 2026. The Company declared total dividends on common shares of $ 0.09 per share and distributions on LTIP units of $ 0.09 per unit for the three months ended March 31, 2025. The dividends on common shares and distributions on LTIP units were as follows:

			*Common share*		*LTIP unit*
			*distribution*		*distribution*
	*Record Date*	*Payment Date*	*amount*		*amount*
March	3/31/2026	4/15/2026	$	0.10	$	0.10

Total 2026			$	0.10	$	0.10

			Common share		LTIP unit
			distribution		distribution
	Record Date	Payment Date	amount		amount
March	3/31/2025	4/15/2025	$	0.09	$	0.09

*Total 2025*			$	0.09	$	0.09

Preferred Dividends

During the three months ended March 31, 2026 and 2025, the Company declared total dividends of $0.41406 and $0.41406, respectively, per share of 6.625% Series A Cumulative Redeemable Preferred Shares. The preferred share dividends were as follows:

			*Dividend per*
	*Record Date*	*Payment Date*	*Preferred Share*
March	3/31/2026	4/15/2026	$	0.41406

Total 2026			$	0.41406

			*Dividend per*
	*Record Date*	*Payment Date*	*Preferred Share*
March	3/31/2025	4/15/2025	$	0.41406

Total 2025			$	0.41406

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2026	May 07, 2026
Document Information [Line Items]
Entity Central Index Key	0001476045
Entity Registrant Name	Chatham Lodging Trust
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-34693
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 Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		46,681,220
Series A Redeemable Preferred Stock [Member]
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
Common Stock [Member]
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

Note 11 - Equity Incentive Plan - Schedule of Restricted Share Awards (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Non-vested, balance (in shares)	10,825
Non-vested, weighted average fair value (in dollars per share)	$ 8.78
Non-vested, balance (in shares)	14,776	10,825
Non-vested, weighted average fair value (in dollars per share)	$ 8.01	$ 8.78
Restricted Stock [Member]
Non-vested, balance (in shares)	10,825	4,581
Non-vested, weighted average fair value (in dollars per share)	$ 8.78	$ 10.91
Number of units granted (in shares)	8,433	8,044
Granted, weighted average fair value (in dollars per share)	$ 7.71	$ 8.08
Vested (in shares)	(4,482)	(1,800)
Vested, weighted average fair value (in dollars per share)	$ 9.3	$ 11.11
Non-vested, balance (in shares)		10,825
Non-vested, weighted average fair value (in dollars per share)		$ 8.78

Note 11 - Equity Incentive Plan

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

11.

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 6, 2025 to increase the maximum number of shares available under the plan by 2,150,000 shares and to increase the individual grant limit with respect to performance units. The plan has a 10-year term that expires on March 22, 2032. Share awards under the 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 units, for which 10% of dividends on unvested performance-based units are paid and the remaining 90% of dividends are accrued and not paid until those units vest. Certain awards may provide for accelerated vesting if there is a change in control. In January 2026 and 2025, the Company issued 61,699 and 61,551 common shares, respectively, to its independent trustees as compensation for services performed in 2025 and 2024, respectively. As of March 31, 2026, there were 1,788,449 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 three months ended March 31, 2026 and the year ended December 31, 2025 is as follows:

	*For the three months ended*					*For the year ended*
	*March 31, 2026*					*December 31, 2025*
				*Weighted-*					*Weighted-*
	*Number*			*Average Grant*		*Number*			*Average Grant*
	*of Shares*			*Date Fair Value*		*of Shares*			*Date Fair Value*
Non-vested at beginning of the period		10,825		$	8.78		4,581		$	10.91
Granted		8,433			7.71		8,044			8.08
Vested		(4,482	)		9.30		(1,800	)		11.11
Non-vested at end of the period		14,776		$	8.01		10,825		$	8.78

As of March 31, 2026 and December 31, 2025, there were $114 thousand and $60 thousand, respectively, of unrecognized compensation costs related to restricted share awards. As of March 31, 2026, these costs were expected to be recognized over a weighted-average period of approximately 2.4 years. For the three months ended March 31, 2026 and 2025, the Company recognized approximately $11 thousand and $7 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 three months ended March 31, 2026 and the year ended December 31, 2025 is as follows:

	*For the three months ended*					*For the year ended*
	*March 31, 2026*					*December 31, 2025*
				*Weighted-*					*Weighted-*
	*Number*			*Average Grant*		*Number*			*Average Grant*
	*of Units*			*Date Fair Value*		*of Units*			*Date Fair Value*
Non-vested at beginning of the period		1,377,563		$	11.08		1,139,564		$	13.88
Granted		664,724			8.30		634,293			8.60
Vested		(207,534	)		9.04		(315,563	)		14.31
Forfeited		(251,843	)		16.64		(80,731	)		18.58
Non-vested at end of the period		1,582,910		$	9.30		1,377,563		$	11.08

Time-Based LTIP Awards

On March 1, 2026, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, granted 265,890 time-based LTIP unit awards (the “2026 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 2026 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, 2026, the Company's Operating Partnership, upon the recommendation of the Compensation Committee, also granted 398,834 performance-based LTIP unit awards (the "2026 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 $9.12 per 2026 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 2026 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 2026 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, 2026 and ending on February 28, 2029. The 2026 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:

		*Number of*		*Estimated Value*					*Dividend*			*Risk Free*
	*Grant Date*	*Units Granted*		*Per Unit*		*Volatility*			*Yield*			*Interest Rate*
2022 Time-Based LTIP Unit Awards	3/1/2022		152,004	$	12.33		80	%		—	%		1.01	%
2022 Performance-Based LTIP Unit Awards (1)	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 (2)	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	%
2025 Time-Based LTIP Unit Awards	3/1/2025		253,722	$	7.44		29	%		—	%		4.14	%
2025 Performance-Based LTIP Unit Awards	3/1/2025		380,571	$	9.37		33	%		3.0	%		4.04	%
2026 Time-Based LTIP Unit Awards	3/1/2026		265,890	$	7.08		30	%		—	%		3.53	%
2026 Performance-Based LTIP Unit Awards	3/1/2026		398,834	$	9.12		30	%		3.9	%		3.43	%

(1) In February 2025, 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, 142,905 LTIP units vested.

