Chatham Lodging Trust (CLDT)


Market Price (9/21/2026): $12.97 | Market Cap: $604.8 MilSector: Real Estate | Industry: Hotel & Resort REITs

Chatham Lodging Trust (CLDT)


Market Price (9/21/2026): $12.97
Market Cap: $604.8 Mil
Sector: Real Estate
Industry: Hotel & Resort REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Attractive yield
Total 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 generation
CFO/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 volatility
Vol 12M is 31%

Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Travel & Leisure Tech, Show more.

Weak multi-year price returns
3Y Excs Rtn is -21%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 70%

Weak revenue growth
Rev 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 expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 59%

Key risks
CLDT key risks include [1] a material debt load that consumes a substantial portion of operating income, Show more.

0 Attractive yield
Total 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%
1 Attractive cash flow generation
CFO/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%
2 Low stock price volatility
Vol 12M is 31%
3 Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Travel & Leisure Tech, Show more.
4 Weak multi-year price returns
3Y Excs Rtn is -21%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 70%
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.1%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.9%
7 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 59%
8 Key risks
CLDT key risks include [1] a material debt load that consumes a substantial portion of operating income, Show more.

CLDT in ETFs

Weight = CLDT's share of each fund

VTI0.00%
ITOT0.00%
IWM0.02%
USRT0.05%
VNQ0.04%
VTWO0.02%
SCHA0.01%
IWN0.01%
+2 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/1/2026

Chatham Lodging Trust (CLDT) stock has gained about 20% since 5/31/2026 because of the following key factors:

1. Chatham Lodging Trust (CLDT) reported strong fiscal Q2 2026 earnings, surpassing analyst expectations and raising its full-year guidance. The company announced earnings per share (EPS) of $0.13 for fiscal Q2 2026 (ended June 30, 2026), exceeding the consensus estimate of $0.11 by $0.02. Quarterly revenue reached $87.80 million, outperforming analyst projections of $82.01 million. Following these results, management increased its full-year 2026 Adjusted Funds From Operations (AFFO) per share guidance to a range of $1.28-$1.34.

2. The company experienced robust Revenue Per Available Room (RevPAR) growth, indicating strong operational performance and accelerating demand. Chatham Lodging Trust's comparable hotel RevPAR increased by over 3% to $158 in fiscal Q2 2026 compared to the prior year, marking an all-time high for a second quarter. This positive trend accelerated throughout the period, with June RevPAR rising 8.7% and July RevPAR increasing 9.7% for the overall portfolio. Specific strength was noted in Silicon Valley, where RevPAR grew 7% year-over-year, and in the recently acquired six-hotel Midwest portfolio, which saw an 8.6% year-over-year RevPAR increase.

Show more
Updated on 9/1/2026

Chatham Lodging Trust (CLDT) stock has gained about 20% since 5/31/2026 because of the following key factors:

1. Chatham Lodging Trust (CLDT) reported strong fiscal Q2 2026 earnings, surpassing analyst expectations and raising its full-year guidance. The company announced earnings per share (EPS) of $0.13 for fiscal Q2 2026 (ended June 30, 2026), exceeding the consensus estimate of $0.11 by $0.02. Quarterly revenue reached $87.80 million, outperforming analyst projections of $82.01 million. Following these results, management increased its full-year 2026 Adjusted Funds From Operations (AFFO) per share guidance to a range of $1.28-$1.34.

2. The company experienced robust Revenue Per Available Room (RevPAR) growth, indicating strong operational performance and accelerating demand. Chatham Lodging Trust's comparable hotel RevPAR increased by over 3% to $158 in fiscal Q2 2026 compared to the prior year, marking an all-time high for a second quarter. This positive trend accelerated throughout the period, with June RevPAR rising 8.7% and July RevPAR increasing 9.7% for the overall portfolio. Specific strength was noted in Silicon Valley, where RevPAR grew 7% year-over-year, and in the recently acquired six-hotel Midwest portfolio, which saw an 8.6% year-over-year RevPAR increase.

3. Expanded profit margins and strategic capital allocation contributed to improved financial health. The company successfully expanded its gross operating profit (GOP) margins by approximately 50 basis points to 47% and its hotel EBITDA margins by a strong 220 basis points to 41% in fiscal Q2 2026, driven by effective expense management. Additionally, Chatham Lodging Trust repurchased 0.3 million common shares during fiscal Q2 2026 at an average price of $9.07 per share.

4. Significant institutional investment and positive analyst sentiment bolstered investor confidence. During fiscal Q2 2026, BlackRock Inc. acquired a new stake of 8,972,566 shares in Chatham Lodging Trust, valued at approximately $118.7 million. This substantial institutional investment signals strong market confidence. Concurrently, analysts issued positive coverage, with Stifel Nicolaus raising its price target from $13.00 to $14.00 in July 2026 and Wall Street Zen upgrading the stock from a "hold" to a "buy" rating in August 2026.

