• Prologis for hotels.
• Equity Residential for hotels.
• The landlord for many Marriott and Hilton branded hotels.

• Hotel Room Accommodations: Providing guest rooms for short-term and extended stays in its upscale select-service and extended-stay hotels.
• Meeting and Event Facilities: Offering flexible spaces for corporate meetings, small conferences, and social gatherings within its hotel properties.
• On-site Amenities: Providing access to various conveniences such as fitness centers, swimming pools, business centers, and complimentary breakfast options for guests.

Chatham Lodging Trust (CLDT) is a real estate investment trust (REIT) that owns upscale extended-stay and premium select-service hotels. As such, its primary customers are individuals and groups staying at its hotel properties.

The company primarily sells to individuals, and the following are up to three categories of customers it serves:

1. Business Travelers: Individuals traveling for corporate purposes, including attending meetings, conferences, business projects, or training. Given CLDT's focus on upscale select-service and extended-stay properties, this segment is a significant customer base for their hotels, often seeking convenient locations and amenities suited for work-related stays.
2. Leisure Travelers: Individuals, couples, or families traveling for vacation, tourism, personal events (e.g., weddings, family reunions), or short getaways. These guests seek comfort, convenience, and amenities for recreational purposes.
3. Extended-Stay Guests: This category includes individuals or groups requiring longer-term accommodations, often for weeks or months. This can include corporate relocations, project teams, individuals undergoing medical treatment, or those temporarily displaced. CLDT's portfolio, with a focus on extended-stay brands, caters specifically to the needs of these guests, offering amenities like in-suite kitchens and laundry facilities.

• Island Hospitality Management
• Marriott International, Inc. (MAR)
• Hilton Worldwide Holdings Inc. (HLT)
• Hyatt Hotels Corporation (H)
• IHG Hotels & Resorts (IHG.L)

Jeffrey H. Fisher, Chairman of the Board, Chief Executive Officer & President

Mr. Fisher has served as Chairman, Chief Executive Officer, and President of Chatham Lodging Trust since October 2009. He founded Innkeepers USA Trust, a lodging REIT, in 1994, taking it public and growing its portfolio from seven to 74 hotels before its sale to an institutional investor for $1.5 billion in June 2007. He also founded Island Hospitality Management (IHM) in 2007, which currently manages numerous hotels for unaffiliated owners. Prior to that, he was President and Chief Executive Officer of JF Hotel Management, Inc. from 1986 to 1994.

Jeremy B. Wegner, Senior Vice President and Chief Financial Officer

Mr. Wegner joined Chatham Lodging Trust in 2015. Before joining Chatham, he was Vice President of Mergers and Acquisitions for Starwood Hotels & Resorts Worldwide from 2012 to 2015, where he was responsible for identifying and executing merger, acquisition, and divestiture opportunities. He has a significant track record with over $50 billion in mergers, acquisitions, and equity and debt financings. He also served as a Senior Vice President in the real estate investment banking groups at Barclays Capital Inc. (2008-2012) and Lehman Brothers (2001-2008), covering the lodging sector. Mr. Wegner began his career as an analyst at Credit Suisse in 1998.

Dennis M. Craven, Executive Vice President & Chief Operating Officer

Mr. Craven has served as Executive Vice President and Chief Operating Officer of Chatham Lodging Trust since 2015, having previously served as the company's Chief Financial Officer from 2010 to 2015. He was formerly 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, continuing as CFO until August 2010. Prior to Innkeepers, Mr. Craven was a partner in Addison Capital Advisors, a venture capital firm. His career also includes roles as Senior Vice President and Chief Accounting Officer of Independent Bank and various positions at RFS Hotel Investors, Inc., another NYSE-listed hotel REIT, and as a senior manager with PricewaterhouseCoopers LLP.

Eric Kentoff, Senior Vice President, General Counsel & Secretary

Mr. Kentoff joined Chatham Lodging Trust in January 2011. As Senior Vice President, General Counsel, and Secretary, he is the primary legal advisor to the senior management team and the board of trustees, overseeing all legal affairs for the company. Before joining Chatham, he served as Counsel at Innkeepers USA Trust from 2005 through 2010.

The key risks to Chatham Lodging Trust (CLDT) primarily revolve around its financial leverage and the sensitivity of the lodging industry to economic conditions.

1. High Debt Load and Interest Rate Sensitivity: Chatham Lodging Trust carries a material debt load, and its net interest expense has significantly increased due to high interest rates, consuming a substantial portion of its operating income. This high debt burden makes the company particularly vulnerable to sustained high interest rates or further increases, impacting its profitability and overall financial health.
2. Adverse Economic Conditions and Impact on Travel Demand: The company's performance is highly dependent on national and local economic and business conditions. Factors such as lower consumer confidence, changes in business travel patterns, or broader economic downturns can lead to reduced occupancy rates and decreased demand for hotel products and services. The hotel REIT sector, including Chatham Lodging Trust, has been experiencing headwinds from cooling travel demand and evolving business-trip habits.
3. Operating Risks and Competition within the Hotel Business: Chatham Lodging Trust faces inherent operating risks associated with the hotel business. These include the ability to compete effectively in areas such as location, quality of accommodations, and room rates, as well as the need to maintain its properties and meet capital expenditure requirements. Changes in travel patterns, taxes, and government regulations can also influence operating costs and profitability.