(2) In February 2026, following the end of the measurement period, the Company’s TSR did not meet certain criteria and based on the Company’s TSR over the measurement period, zero LTIP units vested.

The Company recorded $1.4 million and $1.5 million in compensation expense related to the LTIP units for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026 and December 31, 2025, there was $10.6 million and $6.5 million, respectively, of total unrecognized compensation cost related to LTIP units. This cost is expected to be recognized over approximately 2.3 years, which represents the weighted-average remaining vesting period of the LTIP units.

Note 11 - Equity Incentive Plan - Schedule of Relative TSR Performance (Details)	3 Months Ended
	Mar. 31, 2026
Relative TSR hurdles (percentile)	55.00%
Payout percentage	100.00%
Minimum [Member]
Relative TSR hurdles (percentile)	25.00%
Payout percentage	50.00%
Maximum [Member]
Relative TSR hurdles (percentile)	80.00%
Payout percentage	200.00%

Note 15 - Segment Information

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Segment Reporting [Text Block]

15. Segment Information

Management evaluates the Company's hotels as a single reportable segment as a result of aggregating multiple operating segments, because all of the Company's hotels have similar economic characteristics and provide similar services to similar types of customers. Our single reportable segment comprises the structure used by our Chief Executive Officer, Chief Operating Officer and Chief Financial Officer, who collectively have been determined to be our Chief Operating Decision Maker ("CODM"), to make key operating decisions and assess performance. Our CODM evaluates our single reportable segment's operating performance based on individual hotel property net income (loss) before interest expense, income tax expense, depreciation and amortization, corporate general and administrative expense, impairment loss, loss on early extinguishment of debt, other charges, interest and other income, and gains or losses on sales of hotel properties ("Adjusted Hotel EBITDA"). Our single reportable segment's assets are consistent with total assets included in the Company's consolidated balance sheets.

The following table includes revenue, significant hotel operating expenses, and Adjusted Hotel EBITDA for the Company’s hotels, reconciled to Net income (loss) (in thousands):

	*For the three months ended*
	*March 31,*
	*2026*			*2025*
Revenue:
Room	$	61,203		$	62,418
Food and beverage		1,602			1,659
Other		4,428			4,281
Total hotel property level revenue (1)		67,233			68,358
Expenses:
Room		14,005			14,828
Food and beverage		1,368			1,437
Telephone		344			311
Other hotel operating		1,115			1,025
General and administrative		7,051			6,911
Franchise and marketing fees		5,276			5,431
Advertising and promotions		1,668			1,607
Utilities		3,067			3,153
Repairs and maintenance		3,666			3,959
Management fees paid to related parties		2,262			2,290
Insurance		849			827
Property taxes, ground rent and insurance		5,160			5,744
Total hotel property level expenses		45,831			47,523

Adjusted Hotel EBITDA	$	21,402		$	20,835

Reconciliation of Adjusted Hotel EBITDA to Net (loss) income
Interest expense, including amortization of deferred fees		(6,201	)		(6,852	)
Depreciation and amortization		(14,778	)		(15,032	)
Corporate general and administrative		(4,649	)		(4,606	)
Other charges		(455	)		(7	)
Income tax expense		(62	)		-
Interest and other income		79			63
Gain on sale of hotel properties		122			7,118

Net (loss) income	$	(4,542	)	$	1,519

(1) The difference between total hotel property level revenue and total revenue on the consolidated statements of operations is due to reimbursable costs from related parties of $0.3 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively.

- Definition

The entire disclosure for segment reporting.

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+ Details

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Expense (Benefit)	$ 62	$ (0)
Valuation Allowance, Deferred Tax Asset, Percentage of Net Deferred Tax Assets	100.00%

