Chatham Lodging Trust (CLDT)
Market Price (8/7/2026): $13.015 | Market Cap: $606.9 MilSector: Real Estate | Industry: Hotel & Resort REITs
Chatham Lodging Trust (CLDT)
Market Price (8/7/2026): $13.015Market Cap: $606.9 MilSector: Real EstateIndustry: Hotel & Resort REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%, Dividend Yield is 3.1%, FCF Yield is 13% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25% Low stock price volatilityVol 12M is 31% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Travel & Leisure Tech, Show more. | Weak multi-year price returns3Y Excs Rtn is -13% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 70% Stock price has recently run up significantly12M Rtn12 month market price return is 100% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.1%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.9% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 59% Key risksCLDT key risks include [1] a material debt load that consumes a substantial portion of operating income, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%, Dividend Yield is 3.1%, FCF Yield is 13% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25% |
| Low stock price volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Travel & Leisure Tech, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -13% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 70% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 100% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.1%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.9% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 59% |
| Key risksCLDT key risks include [1] a material debt load that consumes a substantial portion of operating income, Show more. |
Qualitative Assessment
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Chatham Lodging Trust (CLDT) stock has gained about 50% since 4/30/2026 because of the following key factors:
1. Chatham Lodging Trust reported strong fiscal Q2 2026 financial results that significantly exceeded analyst expectations. The company announced earnings per share of $0.13, surpassing the consensus estimate of $0.11 by $0.02. Revenue also beat forecasts, coming in at $87.80 million against an $82.01 million estimate. Furthermore, adjusted Funds From Operations (FFO) per diluted share surged 22% year-over-year to $0.48, dramatically outperforming analysts' $0.09 forecast for the quarter by 433.3%.
2. The company experienced robust Revenue Per Available Room (RevPAR) growth and expanded hotel operating margins. Comparable RevPAR for the 39 comparable hotels increased over 3% to an all-time second-quarter high of $158 in fiscal Q2 2026. This positive trend accelerated into the third quarter, with July RevPAR jumping 10% to an all-time high of $169 for the 39 hotels. Accompanying this top-line growth, Hotel Gross Operating Profit (GOP) margins improved by 50 basis points to 47%, and Hotel EBITDA margins rose by 220 basis points to 41% in fiscal Q2 2026.
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Chatham Lodging Trust (CLDT) stock has gained about 50% since 4/30/2026 because of the following key factors:
1. Chatham Lodging Trust reported strong fiscal Q2 2026 financial results that significantly exceeded analyst expectations. The company announced earnings per share of $0.13, surpassing the consensus estimate of $0.11 by $0.02. Revenue also beat forecasts, coming in at $87.80 million against an $82.01 million estimate. Furthermore, adjusted Funds From Operations (FFO) per diluted share surged 22% year-over-year to $0.48, dramatically outperforming analysts' $0.09 forecast for the quarter by 433.3%.
2. The company experienced robust Revenue Per Available Room (RevPAR) growth and expanded hotel operating margins. Comparable RevPAR for the 39 comparable hotels increased over 3% to an all-time second-quarter high of $158 in fiscal Q2 2026. This positive trend accelerated into the third quarter, with July RevPAR jumping 10% to an all-time high of $169 for the 39 hotels. Accompanying this top-line growth, Hotel Gross Operating Profit (GOP) margins improved by 50 basis points to 47%, and Hotel EBITDA margins rose by 220 basis points to 41% in fiscal Q2 2026.
3. Chatham Lodging Trust materially raised its full-year fiscal 2026 earnings guidance. Following the strong performance in fiscal Q2 2026, management increased its full-year fiscal 2026 adjusted FFO per share guidance to a range of $1.28–$1.34. This represents an approximate 20% increase in guidance since the start of the year and reflects confidence in sustained operational momentum and the better-than-expected performance of recently acquired assets.