The clear emerging threat to Chatham Lodging Trust (CLDT) is the sustained structural shift towards remote and hybrid work models, leading to a permanent reduction in traditional corporate and business travel demand.

CLDT's portfolio primarily consists of upscale, extended-stay, and select-service hotels, which historically have a strong reliance on business travelers, corporate accounts, and project-based stays. The widespread adoption and continued evolution of remote work technologies (e.g., Zoom, Microsoft Teams) and corporate policies embracing flexible work arrangements mean that a significant portion of business travel, particularly for routine meetings and short trips, may not fully recover to pre-pandemic levels.

While leisure travel has largely rebounded, the recovery of business travel continues to lag, and industry analysis consistently points to a long-term recalibration of corporate travel budgets and patterns. This fundamental change in how businesses operate directly impacts the occupancy, average daily rate (ADR), and revenue per available room (RevPAR) for hotels in CLDT's target segments.

Chatham Lodging Trust (CLDT) primarily operates in the upscale extended-stay and premium-branded select-service hotel markets within the United States.

Addressable Market Sizes:

• U.S. Extended-Stay Hotel Market: The U.S. extended-stay hotel market generated approximately $22.8 billion in revenue in 2024. This market is projected to grow to $37.3 billion by 2030, with a compound annual growth rate (CAGR) of 8.7% from 2025 to 2030. Another source indicates the U.S. extended-stay hotel market was valued at $22.91 billion in 2024 and is projected to reach $65.95 billion by 2034, growing at a CAGR of 12.3%.
• U.S. Select-Service Hotel Market: The United States hospitality market for select-service concepts is projected to reach $186 billion by 2030. In 2024, select-service brands accounted for 42% of the total revenue in the U.S. hospitality market, which was valued at $247.45 billion in 2025.

Chatham Lodging Trust (CLDT) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

• Recovery and Rebound in Key Business and Tech-Focused Markets: The company anticipates significant revenue growth from the recovery of its hotels in key business and technology-centric markets, particularly its Silicon Valley properties. The return of these properties to 2019 performance levels is projected to substantially increase EBITDA and Funds From Operations (FFO). Additionally, the completion of a major convention center expansion in Dallas is expected to lead to a rebound in that market, contributing to overall revenue growth.
• Strategic Portfolio Optimization through Asset Dispositions and Acquisitions: Chatham Lodging Trust is actively engaged in a strategy of selling older, lower-performing hotels and reinvesting the proceeds into newer, higher-quality assets or expanding its presence in existing attractive markets. This disciplined asset recycling is designed to enhance the overall quality and revenue-generating potential of its hotel portfolio.
• Sustained Outperformance in Revenue Per Available Room (RevPAR) Growth: The company has consistently demonstrated a competitive advantage by achieving RevPAR growth that exceeds the broader industry average for several consecutive years. This sustained ability to attract guests and maintain pricing power within its upscale, extended-stay, and premium-branded select-service hotel segments is a key driver for future revenue expansion.
• Favorable Industry Dynamics, including Limited New Supply Growth: General lodging industry conditions are anticipated to be favorable, with forecasts indicating limited new supply growth. This environment is expected to contribute to Chatham Lodging Trust's RevPAR and margin expansion, allowing the company to potentially increase occupancy rates and average daily rates across its portfolio.

Share Repurchases

• Chatham Lodging Trust's Board of Trustees approved a $25 million share buyback program in Q1 2025.
• In Q3 2025, the company repurchased 255,000 shares for $1.8 million, and an additional 230,000 shares for $1.5 million subsequent to the end of Q3 2025.
• By November 2025, approximately 500,000 shares, or 1% of outstanding shares, had been repurchased at an average price of $6.85 per share.

Share Issuance

• Chatham Lodging Trust completed a multi-year balance sheet repositioning in 2024, which included the issuance of equity to reduce overall leverage.

Outbound Investments

• Between Q4 2024 and April 2025, Chatham Lodging Trust sold five older hotels for total proceeds of $83 million, representing an approximate 6% capitalization rate on 2024 net operating income.
• These five hotels were among the six lowest RevPAR-generating assets in the company's portfolio.
• The company was also under contract to sell another hotel for $17 million in Q4 2025.

Capital Expenditures

• Capital expenditures for Q1 2025 totaled $7 million, with an additional $9 million spent in Q2 2025.
• The full-year 2025 capital expenditure guidance is approximately $26 million, with $16 million allocated for the renovation of three hotels.
• Planned renovations for Q4 2025 include the Residence Inn Austin and Residence Inn Mountain View, California.