- Definition

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

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+ Details

Note 9 - Shareholders' Equity (Details Textual) $ / shares in Units, $ in Thousands		2 Months Ended		3 Months Ended
	Jun. 30, 2021 USD ($) $ / shares shares	Mar. 01, 2026 USD ($)	Mar. 01, 2025 USD ($)	Mar. 31, 2026 USD ($) $ / shares shares	Mar. 31, 2025 USD ($)	Dec. 31, 2025 $ / shares shares	May 31, 2025 USD ($)	Jan. 31, 2021 USD ($)	Dec. 31, 2017 USD ($)
Common Stock, Shares Authorized (in shares)				500,000,000		500,000,000
Common Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares				$ 0.01		$ 0.01
Common Stock, Shares, Outstanding (in shares)				46,875,361		47,708,587
Proceeds from Issuance of Common Stock \| $				$ 12	$ 11
Stock Repurchased During Period, Value \| $			$ 5	$ 6,648
Preferred Stock, Shares Authorized (in shares)				100,000,000		100,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares				$ 0.01		$ 0.01
Preferred Stock, Shares Issued (in shares)				4,800,000		4,800,000
Preferred Stock, Shares Outstanding (in shares)				4,800,000		4,800,000
Long-term Incentive Plan Units [Member] \| Unit Distribution [Member]
Capital Units, Outstanding (in shares)				2,399,044
Series A Redeemable Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)	4,800,000
Preferred Stock, Shares Authorized (in shares)				100,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares	$ 0.01			$ 0.01
Preferred Stock, Dividend Rate, Percentage	6.625%
Proceeds from Issuance of Preferred Stock and Preference Stock \| $	$ 115,900
Preferred Stock, Liquidation Preference Per Share (in dollars per share) \| $ / shares	$ 25
Preferred Stock, Dividend Rate, Per-Dollar-Amount (in dollars per share) \| $ / shares	$ 1.65625
Preferred Stock, Convertible, Conversion Ratio	3.701
Preferred Stock, Shares Issued (in shares)				4,800,000
Payments of Dividends \| $		$ 2,000
Preferred Stock, Shares Outstanding (in shares)				4,800,000
Share Repurchase Program Authorized May 2025 [Member]
Share Repurchase Program, Authorized, Amount \| $							$ 25,000
Stock Repurchased During Period, Shares (in shares)				904,927
Shares Acquired, Average Cost Per Share (in dollars per share) \| $ / shares				$ 7.35
Stock Repurchased During Period, Value \| $				$ 6,600
Share Repurchase Program, Remaining Authorized, Amount \| $				$ 9,400
ATM Equity Offering Program [Member]
Equity Offering, Maximum Offering Amount \| $								$ 100,000
Stock Issued During Period, Shares, New Issues (in shares)				0
Equity Offering, Amount Available \| $				$ 77,500
Dividend Reinvestment and Stock Purchase Plan (DRSPP) [Member]
Equity Offering, Maximum Offering Amount \| $									$ 50,000
Stock Issued During Period, Shares, New Issues (in shares)				1,569
Equity Offering, Amount Available \| $				$ 49,900
Stock Issued During Period, Weighted Average Price Per Share (in dollars per share) \| $ / shares				$ 7.38
Proceeds from Issuance of Common Stock \| $				$ 12

Note 12 - Leases

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Lessee, Operating and Finance Leases [Text Block]

12.

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 $49 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 2026 is approximately $33 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 five 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.

The Company entered into a new 10-year corporate office lease in May 2024, which was subsequently amended in September 2024, 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 three months ended March 31, 2026, the Company made $0.3 million of fixed lease payments and $0.2 million of variable lease payments, which are included in property taxes, ground rent and insurance in our consolidated statement of operations. For the three months ended March 31, 2026, the Company made $0.2 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 March 31, 2026 and December 31, 2025 (in thousands):

		*ROU Asset*		*ROU Asset*
	*Balance Sheet Classification*	*as of March 31, 2026*		*as of December 31, 2025*
Finance lease assets, net	Investment in hotel properties, net	$	40,491	$	40,943
Operating lease assets, net	Right of use asset, net		16,746		16,912
Total ROU asset, net		$	57,237	$	57,855

		*Lease Liability*		*Lease Liability*
	*Balance Sheet Classification*	*as of March 31, 2026*		*as of December 31, 2025*
Finance lease liability	Lease liability	$	290	$	283
Operating lease liability	Lease liability		19,631		19,784
Total lease liability		$	19,921	$	20,067

Lease Term and Discount Rate	*March 31, 2026*
Weighted-average remaining lease term (years)		41.92
Weighted-average discount rate		6.83	%

The following table includes information regarding the Company's total minimum lease payments for which it is the lessee, as of March 31, 2026, for each of the next five calendar years and thereafter (in thousands):

Total Future Lease Payments	*Amount*
2026 (remaining nine months)	$	1,280
2027		1,313
2028		1,338
2029		1,338
2030		1,407
Thereafter		59,765
Total lease payments	$	66,441
Less: Imputed interest		(46,520	)
Present value of lease liabilities	$	19,921

Note 11 - Equity Incentive Plan (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Nonvested Restricted Stock Shares Activity [Table Text Block]

	*For the three months ended*					*For the year ended*
	*March 31, 2026*					*December 31, 2025*
				*Weighted-*					*Weighted-*
	*Number*			*Average Grant*		*Number*			*Average Grant*
	*of Shares*			*Date Fair Value*		*of Shares*			*Date Fair Value*
Non-vested at beginning of the period		10,825		$	8.78		4,581		$	10.91
Granted		8,433			7.71		8,044			8.08
Vested		(4,482	)		9.30		(1,800	)		11.11
Non-vested at end of the period		14,776		$	8.01		10,825		$	8.78

Schedule of Nonvested Performance-Based Units Activity [Table Text Block]

	*For the three months ended*					*For the year ended*
	*March 31, 2026*					*December 31, 2025*
				*Weighted-*					*Weighted-*
	*Number*			*Average Grant*		*Number*			*Average Grant*
	*of Units*			*Date Fair Value*		*of Units*			*Date Fair Value*
Non-vested at beginning of the period		1,377,563		$	11.08		1,139,564		$	13.88
Granted		664,724			8.30		634,293			8.60
Vested		(207,534	)		9.04		(315,563	)		14.31
Forfeited		(251,843	)		16.64		(80,731	)		18.58
Non-vested at end of the period		1,582,910		$	9.30		1,377,563		$	11.08

Schedule of Share-Based Payment Award, Valuation Assumptions [Table Text Block]