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Stock Movement Drivers
Fundamental Drivers
The 51.2% change in CLDT stock from 4/30/2026 to 8/6/2026 was primarily driven by a 82.4% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8062026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.61 | 13.03 | 51.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 295 | 301 | 2.2% |
| Net Income Margin (%) | 5.1% | 4.0% | -21.6% |
| P/E Multiple | 27.6 | 50.4 | 82.4% |
| Shares Outstanding (Mil) | 48 | 47 | 3.6% |
| Cumulative Contribution | 51.2% |
Market Drivers
4/30/2026 to 8/6/2026| Return | Correlation | |
|---|---|---|
| CLDT | 51.2% | |
| Market (SPY) | 6.9% | 4.5% |
| Sector (XLRE) | 0.9% | 27.9% |
Fundamental Drivers
The 87.0% change in CLDT stock from 1/31/2026 to 8/6/2026 was primarily driven by a 38.4% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8062026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.97 | 13.03 | 87.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 302 | 301 | -0.3% |
| Net Income Margin (%) | 2.9% | 4.0% | 38.4% |
| P/E Multiple | 39.0 | 50.4 | 29.2% |
| Shares Outstanding (Mil) | 49 | 47 | 4.9% |
| Cumulative Contribution | 87.0% |
Market Drivers
1/31/2026 to 8/6/2026| Return | Correlation | |
|---|---|---|
| CLDT | 87.0% | |
| Market (SPY) | 11.4% | 21.0% |
| Sector (XLRE) | 8.9% | 35.6% |
Fundamental Drivers
The 100.2% change in CLDT stock from 7/31/2025 to 8/6/2026 was primarily driven by a 72.9% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8062026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.51 | 13.03 | 100.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 317 | 301 | -5.0% |
| Net Income Margin (%) | 3.4% | 4.0% | 16.1% |
| P/E Multiple | 29.2 | 50.4 | 72.9% |
| Shares Outstanding (Mil) | 49 | 47 | 5.0% |
| Cumulative Contribution | 100.2% |
Market Drivers
7/31/2025 to 8/6/2026| Return | Correlation | |
|---|---|---|
| CLDT | 100.2% | |
| Market (SPY) | 22.6% | 29.3% |
| Sector (XLRE) | 11.0% | 38.2% |
Fundamental Drivers
The 52.6% change in CLDT stock from 7/31/2023 to 8/6/2026 was primarily driven by a 74.1% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8062026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.54 | 13.03 | 52.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 308 | 301 | -2.0% |
| Net Income Margin (%) | 4.7% | 4.0% | -14.6% |
| P/E Multiple | 29.0 | 50.4 | 74.1% |
| Shares Outstanding (Mil) | 49 | 47 | 4.7% |
| Cumulative Contribution | 52.6% |
Market Drivers
7/31/2023 to 8/6/2026| Return | Correlation | |
|---|---|---|
| CLDT | 52.6% | |
| Market (SPY) | 73.8% | 49.9% |
| Sector (XLRE) | 28.9% | 48.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CLDT Return | 27% | -10% | -10% | -14% | -20% | 101% | 42% |
| Peers Return | 16% | -16% | 18% | -6% | -9% | 57% | 55% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| CLDT Win Rate | 42% | 50% | 50% | 33% | 33% | 100% | |
| Peers Win Rate | 50% | 43% | 53% | 40% | 50% | 72% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CLDT Max Drawdown | -24% | -34% | -36% | -29% | -31% | -10% | |
| Peers Max Drawdown | -23% | -34% | -26% | -23% | -34% | -11% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: APLE, HST, PEB, DRH, RLJ.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/6/2026 (YTD)
How Low Can It Go
| Event | CLDT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.5% | -18.8% |
| % Gain to Breakeven | 36.1% | 23.1% |
| Time to Breakeven | 330 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -32.2% | -6.7% |
| % Gain to Breakeven | 47.5% | 7.1% |
| Time to Breakeven | 1082 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.3% | -24.5% |
| % Gain to Breakeven | 39.5% | 32.4% |
| Time to Breakeven | 119 days | 427 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -14.1% | -19.2% |
| % Gain to Breakeven | 16.4% | 23.8% |
| Time to Breakeven | 37 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -13.7% | -3.7% |
| % Gain to Breakeven | 15.9% | 3.9% |
| Time to Breakeven | 8 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -28.8% | -12.2% |
| % Gain to Breakeven | 40.5% | 13.9% |
| Time to Breakeven | 175 days | 62 days |
In The Past
Chatham Lodging Trust's stock fell -26.5% during the 2025 US Tariff Shock. Such a loss loss requires a 36.1% gain to breakeven.