5. A favorable macroeconomic environment for the broader hotel Real Estate Investment Trust (REIT) sector provided tailwinds. The hotel REIT sub-sector demonstrated strong performance during the analysis period, with the Baird Hotel Stock Index, which includes major hotel REITs, rising 3% in June 2026 and showing a 21.1% year-to-date increase. Hotel REITs, specifically, gained over 11% in June alone, contributing to a three-month increase of more than 35% for the sub-sector. This industry-wide strength was supported by strong RevPAR growth across the sector, particularly in higher-end chain scales.

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Stock Movement Drivers

Fundamental Drivers

The 20.5% change in CLDT stock from 5/31/2026 to 9/20/2026 was primarily driven by a 27.5% change in the company's Net Income Margin (%).
(LTM values as of)53120269202026Change
Stock Price ($)10.7712.9820.5%
Change Contribution By: 
Total Revenues ($ Mil)2943012.6%
Net Income Margin (%)3.1%4.0%27.5%
P/E Multiple55.250.2-9.0%
Shares Outstanding (Mil)47471.3%
Cumulative Contribution20.5%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/20/2026
ReturnCorrelation
CLDT20.5% 
Market (SPY)0.9%2.7%
Sector (XLRE)-3.3%37.5%

Fundamental Drivers

The 71.8% change in CLDT stock from 2/28/2026 to 9/20/2026 was primarily driven by a 107.2% change in the company's P/E Multiple.
(LTM values as of)22820269202026Change
Stock Price ($)7.5512.9871.8%
Change Contribution By: 
Total Revenues ($ Mil)2953012.2%
Net Income Margin (%)5.1%4.0%-21.6%
P/E Multiple24.250.2107.2%
Shares Outstanding (Mil)48473.6%
Cumulative Contribution71.8%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/20/2026
ReturnCorrelation
CLDT71.8% 
Market (SPY)11.6%18.8%
Sector (XLRE)-2.3%34.1%

Fundamental Drivers

The 78.2% change in CLDT stock from 8/31/2025 to 9/20/2026 was primarily driven by a 33.1% change in the company's P/E Multiple.
(LTM values as of)83120259202026Change
Stock Price ($)7.2812.9878.2%
Change Contribution By: 
Total Revenues ($ Mil)311301-3.1%
Net Income Margin (%)3.0%4.0%31.6%
P/E Multiple37.750.233.1%
Shares Outstanding (Mil)49475.1%
Cumulative Contribution78.2%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/20/2026
ReturnCorrelation
CLDT78.2% 
Market (SPY)19.4%24.4%
Sector (XLRE)3.1%36.2%

Fundamental Drivers

The 49.2% change in CLDT stock from 8/31/2023 to 9/20/2026 was primarily driven by a 70.1% change in the company's P/E Multiple.
(LTM values as of)83120239202026Change
Stock Price ($)8.7012.9849.2%
Change Contribution By: 
Total Revenues ($ Mil)310301-2.8%
Net Income Margin (%)4.6%4.0%-13.8%
P/E Multiple29.550.270.1%
Shares Outstanding (Mil)49474.7%
Cumulative Contribution49.2%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/20/2026
ReturnCorrelation
CLDT49.2% 
Market (SPY)75.6%49.1%
Sector (XLRE)26.2%47.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CLDT Return27%-10%-10%-14%-20%92%36%
Peers Return16%-16%18%-6%-9%43%42%
S&P 500 Return27%-19%24%23%16%12%103%

Monthly Win Rates [3]
CLDT Win Rate42%50%50%33%33%78% 
Peers Win Rate50%43%53%40%50%58% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
CLDT Max Drawdown-24%-34%-36%-29%-31%-10% 
Peers Max Drawdown-23%-34%-26%-23%-34%-12% 
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 9/18/2026 (YTD)

How Low Can It Go

EventCLDTS&P 500
2025 US Tariff Shock
  % Loss-26.5%-18.8%
  % Gain to Breakeven36.1%23.1%
  Time to Breakeven330 days79 days
2023 SVB Regional Banking Crisis
  % Loss-32.2%-6.7%
  % Gain to Breakeven47.5%7.1%
  Time to Breakeven1082 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-28.3%-24.5%
  % Gain to Breakeven39.5%32.4%
  Time to Breakeven119 days427 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-14.1%-19.2%
  % Gain to Breakeven16.4%23.8%
  Time to Breakeven37 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-13.7%-3.7%
  % Gain to Breakeven15.9%3.9%
  Time to Breakeven8 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-28.8%-12.2%
  % Gain to Breakeven40.5%13.9%
  Time to Breakeven175 days62 days

Compare to APLE, HST, PEB, DRH, RLJ

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.

EventCLDTS&P 500
2025 US Tariff Shock
  % Loss-26.5%-18.8%
  % Gain to Breakeven36.1%23.1%
  Time to Breakeven330 days79 days
2023 SVB Regional Banking Crisis
  % Loss-32.2%-6.7%
  % Gain to Breakeven47.5%7.1%
  Time to Breakeven1082 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-28.3%-24.5%
  % Gain to Breakeven39.5%32.4%
  Time to Breakeven119 days427 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-28.8%-12.2%
  % Gain to Breakeven40.5%13.9%
  Time to Breakeven175 days62 days
2014-2016 Oil Price Collapse
  % Loss-22.1%-6.8%
  % Gain to Breakeven28.3%7.3%
  Time to Breakeven43 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-41.4%-17.9%
  % Gain to Breakeven70.7%21.8%
  Time to Breakeven463 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-25.2%-15.4%
  % Gain to Breakeven33.7%18.2%
  Time to Breakeven972 days125 days

Compare to APLE, HST, PEB, DRH, RLJ

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.