		*Number of*		*Estimated Value*					*Dividend*			*Risk Free*
	*Grant Date*	*Units Granted*		*Per Unit*		*Volatility*			*Yield*			*Interest Rate*
2022 Time-Based LTIP Unit Awards	3/1/2022		152,004	$	12.33		80	%		—	%		1.01	%
2022 Performance-Based LTIP Unit Awards (1)	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 (2)	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	%
2025 Time-Based LTIP Unit Awards	3/1/2025		253,722	$	7.44		29	%		—	%		4.14	%
2025 Performance-Based LTIP Unit Awards	3/1/2025		380,571	$	9.37		33	%		3.0	%		4.04	%
2026 Time-Based LTIP Unit Awards	3/1/2026		265,890	$	7.08		30	%		—	%		3.53	%
2026 Performance-Based LTIP Unit Awards	3/1/2026		398,834	$	9.12		30	%		3.9	%		3.43	%

The 2024 Performance-based, Long-term Incentive Plan Units [Member]

Notes Tables

Schedule of Share-Based Payment Award, Payouts at Performance Levels [Table Text Block]

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

Note 4 - Disposition of Hotel Properties

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

4.	Disposition of Hotel Properties

On December 23, 2025, the Company sold the Homewood Suites by Hilton Boston-Billerica ("HWS Billerica") hotel property in Billerica, MA for $17.4 million and recognized a gain on sale of the hotel property of $6.5 million.

On April 22, 2025, the Company sold the Courtyard Houston-Medical Center ("CY Houston") hotel property in Houston, TX for $23.5 million and recognized a gain on sale of the hotel property of $0.1 million.

On March 17, 2025, the Company sold the Hampton Inn & Suites Houston-Medical Center ("HI Houston") hotel property in Houston, TX for $15.5 million and recognized a gain on sale of the hotel property of $1.8 million.

On January 30, 2025, the Company sold the Homewood Suites by Hilton Nashville-Brentwood ("HWS Brentwood") hotel property in Brentwood, TN for $15.0 million and recognized a gain on sale of the hotel property of $5.6 million.

The sales did not represent a strategic shift that had or will have a major effect on the Company's operations and financial results and did not qualify to be reported as discontinued operations.

Note 12 - Leases (Details Textual) $ in Thousands		1 Months Ended	3 Months Ended
Note 12 - Leases (Details Textual) $ in Thousands	Jun. 01, 2023 USD ($) ft²	May 31, 2024 USD ($)	Mar. 31, 2026 USD ($)	Sep. 30, 2015
Number of Units in Real Estate Property			5,610
Operating Lease, Payments			$ 300
Variable Lease, Payment			$ 200
Lease, Residence Inn Gaslamp Hotel [Member]
Operating Lease, Option to Extend, Term (Year)			10 years
Operating Lease, Expense, Monthly			$ 49
Operating Lease, Rate Increase (Decrease),Percentage			10.00%
Operating Lease, Rate Increase (Decrease), Period of Occurrence (Year)			5 years
Lease, Residence Inn Gaslamp Hotel [Member] \| Tenant Concentration Risk [Member] \| Revenue Benchmark [Member] \| Operating Lease, Supplemental Rent Expense [Member]
Concentration Risk, Percentage			5.00%
Lease, Residence Inn New Rochelle Hotel [Member]
Number of Units in Real Estate Property			128
Operating Lease, Expense, Quarterly			$ 33
Lease, Hilton Garden Inn Marina del Rey Hotel [Member]
Operating Lease, Expense, Monthly			$ 47
Lease, Hilton Garden Inn Marina del Rey Hotel [Member] \| Tenant Concentration Risk [Member] \| Revenue Benchmark [Member] \| Operating Lease, Rental Arrears [Member] \| Minimum [Member]
Concentration Risk, Percentage			5.00%
Lease, Hilton Garden Inn Marina del Rey Hotel [Member] \| Tenant Concentration Risk [Member] \| Revenue Benchmark [Member] \| Operating Lease, Rental Arrears [Member] \| Maximum [Member]
Concentration Risk, Percentage			25.00%
Lease, Corporate office [Member]
Lessee, Operating Lease, Term of Contract (Year)		10 years		11 years
Lessee, Operating Lease, Rent Abatement Term (Month)				12 months
Lessee, Operating Lease, Renewal Term (Year)				5 years
Area of Real Estate Property (Square Foot) \| ft²	7,374
Payments on Lease Termination	$ 100
Operating Lease, Payments			$ 200
Lease, Corporate office [Member] \| Minimum [Member]
Operating Lease, Annual Base Rent		$ 600
Lease, Corporate office [Member] \| Maximum [Member]
Operating Lease, Annual Base Rent		$ 700
Lease, Home2 Phoenix Hotel [Member]
Lessee, Finance Lease, Term of Contract (Year)			8 years
Gain (Loss) on Termination of Lease			$ (100)
Lease, Home2 Phoenix Hotel [Member] \| Minimum [Member]
Finance Lease, Principal Payments			26
Lease, Home2 Phoenix Hotel [Member] \| Maximum [Member]
Finance Lease, Principal Payments			$ 81

Note 12 - Leases - Schedule of Lease Assets and Liabilities (Details) (Parentheticals)	Mar. 31, 2026	Dec. 31, 2025
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Real Estate Investment Property, Net	Real Estate Investment Property, Net
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Operating and Finance Lease, Liabilities	Operating and Finance Lease, Liabilities
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Operating and Finance Lease, Liabilities	Operating and Finance Lease, Liabilities

Note 12 - Leases - Schedule of Lease Term and Discount Rate (Details)	3 Months Ended
	Mar. 31, 2026
Weighted-average remaining lease term (years) (Year)	41 years 11 months 1 day
Weighted-average discount rate	6.83%