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Asset Allocation
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| Event | CLDT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.5% | -18.8% |
| % Gain to Breakeven | 36.1% | 23.1% |
| Time to Breakeven | 330 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -32.2% | -6.7% |
| % Gain to Breakeven | 47.5% | 7.1% |
| Time to Breakeven | 1082 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.3% | -24.5% |
| % Gain to Breakeven | 39.5% | 32.4% |
| Time to Breakeven | 119 days | 427 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -28.8% | -12.2% |
| % Gain to Breakeven | 40.5% | 13.9% |
| Time to Breakeven | 175 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -22.1% | -6.8% |
| % Gain to Breakeven | 28.3% | 7.3% |
| Time to Breakeven | 43 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -41.4% | -17.9% |
| % Gain to Breakeven | 70.7% | 21.8% |
| Time to Breakeven | 463 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -25.2% | -15.4% |
| % Gain to Breakeven | 33.7% | 18.2% |
| Time to Breakeven | 972 days | 125 days |
In The Past
Chatham Lodging Trust's stock fell -26.5% during the 2025 US Tariff Shock. Such a loss loss requires a 36.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Chatham Lodging Trust (CLDT)
Chatham Lodging Trust (CLDT) is a self-advised, publicly traded real estate investment trust (REIT) primarily focused on the ownership of hotel properties. As a REIT, its core business involves generating income through the acquisition, development, and management of real estate assets, specifically within the lodging sector.
The company specializes in investing in two distinct categories of hotels: upscale, extended-stay hotels and premium-branded, select-service hotels. As of September 30, 2020, CLDT owned interests in 86 hotels totaling 12,040 rooms/suites. This portfolio consists of 40 wholly-owned properties located across 15 states and the District of Columbia, alongside a significant minority investment in a joint venture that owns an additional 46 hotels. The primary customers for these hotels are travelers seeking quality lodging options for longer durations or those preferring established brands with focused amenities.
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- Chatham Lodging Trust is like the Simon Property Group (SPG) for upscale hotels.
- Think of Chatham Lodging Trust as a major landlord that owns hotel properties, rather than a company that operates hotel brands like Marriott or Hilton.
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- Upscale, Extended-Stay Hotel Accommodation: Providing lodging services for guests seeking longer stays, often including in-room kitchen facilities and other home-like amenities.
- Premium-Branded, Select-Service Hotel Accommodation: Offering high-quality lodging services through well-known hotel brands that focus on essential amenities and efficient service without extensive full-service offerings.
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Chatham Lodging Trust (CLDT) operates hotels and, as such, sells primarily to individuals and businesses who book stays at its properties. Its major customer categories are:
- Business Travelers: Individuals traveling for work, including corporate guests, consultants, project teams, and those on extended assignments requiring upscale accommodations with amenities suitable for longer stays.
- Leisure Travelers: Individuals, couples, and families booking stays for vacations, weekend getaways, special events, or other personal travel, seeking premium-branded, select-service hotel experiences.
- Extended-Stay Guests (Non-Business): Individuals requiring temporary housing due to personal circumstances such as home renovations, relocations, or other transitional living situations, who benefit from the extended-stay hotel model.
