What is the market's earnings forecast for Chatham Lodging Trust next quarter?

What were the key takeaways from Chatham Lodging Trust's earnings call?

What is Chatham Lodging Trust's latest dividend and current dividend yield?

What is the revenue and EPS growth rate for Chatham Lodging Trust year over year?

What guidance did Chatham Lodging Trust's management provide for the next earnings period?

What were the key takeaways from Chatham Lodging Trust’s earnings call?

What factors drove the changes in Chatham Lodging Trust's revenue and profit?

Did Chatham Lodging Trust beat or miss consensus estimates last quarter?

- **Share Buybacks Accelerated**: Repurchased 465,000 shares (1% of outstanding) at $6.85 avg price, with plans to continue at current discount.
- **Portland Development**: 2026 start, 21-24mo build targeting 2028 opening in high-demand coastal market.
- **Q3 Margin Resilience**: 43.6% GOP margin vs. 90bps decline, driven by 2% labor cost growth and 3% headcount reduction.
- **RevPAR Volatility**: Q3 down 2.5% vs. guidance, but October recovery in Silicon Valley to flat vs. prior year.
- **2026 Outlook**: Lodging super cycle with 1% supply growth, moderating wages, and favorable interest rates.
- **Acquisition Criteria**: 8%+ cap rates vs. 6.85x stock yield, focusing on Central/Southeast U.S. growth markets.

**【CEO Summary Section】**
- Sold 5 older hotels at 6% cap rates and under contract to sell another for $17M, freeing capital for share buybacks and development.
- Repurchased 465,000 shares (1% of outstanding) at $6.85 avg price, with plans to continue repurchases at current discount.
- Completed credit facility refinancing, lowering borrowing costs and maintaining low leverage (3.5x debt/EBITDA).
- Bullish on selective acquisitions in Central/Southeast U.S., targeting 8%+ cap rates comparable to stock yield.
- Q3 RevPAR down 2.5% vs. guidance midpoint, but EBITDA/Front-Door FFO beat estimates due to margin management.
- Portland, ME development to start in 2026, targeting 2028 opening in high-demand coastal market.

**【COO Financial Commentary】**
- Q3 GOP margin 43.6%, down 90bps vs. prior year, but better than peers due to 2% labor cost growth and 3% headcount reduction.
- Silicon Valley RevPAR down 9% at 2 Sunnyvale hotels (declined to maintain rate integrity), but October recovery to flat vs. prior year.
- Washington D.C. hotels RevPAR down 19% in Oct due to government shutdown,拖累整体RevPAR 170bps.
- Sunbelt leisure hotels (20% EBITDA) saw 3% RevPAR growth, led by Savannah renovation success.
- Q4 RevPAR guided to -3.5% to -2.5%, 2025 full year -0.7% to -0.3%.

**【CFO Financial Commentary】**
- Q3 Adjusted EBITDA $26.2M, FFO $0.32/sh vs. $0.30 guidance.
- Share buybacks accelerated: $1.8M in Q3, $1.5M post-quarter, total $3.3M spent.
- 2025 full year FFO guidance $0.96-$0.99, reflecting $89.2M-$90.8M EBITDA.
- Balance sheet strength with $300M undrawn revolver and 3.5x leverage.

**【Q&A Highlights】**
- **Acquisition Strategy**: Focus on 8%+ cap rate deals in growth markets, comparing to 6.85x stock yield.
- **Portland Development**: 2026 start, 21-24mo build, targeting 2028 opening in supply-constrained coastal market.
- **RevPAR Volatility**: Q3 miss due to Sunnyvale discounts (-9%) and D.C. shutdown (-19%), but October recovery in Silicon Valley.
- **Margin Management**: 2% labor cost growth, 3% headcount reduction, 15% commission cost increase due to booking channel mix.
- **Capital Allocation**: 1) Share buybacks, 2) Hotel acquisitions, 3) Portland development.
- **2026 Outlook**: Favorable lodging dynamics with limited supply (1% growth), moderating wage growth, and super cycle capital investments.


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