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets [Abstract]
Real Estate Investment Property, Net	$ 1,189,314	$ 1,106,890
Cash and cash equivalents	13,691	24,435
Restricted cash	5,622	8,203
Operating lease assets, net	16,746	16,912
Hotel receivables (net of allowance for doubtful accounts of $291 and $261, respectively)	2,802	2,831
Deferred costs, net	7,054	7,384
Prepaid expenses and other assets	8,045	3,726
Total assets	1,243,274	1,170,381
Liabilities and Equity:
Mortgage debt, net	141,533	141,475
Revolving credit facility	85,000	0
Unsecured term loan, net	197,582	197,438
Accounts payable and accrued expenses (including $748 and $234 due to related parties, respectively)	30,339	26,648
Operating and Finance Lease, Liabilities	19,921	20,067
Distributions payable	7,040	6,704
Total liabilities	481,415	392,332
Commitments and contingencies (Note 13)
Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized; 4,800,000 and 4,800,000 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	48	48
Common shares, $0.01 par value, 500,000,000 shares authorized; 46,875,361 and 47,708,587 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	469	477
Additional paid-in capital	1,032,911	1,039,804
Accumulated deficit	(310,507)	(299,527)
Total shareholders’ equity	722,921	740,802
Noncontrolling Interests:
Noncontrolling interest in Operating Partnership	38,938	37,247
Total equity	761,859	778,049
Total liabilities and equity	$ 1,243,274	$ 1,170,381

Note 14 - Related Party Transactions (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Number of Real Estate Properties	39
Accounts Payable and Accrued Liabilities	$ 30,339		$ 26,648
Asset Management Arrangement [Member]
Number of Real Estate Properties	39
Management Fee Expense	$ 2,300	$ 2,300
Accounts Payable and Accrued Liabilities	$ 700		$ 200
Island Hospitality Management, LLC (“IHM”) [Member]
Ownership Percentage	100.00%

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue:
Reimbursable costs from related parties	$ 271	$ 277
Total revenue	67,504	68,635
Expenses:
Depreciation and amortization	14,778	15,032
Property taxes, ground rent and insurance	5,160	5,744
General and administrative	4,649	4,606
Other charges	455	7
Reimbursable costs from related parties	271	277
Total operating expenses	65,984	67,445
Operating income before gain on sale of hotel properties	1,520	1,190
Gain on sale of hotel properties	122	7,118
Operating income	1,642	8,308
Interest and other income	79	63
Interest expense, including amortization of deferred fees	(6,201)	(6,852)
Income before income tax expense	(4,480)	1,519
Income tax expense	(62)	0
Net (loss) income	(4,542)	1,519
Net loss attributable to noncontrolling interests	238	17
Net (loss) income attributable to Chatham Lodging Trust	(4,304)	1,536
Preferred dividends	(1,987)	(1,987)
Net loss attributable to common shareholders	$ (6,291)	$ (451)
Loss per common share - basic:
Net loss attributable to common shareholders (Note 10) (in dollars per share)	$ (0.13)	$ (0.01)
Loss per common share - diluted:
Net loss attributable to common shareholders (Note 10) (in dollars per share)	$ (0.13)	$ (0.01)
Weighted average number of common shares outstanding:
Basic (in shares)	47,251,535	48,960,924
Diluted (in shares)	47,251,535	48,960,924
Dividends declared (in dollars per share)	$ 0.1	$ 0.09
Occupancy [Member]
Revenue:
Revenue	$ 61,203	$ 62,418
Food and Beverage [Member]
Revenue:
Revenue	1,602	1,659
Hotel, Other [Member]
Revenue:
Revenue	4,428	4,281
Hotel [Member]
Expenses:
Room	14,005	14,828
Food and beverage	1,368	1,437
Telephone	344	311
Other hotel operating	1,115	1,025
General and administrative	7,051	6,911
Franchise and marketing fees	5,276	5,431
Advertising and promotions	1,668	1,607
Utilities	3,067	3,153
Repairs and maintenance	3,666	3,959
Management fees paid to related parties	2,262	2,290
Insurance	849	827
Total hotel operating expenses	$ 40,671	$ 41,779

Note 7 - Income Taxes

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Income Tax Disclosure [Text Block]

7.	Income Taxes

Income tax expense was $0.1 million and zero for the three months ended March 31, 2026 and 2025, respectively.

The Company’s TRS is subject to federal and state income taxes. 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 continues to have cumulative three-year taxable losses. As of March 31, 2026, the Company's TRS continues to recognize a full valuation allowance equal to 100% of the 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 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Note 5 - Investment in Hotel Properties

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Real Estate Disclosure [Text Block]

5.	Investment in Hotel Properties

Investment in hotel properties, net

Investment in hotel properties, net as of March 31, 2026 and December 31, 2025 consisted of the following (in thousands):

	*March 31, 2026*			*December 31, 2025*
Land and improvements	$	277,676		$	268,546
Building and improvements		1,249,600			1,174,132
Furniture, fixtures and equipment		100,486			87,528
Finance lease assets		43,841			43,840
Renovations in progress		11,301			11,718
		1,682,904			1,585,764
Less accumulated depreciation and amortization		(493,590	)		(478,874	)
Investment in hotel properties, net	$	1,189,314		$	1,106,890

Note 14 - Related Party Transactions

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

14.