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Marriott International, Inc. (MAR)
Hilton Worldwide Holdings Inc. (HLT)
Hyatt Hotels Corporation (H)
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Mr. Fisher is the Chairman, President, and Chief Executive Officer of Chatham Lodging Trust, roles he has held since the company's formation in October 2009. He is also the Chairman and majority shareholder of Island Hospitality Management, LLC (IHM), Chatham's hotel manager, a firm he founded in 2007. From 1994 to 2007, Mr. Fisher was Chairman, Chief Executive Officer, and President of Innkeepers USA Trust, a lodging REIT he founded and took public in 1994. He grew Innkeepers' portfolio from seven hotels to 74 hotels, and the company was sold in June 2007 for a total enterprise value of $1.5 billion to an institutional investor. Between 1986 and 1994, he served as President and Chief Executive Officer of JF Hotel Management, Inc. Jeremy B. Wegner, Senior Vice President and Chief Financial Officer
Mr. Wegner joined Chatham Lodging Trust on June 1, 2015. He leads capital markets, mergers and acquisitions, financing, and financial reporting, with a track record of involvement in over $50 billion of mergers, acquisitions, and equity and debt financings. Prior to joining Chatham, he was Vice President of Mergers and Acquisitions for Starwood Hotels & Resorts Worldwide, where he was responsible for identifying and executing merger, acquisition, and divestiture opportunities. He played a significant role at Starwood in evaluating strategic alternatives for its timeshare business and executing the announced spin-off. Previously, Mr. Wegner was a senior vice president in the real estate investment banking groups at Barclays Capital Inc. and Lehman Brothers, where he covered the lodging sector for over ten years. Dennis M. Craven, Executive Vice President and Chief Operating Officer
Mr. Craven previously served as Executive Vice President and Chief Financial Officer of Innkeepers USA Trust, a NYSE-listed hotel REIT, from March 2006 until its acquisition by an affiliate of Apollo Investment Corporation in June 2007. He continued as Chief Financial Officer of Innkeepers until August 2010 following the acquisition. Before joining Innkeepers in 2006, Mr. Craven was a partner in Addison Capital Advisors, a venture capital firm, and served as Senior Vice President and Chief Accounting Officer of Independent Bank. He also served as Vice President and Controller, and later Vice President and Chief Accounting Officer, of RFS Hotel Investors, Inc., a NYSE-listed hotel REIT. Eric Kentoff, Senior Vice President, General Counsel & Secretary
Mr. Kentoff joined Chatham Lodging Trust in January 2011. He serves as the legal advisor to the senior management team and the board of trustees and has primary oversight and management responsibility for all legal affairs of the company. Prior to joining Chatham, Mr. Kentoff served as Counsel at Innkeepers USA Trust from 2005 through 2010. Peter Willis, Executive Vice President and Chief Investment Officer
Mr. Willis is the Executive Vice President and Chief Investment Officer of Chatham Lodging Trust.
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- Interest Rate Risk and High Debt Load: As a real estate investment trust (REIT), Chatham Lodging Trust relies on significant borrowings for its property investments. Rising interest rates directly increase the company's interest expenses, which can substantially impact profitability and cash flow. Chatham Lodging Trust has a material debt load, and its net interest expense has increased due to high interest rates, consuming a significant portion of its operating income.
- Economic Cyclicality and Volatility in Travel Demand: The performance of Chatham Lodging Trust is highly sensitive to overall economic conditions, consumer spending, and travel demand, encompassing both leisure and business travel. Fluctuations in these factors directly affect key metrics such as occupancy rates, average daily rates (ADR), and revenue per available room (RevPAR). Hospitality REITs face a heightened risk of external disruptions due to their reliance on human movement, as seen with past public health crises like COVID-19, which caused sharp reductions in occupancy rates and cash flows. Changes in business travel patterns, potentially influenced by increased remote work, also pose an ongoing risk.
- Competition and Operating Expenses: The hotel industry is intensely competitive, requiring continuous investment in property maintenance, updates, and technology to remain attractive to guests. Hotel REITs, including Chatham Lodging Trust, face inherent operational challenges such as oversupply in certain markets, the need for regular property refreshment to stay competitive, and managing often unpredictable operating costs.
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The acceleration and normalization of remote work and virtual collaboration technologies, leading to a potentially sustained reduction in business travel and corporate group events.
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For Chatham Lodging Trust, which primarily invests in upscale, extended-stay hotels and premium-branded, select-service hotels, the addressable market for these segments in the U.S. is substantial.
U.S. Extended-Stay Hotel Market
The U.S. extended-stay hotel market was valued at approximately USD 19.3 billion in 2024. Other estimates place the market size at around USD 22.8 billion in 2024 and USD 22.91 billion in 2024. This market is projected to reach USD 21.7 billion by 2025 and could grow to USD 37.3 billion by 2030 with a compound annual growth rate (CAGR) of 8.7% from 2025 to 2030. Some projections indicate even higher growth, with the market reaching USD 65.95 billion by 2034 at a CAGR of 12.3%.
Within the extended-stay segment, luxury/upscale extended-stay hotels held a significant market share of 75.92% in 2023, indicating a strong presence for the upscale focus of Chatham Lodging Trust.
U.S. Select-Service Hotel Market
The distinction between select-service and extended-stay hotels has increasingly blurred, with the two sectors converging into a unified market. This combined sector boasts over 200 brands and has seen significant investor interest due to its robust performance and operational efficiency. In 2024, the U.S. select-service and extended-stay hotel sector saw its RevPAR (revenue per available room) reach a record high of USD 78.
Overall U.S. Upscale Hotel Market Context
More broadly, the luxury and upscale segment accounted for about 61% of the total U.S. hotel market in 2024, which was estimated at USD 263.21 billion. This demonstrates the significant size of the broader upscale market in which Chatham Lodging Trust operates its extended-stay and select-service properties. The North American luxury hotel market alone was valued at USD 54.25 billion in 2025.
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Chatham Lodging Trust (CLDT) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:
- RevPAR Growth in Key Markets: The company anticipates continued growth in Revenue Per Available Room (RevPAR), particularly driven by strong demand in its primarily tech-driven hotel markets. For example, Chatham Lodging Trust projected RevPAR growth of 2.5% to 4% for Q2 2024, with April RevPAR showing a 5% increase over 2023 levels. Management expects to outperform the industry in 2024 due to surging demand in these tech-centric locations, with tech hotel RevPAR up 12% in April. While 2026 RevPAR growth is projected to be modest at -0.5% to +1.5%, the expectation is for positive growth over the remainder of the year after a challenging first quarter.
- Strategic Acquisitions of High-Growth Hotels: Chatham Lodging Trust plans to enhance its portfolio by selling older, lower-performing hotels and reinvesting the proceeds into acquiring higher-growth, higher RevPAR, and higher-margin properties. This strategy aims to improve overall shareholder value and cash flow. The company noted an increase in deal volume for hotel investments and anticipated announcing an acquisition in Q1 2024.
- Property Renovations and Capital Investments: Ongoing capital expenditures and planned renovations across its hotel portfolio are expected to refresh properties, improve guest experience, and enable stronger pricing power. Significant renovations were planned for several hotels in 2024, including the Courtyard Dallas Addison, and Residence Inns in Austin and San Diego. The company has allocated approximately $26 million for capital expenditures in 2026, which includes three major hotel renovations.
- Effective Expense Management and Stabilizing Costs: While not a direct revenue driver, the stabilization of operating costs, particularly labor and benefits, allows for a greater flow-through from revenue to profitability and frees up capital for growth initiatives. Chatham Lodging Trust has observed a stabilization of major cost increases experienced in the second half of the previous year, with average hourly wages in Q1 2024 remaining essentially unchanged from Q3 and Q4 2023. This disciplined expense control has helped mitigate RevPAR declines.
- Demand from Special Events and Business Travel: Specific events, such as the upcoming World Cup, are expected to boost demand in key markets like Sunnyvale, Los Angeles, and Dallas, contributing to increased revenue. Additionally, underlying business travel demand in markets representing over half of the company's trailing 12-month EBITDA generated RevPAR growth between 5% and 10% in Q2 2024, indicating a healthy environment for corporate and extended-stay bookings.
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Share Repurchases
- Chatham Lodging Trust implemented a $25 million share repurchase plan in 2025, acquiring 1.3 million shares for $9 million during the year.
- As of February 25, 2026, the company had repurchased approximately 1.8 million shares for almost $13 million, representing over half of the authorized $25 million plan.
- In the fourth quarter of 2025 alone, the company repurchased 1.0 million common shares for approximately $7.0 million.
Share Issuance
- In June 2021, Chatham Lodging Trust issued $120 million of preferred equity and $25 million of common equity.
- An "at-the-market" equity offering program was established in January 2021, allowing for the public offer and sale of common shares up to an aggregate offering price of $100 million.