Related Party Transactions

As of March 31, 2026, Jeffrey H. Fisher, the Company's Chairman, President and Chief Executive Officer, owns 100% of IHM. As of March 31, 2026, 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 March 31, 2026 and 2025 were $2.3 million and $2.3 million, respectively. At March 31, 2026 and December 31, 2025, the amounts due to IHM were $0.7 million and $0.2 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

+ Details

Note 16 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended
	Apr. 30, 2026	Mar. 01, 2025	Mar. 31, 2026
Stock Repurchased During Period, Value		$ 5	$ 6,648
Share Repurchase Program Authorized May 2025 [Member]
Stock Repurchased During Period, Shares (in shares)			904,927
Shares Acquired, Average Cost Per Share (in dollars per share)			$ 7.35
Stock Repurchased During Period, Value			$ 6,600
Share Repurchase Program Authorized May 2025 [Member] \| Subsequent Event [Member]
Stock Repurchased During Period, Shares (in shares)	195,000
Shares Acquired, Average Cost Per Share (in dollars per share)	$ 8.34
Stock Repurchased During Period, Value	$ 1,600

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References

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+ Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References

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+ Details

Note 5 - Investment in Hotel Properties - Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Land and improvements	$ 277,676	$ 268,546
Building and improvements	1,249,600	1,174,132
Furniture, fixtures and equipment	100,486	87,528
Finance lease assets	43,841	43,840
Renovations in progress	11,301	11,718
Real Estate Investment Property, at Cost	1,682,904	1,585,764
Less accumulated depreciation and amortization	(493,590)	(478,874)
Investment in hotel properties, net	$ 1,189,314	$ 1,106,890

Supplemental Disclosure of Non-cash Investing and Financing Information (Details Textual) - USD ($) $ in Thousands			1 Months Ended		3 Months Ended
	Jan. 15, 2026	Jan. 15, 2025	Jan. 31, 2026	Jan. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Dividends Payable					$ 7,040	$ 6,595	$ 6,704
Share-Based Payment Arrangement, Amount Capitalized					107	141
Capital Expenditures Incurred but Not yet Paid					$ 612	$ 3,125
Equity Incentive Plan [Member]
Stock Issued During Period, Shares, Issued for Services (in shares)	61,699	61,551	61,699	61,551

Note 15 - Segment Information - Schedule of Segment Information (Details) - USD ($)
$ in Thousands

2 Months Ended

3 Months Ended

Mar. 01, 2025

Mar. 31, 2026

Mar. 31, 2025

Revenues

$ 67,504

$ 68,635

Property taxes, ground rent and insurance

5,160

5,744

Interest expense, including amortization of deferred fees

(6,201)

(6,852)

Depreciation and amortization

(14,778)

(15,032)

Other charges

(455)

(7)

Income tax expense

(62)

Interest and other income

Gain on sale of hotel properties

122

7,118

Net (loss) income

$ 1,519

(4,542)

1,519

Occupancy [Member]

Revenue

61,203

62,418

Food and Beverage [Member]

Revenue

1,602

1,659

Hotel, Other [Member]

Revenue

4,428

4,281

Operating Segments [Member] | Hotel Level [Member]

Revenues

^[1]

67,233

68,358

Room

14,005

14,828

Food and beverage

1,368

1,437

Telephone

344

311

Other hotel operating

1,115

1,025

General and administrative

7,051

6,911

Franchise and marketing fees

5,276

5,431

Advertising and promotions

1,668

1,607

Utilities

3,067

3,153

Repairs and maintenance

3,666

3,959

Management fees paid to related parties

2,262

2,290

Insurance

849

827

Property taxes, ground rent and insurance

5,160

5,744

Total hotel property level expenses

45,831

47,523

Adjusted Hotel EBITDA

21,402

20,835

Operating Segments [Member] | Hotel Level [Member] | Occupancy [Member]

Revenue

61,203

62,418

Operating Segments [Member] | Hotel Level [Member] | Food and Beverage [Member]

Revenue

1,602

1,659

Operating Segments [Member] | Hotel Level [Member] | Hotel, Other [Member]

Revenue

4,428

4,281

Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]

Corporate general and administrative

$ (4,649)

$ (4,606)

[1]	The difference between total hotel property level revenue and total revenue on the consolidated statements of operations is due to reimbursable costs from related parties of $0.3 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively.

Note 3 - Acquisition of Hotel Properties

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Asset Acquisition [Text Block]

3.	Acquisition of Hotel Properties

On March 3, 2026, the Company acquired a portfolio of six hotel properties for $92.0 million, which included the Hampton Inn & Suites Paducah ("HI Paducah"), the Homewood Suites by Hilton Paducah ("HWS Paducah"), the Homewood Suites by Hilton Joplin ("HWS Joplin"), the Home2 Suites by Hilton Joplin ("Home2 Joplin"), the Hampton Inn & Suites Effingham ("HI Effingham") and the Home2 Suites by Hilton Effingham ("Home2 Effingham") hotel properties. The Company allocated the purchase price of the hotel properties acquired based on the estimated fair values of the assets on the date of acquisition. Property acquisition costs of $0.5 million were capitalized in 2026.