Outbound Investments
- In March 2026, Chatham Lodging Trust acquired six Hilton-branded hotels comprising 589 rooms for $92 million, funded with available cash and borrowings.
- Over the 18 months leading up to March 2026, the company sold six older hotels for approximately $100 million as part of an asset recycling strategy.
- During the second quarter of 2022, Chatham sold four hotels comprising 537 rooms for aggregate proceeds of approximately $80 million.
Capital Expenditures
- Chatham Lodging Trust's capital expenditure budget for 2026 is approximately $26 million, including renovations at three hotels estimated to cost around $17 million.
- For 2025, the capital expenditure budget was approximately $26 million, with actual expenditures expected to be around $25 million, which included renovations at properties such as the Residence Inn Austin and Residence Inn Mountain View.
- The 2024 capital expenditure budget was approximately $37 million, with capital improvements totaling $30.6 million for the year.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Chatham Lodging Trust Earnings Notes | 12/16/2025 | |
| How Low Can Chatham Lodging Trust Stock Really Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 14.51 |
| Mkt Cap | 2.3 |
| Rev LTM | 1,401 |
| Op Inc LTM | 156 |
| FCF LTM | 266 |
| FCF 3Y Avg | 273 |
| CFO LTM | 266 |
| CFO 3Y Avg | 273 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.1% |
| Rev Chg 3Y Avg | 2.5% |
| Rev Chg Q | 3.9% |
| QoQ Delta Rev Chg LTM | 1.0% |
| Op Inc Chg LTM | 7.7% |
| Op Inc Chg 3Y Avg | 0.5% |
| Op Mgn LTM | 12.1% |
| Op Mgn 3Y Avg | 12.2% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 23.3% |
| CFO/Rev 3Y Avg | 22.2% |
| FCF/Rev LTM | 18.6% |
| FCF/Rev 3Y Avg | 19.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Company's hotels | 294 | 316 | 310 | 294 | |
| Reimbursable costs from related parties | 1 | 1 | 1 | 1 | 2 |
| Food and beverage | 4 | ||||
| Other | 11 | ||||
| Room | 187 | ||||
| Total | 295 | 317 | 311 | 295 | 204 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Company's hotels | 15 | 4 | 2 | 10 |
| Total | 15 | 4 | 2 | 10 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| Company's hotels | 1,170 | 1,255 |
| Total | 1,170 | 1,255 |
Price Behavior
| Market Price | $13.03 | |
| Market Cap ($ Bil) | 0.6 | |
| First Trading Date | 04/16/2010 | |
| Distance from 52W High | -5.4% | |
| 50 Days | 200 Days | |
| DMA Price | $12.72 | $8.77 |
| DMA Trend | up | up |
| Distance from DMA | 2.4% | 48.5% |
| 3M | 1YR | |
| Volatility | 28.9% | 30.9% |
| Downside Capture | -6.34 | 22.55 |
| Upside Capture | 112.86 | 96.84 |
| Correlation (SPY) | 3.6% | 28.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.19 | 0.04 | 0.10 | 0.52 | 0.70 | 1.01 |
| Up Beta | -2.10 | -1.14 | -0.55 | 0.25 | 0.90 | 1.10 |
| Down Beta | 0.36 | -0.45 | 0.24 | 0.81 | 0.78 | 0.94 |
| Up Capture | 85% | 138% | 134% | 128% | 99% | 90% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 12 | 26 | 38 | 73 | 127 | 358 |
| Down Capture | 75% | -10% | -89% | -23% | 25% | 100% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 9 | 15 | 22 | 49 | 117 | 368 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLDT | |
|---|---|---|---|---|
| CLDT | 104.0% | 30.9% | 2.32 | - |
| Sector ETF (XLRE) | 10.0% | 14.1% | 0.45 | 38.1% |
| Equity (SPY) | 23.5% | 12.9% | 1.37 | 28.5% |
| Gold (GLD) | 25.3% | 28.3% | 0.79 | 1.6% |
| Commodities (DBC) | 32.4% | 19.8% | 1.30 | -19.5% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 42.2% |
| Bitcoin (BTCUSD) | -43.6% | 43.0% | -1.21 | 12.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLDT | |
|---|---|---|---|---|
| CLDT | 3.9% | 32.9% | 0.17 | - |
| Sector ETF (XLRE) | 2.6% | 19.1% | 0.04 | 51.7% |
| Equity (SPY) | 13.2% | 17.2% | 0.59 | 54.3% |
| Gold (GLD) | 17.9% | 18.5% | 0.78 | 7.3% |
| Commodities (DBC) | 8.0% | 19.6% | 0.31 | 12.8% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 56.7% |
| Bitcoin (BTCUSD) | 10.0% | 53.0% | 0.38 | 24.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLDT | |
|---|---|---|---|---|
| CLDT | -2.1% | 43.1% | 0.10 | - |
| Sector ETF (XLRE) | 6.2% | 20.4% | 0.26 | 53.3% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 51.9% |
| Gold (GLD) | 11.8% | 16.2% | 0.59 | 2.4% |
| Commodities (DBC) | 7.4% | 18.0% | 0.33 | 21.1% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 61.0% |
| Bitcoin (BTCUSD) | 58.3% | 66.2% | 0.98 | 17.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/7/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 2.5% | ||
| 5/7/2026 | 12.5% | 11.8% | 29.3% |
| 2/25/2026 | 1.2% | 4.9% | 8.3% |
| 11/5/2025 | 1.1% | 6.3% | 1.7% |
| 8/6/2025 | 1.5% | 6.1% | 12.2% |
| 5/6/2025 | 0.3% | 4.0% | 0.7% |
| 2/26/2025 | 1.9% | -0.2% | -8.7% |
| 11/7/2024 | 8.7% | 9.9% | 14.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 13 |
| # Negative | 10 | 10 | 11 |
| Median Positive | 2.9% | 6.1% | 8.3% |
| Median Negative | -1.5% | -2.7% | -5.2% |
| Max Positive | 12.5% | 23.7% | 57.5% |
| Max Negative | -6.5% | -12.4% | -26.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 2.5% | ||
| 5/7/2026 | 12.5% | 11.8% | 29.3% |
| 2/25/2026 | 1.2% | 4.9% | 8.3% |
| 11/5/2025 | 1.1% | 6.3% | 1.7% |
| 8/6/2025 | 1.5% | 6.1% | 12.2% |
| 5/6/2025 | 0.3% | 4.0% | 0.7% |
| 2/26/2025 | 1.9% | -0.2% | -8.7% |
| 11/7/2024 | 8.7% | 9.9% | 14.1% |
| 8/2/2024 | -0.8% | -8.0% | -1.3% |
| 5/6/2024 | -1.7% | -1.6% | -5.1% |
| 2/27/2024 | -2.5% | -2.6% | -3.7% |
| 11/2/2023 | 6.8% | 1.3% | 8.4% |
| 8/2/2023 | 1.3% | 2.0% | 3.7% |
| 5/4/2023 | -1.3% | -1.3% | -3.0% |
| 2/23/2023 | -1.2% | -5.3% | -26.9% |
| 11/8/2022 | 2.9% | 6.1% | 4.9% |
| 8/3/2022 | 7.5% | 7.5% | 0.5% |
| 5/4/2022 | -0.7% | -12.4% | -5.2% |
| 2/24/2022 | -0.4% | 0.0% | -5.8% |
| 11/4/2021 | -1.7% | -1.2% | -10.1% |
| 8/3/2021 | -2.9% | -2.8% | 1.7% |
| 5/4/2021 | -6.5% | -11.3% | -5.9% |
| 2/24/2021 | 4.5% | 1.4% | -0.1% |
| 10/29/2020 | 5.5% | 7.9% | 57.5% |
| 8/5/2020 | 8.4% | 23.7% | 28.6% |
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 13 |
| # Negative | 10 | 10 | 11 |
| Median Positive | 2.9% | 6.1% | 8.3% |
| Median Negative | -1.5% | -2.7% | -5.2% |
| Max Positive | 12.5% | 23.7% | 57.5% |