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net (loss) income	$ (4,542)	$ 1,519
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization of investment in hotel properties	14,725	14,981
Amortization of deferred franchise fees	53	51
Amortization of deferred financing fees included in interest expense	457	330
Gain on sale of hotel properties	(122)	(7,118)
Share-based compensation	1,531	1,607
Changes in assets and liabilities:
Right of use asset	166	154
Hotel receivables	29	(164)
Deferred costs	17	65
Prepaid expenses and other assets	(4,329)	(5,617)
Accounts payable and accrued expenses	5,497	(1,492)
Lease liability	(146)	(126)
Net cash provided by operating activities	13,336	4,190
Cash flows from investing activities:
Improvements and additions to hotel properties	(6,041)	(7,092)
Acquisition of hotel properties	(92,458)	0
Proceeds from sale of hotel properties, net	0	29,855
Net cash (used in) provided by investing activities	(98,499)	22,763
Cash flows from financing activities:
Borrowings on revolving credit facility	90,000	15,000
Repayments on revolving credit facility	(5,000)	(25,000)
Repayments of mortgage debt	0	(15,957)
Proceeds from issuance of common shares	12	11
In-substance repurchase of vested common shares	0	(5)
Repurchases of common shares	(6,648)	0
Distributions-common shares/units	(4,539)	(3,669)
Distributions-preferred shares	(1,987)	(1,987)
Net cash provided by (used in) financing activities	71,838	(31,607)
Net change in cash, cash equivalents and restricted cash	(13,325)	(4,654)
Cash, cash equivalents and restricted cash, beginning of period	32,638	29,844
Cash, cash equivalents and restricted cash, end of period	19,313	25,190
Supplemental disclosure of cash flow information:
Cash paid for interest	5,158	6,424
Cash paid for taxes	$ 41	$ 4

Consolidated Statements of Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended
	Mar. 01, 2025	Mar. 31, 2026
Offering costs	$ 0	$ 0
Dividends declared (in dollars per share)	$ 0.09	$ 0.1
Distributions declared (in dollars per share)	$ 0.09	$ 0.1

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Allowance for doubtful accounts	$ 291	$ 261
Accounts payable and accrued expenses, related parties	$ 30,339	$ 26,648
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, authorized (in shares)	100,000,000	100,000,000
Preferred shares, issued (in shares)	4,800,000	4,800,000
Preferred shares, outstanding (in shares)	4,800,000	4,800,000
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, authorized (in shares)	500,000,000	500,000,000
Common shares, issued (in shares)	46,875,361	47,708,587
Common shares, outstanding (in shares)	46,875,361	47,708,587
Related Party [Member]
Accounts payable and accrued expenses, related parties	$ 748	$ 234

Note 6 - Debt (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Schedule of Debt [Table Text Block]

					*March 31, 2026*
	*Interest*			*Maturity*	*Property*		*Balance Outstanding on Loan as of*
Collateral	*Rate*			*Date*	*Carrying Value*		*March 31, 2026*			*December 31, 2025*
Revolving Credit Facility (1)		5.16	%	September 25, 2029	$	—	$	85,000		$	—
Unsecured Term Loan (2)		5.13	%	September 25, 2029		—		200,000			200,000
Courtyard by Marriott Dallas, TX		7.61	%	September 11, 2028		38,142		24,500			24,500
Hyatt Place Pittsburgh, PA		7.29	%	June 11, 2029		28,577		23,300			23,300
Residence Inn by Marriott Austin, TX		7.42	%	September 6, 2033		35,633		20,850			20,850
TownePlace Suites by Marriott Austin, TX		7.42	%	September 6, 2033		28,594		19,075			19,075
Courtyard by Marriott Summerville, SC		7.33	%	September 11, 2033		17,345		9,000			9,000
Residence Inn by Marriott Summerville, SC		7.33	%	September 11, 2033		16,484		9,500			9,500
SpringHill Suites by Marriott Savannah, GA		6.70	%	June 6, 2034		31,541		22,000			22,000
Hampton Inn & Suites Exeter, NH		6.70	%	June 11, 2034		11,812		15,000			15,000
Total debt before unamortized debt issue costs					$	208,128	$	428,225		$	343,225
Unamortized term loan and mortgage debt issue costs								(4,110	)		(4,312	)
Total debt outstanding							$	424,115		$	338,913

Schedule of Maturities of Long-Term Debt [Table Text Block]

	*Amount*
2026 (remaining nine months)	$	—
2027		—
2028		24,590
2029		308,681
2030		410
Thereafter		94,544
Total debt before unamortized debt issue costs	$	428,225
Unamortized term loan and mortgage debt issue costs		(4,110	)
Total debt outstanding	$	424,115

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	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, the Operating Partnership (a variable interest entity) 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, 2025, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Use of Estimates, Policy [Policy Text Block]	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.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, which requires disaggregated disclosures in the notes of the financial statements of certain categories of expenses that are included in expense line items on the face of the income statement. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the potential impact adopting ASU 2024-03 will have on the Company's consolidated financial statements and disclosures.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

Note 10 - Earnings Per Share

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Earnings Per Share [Text Block]

10.

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 March 31, 2026 and 2025, the Company excluded 1,033,071 and 881,780, 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*
	*March 31,*
	*2026*			*2025*
Numerator:
Net loss attributable to common shareholders	$	(6,291	)	$	(451	)
Dividends on unvested shares and units		(62	)		(49	)
Net loss attributable to common shareholders excluding amounts attributable to unvested shares and units	$	(6,353	)	$	(500	)
Denominator:
Weighted average number of common shares - basic		47,251,535			48,960,924
Unvested shares and units		—			—
Weighted average number of common shares - diluted		47,251,535			48,960,924
Basic loss per common share:
Net loss attributable to common shareholders per weighted average basic common share	$	(0.13	)	$	(0.01	)
Diluted loss per common share:
Net loss attributable to common shareholders per weighted average diluted common share	$	(0.13	)	$	(0.01	)

Note 5 - Investment in Hotel Properties (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Schedule of Real Estate Properties [Table Text Block]

	*March 31, 2026*			*December 31, 2025*
Land and improvements	$	277,676		$	268,546
Building and improvements		1,249,600			1,174,132
Furniture, fixtures and equipment		100,486			87,528
Finance lease assets		43,841			43,840
Renovations in progress		11,301			11,718
		1,682,904			1,585,764
Less accumulated depreciation and amortization		(493,590	)		(478,874	)
Investment in hotel properties, net	$	1,189,314		$	1,106,890

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2024	4,800,000	48,912,293
Balance at Dec. 31, 2024	$ 48	$ 489	$ 1,046,812	$ (289,130)	$ 758,219	$ 33,778	$ 791,997
Issuance of common shares pursuant to Equity Incentive Plan (in shares)	0	61,551
Issuance of common shares pursuant to Equity Incentive Plan	$ 0	$ 1	562	0	563	0	563
Issuance of common shares, net of offering costs (in shares)	0	1,282
Issuance of common shares, net of offering costs	$ 0	$ 0	11	0	11	0	11
Issuance of restricted time-based shares (in shares)	0	8,044
Issuance of restricted time-based shares	$ 0	$ 0	0	0	0	0	0
Repurchase of common shares (in shares)	0	(532)
Repurchase of common shares	$ 0	$ 0	(5)	0	(5)	0	(5)
Amortization of share-based compensation	0	0	8	0	8	1,459	1,467
Dividends declared on common shares	0	0	0	(4,409)	(4,409)	0	(4,409)
Distributions declared on LTIP units	0	0	0	0	0	(324)	(324)
Forfeited distributions declared on LTIP units	0	0	0	0	0	48	48
Dividends accrued on preferred shares	0	0	0	(1,987)	(1,987)	0	(1,987)
Reallocation of noncontrolling interest	0	0	763	0	763	(763)	0
Net (loss) income	$ 0	$ 0	0	1,536	1,536	(17)	1,519
Balance (in shares) at Mar. 01, 2025	4,800,000	48,982,638
Balance at Mar. 01, 2025	$ 48	$ 490	1,048,151	(293,990)	754,699	34,181	788,880
Balance (in shares) at Dec. 31, 2025	4,800,000	47,708,587
Balance at Dec. 31, 2025	$ 48	$ 477	1,039,804	(299,527)	740,802	37,247	778,049
Issuance of common shares pursuant to Equity Incentive Plan (in shares)	0	61,699
Issuance of common shares pursuant to Equity Incentive Plan	$ 0	$ 1	427	0	428	0	428
Issuance of common shares, net of offering costs (in shares)	0	1,569
Issuance of common shares, net of offering costs	$ 0	$ 0	12	0	12	0	12
Issuance of restricted time-based shares (in shares)	0	8,433
Issuance of restricted time-based shares	$ 0	$ 0	0	0	0	0	0
Repurchase of common shares (in shares)	0	(904,927)
Repurchase of common shares	$ 0	$ (9)	(6,639)	0	(6,648)	0	(6,648)
Amortization of share-based compensation	0	0	11	0	11	1,413	1,424
Dividends declared on common shares	0	0	0	(4,689)	(4,689)	0	(4,689)
Distributions declared on LTIP units	0	0	0	0	0	(398)	(398)
Forfeited distributions declared on LTIP units	0	0	0	0	0	210	210
Dividends accrued on preferred shares	0	0	0	(1,987)	(1,987)	0	(1,987)
Reallocation of noncontrolling interest	0	0	(704)	0	(704)	704	0
Net (loss) income	$ 0	$ 0	0	(4,304)	(4,304)	(238)	(4,542)
Balance (in shares) at Mar. 31, 2026	4,800,000	46,875,361
Balance at Mar. 31, 2026	$ 48	$ 469	$ 1,032,911	$ (310,507)	$ 722,921	$ 38,938	$ 761,859

Note 15 - Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Segment Reporting [Table Text Block]

	*For the three months ended*
	*March 31,*
	*2026*			*2025*
Revenue:
Room	$	61,203		$	62,418
Food and beverage		1,602			1,659
Other		4,428			4,281
Total hotel property level revenue (1)		67,233			68,358
Expenses:
Room		14,005			14,828
Food and beverage		1,368			1,437
Telephone		344			311
Other hotel operating		1,115			1,025
General and administrative		7,051			6,911
Franchise and marketing fees		5,276			5,431
Advertising and promotions		1,668			1,607
Utilities		3,067			3,153
Repairs and maintenance		3,666			3,959
Management fees paid to related parties		2,262			2,290
Insurance		849			827
Property taxes, ground rent and insurance		5,160			5,744
Total hotel property level expenses		45,831			47,523

Adjusted Hotel EBITDA	$	21,402		$	20,835

Reconciliation of Adjusted Hotel EBITDA to Net (loss) income
Interest expense, including amortization of deferred fees		(6,201	)		(6,852	)
Depreciation and amortization		(14,778	)		(15,032	)
Corporate general and administrative		(4,649	)		(4,606	)
Other charges		(455	)		(7	)
Income tax expense		(62	)		-
Interest and other income		79			63
Gain on sale of hotel properties		122			7,118

Net (loss) income	$	(4,542	)	$	1,519

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Note 12 - Leases - Schedule of Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
2026 (remaining nine months)	$ 1,280
2027	1,313
2028	1,338
2029	1,338
2030	1,407
Thereafter	59,765
Total lease payments	66,441
Less: Imputed interest	(46,520)
Operating and Finance Lease, Liabilities	$ 19,921	$ 20,067

Note 13 - Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

13.

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 $2.3 million and $2.3 million for the three months ended March 31, 2026 and 2025, 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 $5.3 million and $5.4 million for the three months ended March 31, 2026 and 2025, respectively. The initial term of the agreements range from 10 to 30 years with the weighted-average expiration being June 2038.