| Max Negative | -6.5% | -12.4% | -26.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/26/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
Recent Forward Guidance
Updated 8/5/2026Latest: Q2 2026 Earnings Reported 8/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 RevPAR | 142 | 143 | 144 | 1.4% | Raised | Guidance: 141 for 2026 | |
| 2026 RevPAR growth | 1.5% | 2.25% | 3.0% | 1.2% | Raised | Guidance: 1.0% for 2026 | |
| 2026 Total hotel revenue | 312.00 Mil | 314.50 Mil | 316.00 Mil | 1.1% | Raised | Guidance: 311.00 Mil for 2026 | |
| 2026 Net income (loss) to common shares | -4.70 Mil | -3.15 Mil | -1.60 Mil | -38.2% | Raised | Guidance: -5.10 Mil for 2026 | |
| 2026 Net income (loss) per diluted share | -0.1 | -0.07 | -0.03 | ||||
| 2026 Adjusted EBITDA | 99.20 Mil | 100.75 Mil | 102.30 Mil | 3.4% | Raised | Guidance: 97.45 Mil for 2026 | |
| 2026 Adjusted FFO | 63.70 Mil | 65.25 Mil | 66.80 Mil | 4.7% | Raised | Guidance: 62.35 Mil for 2026 | |
| 2026 Adjusted FFO per diluted share | 1.28 | 1.31 | 1.34 | 4.8% | Raised | Guidance: 1.25 for 2026 | |
| 2026 Hotel EBITDA margins | 35.5% | 35.75% | 36.0% | ||||
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 RevPAR | 140 | 141 | 142 | -1.7% | Lowered | Guidance: 144 for 2026 | |
| 2026 RevPAR growth | 0.0% | 1.0% | 2.0% | 0.5% | Raised | Guidance: 0.5% for 2026 | |
| 2026 Total hotel revenue | 308.00 Mil | 311.00 Mil | 314.00 Mil | 8.4% | Raised | Guidance: 287.00 Mil for 2026 | |
| 2026 Net income (loss) to common shares | -7.30 Mil | -5.10 Mil | -2.90 Mil | ||||
| 2026 Adjusted EBITDA | 95.30 Mil | 97.45 Mil | 99.60 Mil | 12.7% | Raised | Guidance: 86.50 Mil for 2026 | |
| 2026 Adjusted FFO | 60.20 Mil | 62.35 Mil | 64.50 Mil | 12.3% | Raised | Guidance: 55.50 Mil for 2026 | |
| 2026 Adjusted FFO per diluted share | 1.21 | 1.25 | 1.29 | 14.7% | Raised | Guidance: 1.09 for 2026 | |
Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 RevPAR | 142 | 144 | 145 | ||||
| 2026 RevPAR Growth | -0.5% | 0.5% | 1.5% | ||||
| 2026 Total Hotel Revenue | 284.00 Mil | 287.00 Mil | 290.00 Mil | -2.2% | Lower New | Actual: 293.50 Mil for 2025 | |
| 2026 Adjusted EBITDA | 84.00 Mil | 86.50 Mil | 89.00 Mil | ||||
| 2026 Adjusted FFO | 53.00 Mil | 55.50 Mil | 58.00 Mil | ||||
| 2026 Adjusted FFO per diluted share | 1.04 | 1.09 | 1.14 | ||||
| 2026 Hotel EBITDA margins | 33.5% | 34.0% | 34.5% | ||||
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | 66.00 Mil | 66.50 Mil | 67.00 Mil | ||||
| Q4 2025 Net Income | -7.80 Mil | -7.00 Mil | -6.20 Mil | ||||
| Q4 2025 EPS | -0.15 | -0.14 | -0.12 | ||||
| 2025 Revenue | 293.00 Mil | 293.50 Mil | 294.00 Mil | -0.8% | Lowered | Guidance: 296.00 Mil for 2025 | |
| 2025 Net Income | -3.00 Mil | -2.20 Mil | -1.40 Mil | ||||
| 2025 EPS | -0.06 | -0.04 | -0.03 | ||||
Investor Activity (13F)
Updated Aug 7, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Hotel & Resort REITs Resources |
| Hotel News Now |
| Hospitality Net |
| Lodging Magazine |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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