AI Analysis | Feedback

  • 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.

AI Analysis | Feedback

  • 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.

AI Analysis | Feedback

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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:

  1. 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.
  2. 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.
  3. 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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AI Analysis | Feedback

Jeffrey H. Fisher, Chairman, President and Chief Executive Officer
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.

AI Analysis | Feedback

Here are the key risks to the business for Chatham Lodging Trust (CLDT):
  1. 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.
  2. 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.
  3. 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.

AI Analysis | Feedback

The acceleration and normalization of remote work and virtual collaboration technologies, leading to a potentially sustained reduction in business travel and corporate group events.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

AI Analysis | Feedback

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.

Better Bets vs. Chatham Lodging Trust (CLDT)

Peer Outperformance in Hotel & Resort REITs

CLDT has outperformed 73% of its 15 Hotel & Resort REITs peers over 5Y. Among the peers that beat it is DRH. Hotel & Resort REITs ranks 5th of 12 industries in Real Estate by median 5Y return.
Share of Hotel & Resort REITs constituents that CLDT has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
100%
of 15 industry peers · 91.6% return
3Y
67%
of 15 industry peers · 52.0% return
5Y
73%
of 15 industry peers · 18.8% return
Hotel & Resort REITs peers with revenue growth within 4pp of CLDT's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
CLDT Chatham Lodging Trust -0.9% 50.2x 91.6%52.0%18.8%
DRH Diamondrock Hospitality 2.4% 16.3x 53.5%73.1%52.8% +34pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Real Estate sector, ranked by 5Y. Hotel & Resort REITs is CLDT's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care REITs 15 17.4%59.5%59.7% WELL 200% · DHC 153% · CTRE 123%
Retail REITs 22 7.8%34.8%33.0% IVT 1505% · SKT 161% · SPG 105%
Real Estate Development 6 -21.0%17.4%18.5% JOE 59% · AXR 55% · FOR 37%
Other Specialized REITs 11 5.3%20.9%16.6% IRM 211% · EPR 64% · OUT 64%
Hotel & Resort REITs ← 16 29.1%33.3%7.2% HST 71% · RHP 71% · DRH 53%
Industrial REITs 11 11.7%24.4%4.0% EGP 38% · FR 33% · PLD 21%
Diversified REITs 12 8.3%30.9%-5.8% CTO 71% · LXP 18% · WPC 18%
Single-Family Residential REITs 4 -5.2%-1.1%-18.4% AMH -10% · ELS -16% · INVH -21%
Multi-Family Residential REITs 13 -7.6%4.0%-21.5% AIV 6% · ESS 0% · BRT -6%
Real Estate Services 27 -23.0%-2.3%-26.0% REAX 798% · MDRR 580% · CHCI 322%
Office REITs 18 -12.7%21.9%-31.6% PSTL 70% · CDP 56% · SLG 6%
Telecom Tower REITs 3 -8.0%-7.2%-45.2% AMT -30% · SBAC -45% · CCI -50%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CLDTAPLEHSTPEBDRHRLJMedian
NameChatham .Apple Ho.Host Hot.Pebblebr.Diamondr.RLJ Lodg. 
Mkt Price12.9815.5821.8418.0412.2410.7914.28
Mkt Cap0.63.715.02.02.51.62.3
Rev LTM3011,4416,2191,5011,1361,3821,411
Op Inc LTM31257893112183133158
FCF LTM772901,017279163267273
FCF 3Y Avg73308905270129283277
CFO LTM773861,606279244267273
CFO 3Y Avg743931,491270231283277

Growth & Margins

CLDTAPLEHSTPEBDRHRLJMedian
NameChatham .Apple Ho.Host Hot.Pebblebr.Diamondr.RLJ Lodg. 
Rev Chg LTM-3.1%1.2%4.9%2.1%1.0%1.1%1.1%
Rev Chg 3Y Avg-0.9%3.1%6.0%1.7%2.4%2.3%2.3%
Rev Chg Q9.4%4.7%3.4%-0.1%4.1%5.5%4.4%
QoQ Delta Rev Chg LTM2.6%1.3%0.9%-0.0%1.1%1.5%1.2%
Op Inc Chg LTM5.0%-1.8%9.2%53.3%13.8%-10.4%7.1%
Op Inc Chg 3Y Avg-8.1%1.0%3.5%15.4%5.7%-4.9%2.2%
Op Mgn LTM10.2%17.8%14.4%7.4%16.1%9.6%12.3%
Op Mgn 3Y Avg9.8%18.5%13.9%5.9%14.0%10.3%12.1%
QoQ Delta Op Mgn LTM1.1%0.2%0.3%0.6%1.4%0.1%0.4%
CFO/Rev LTM25.5%26.8%25.8%18.6%21.5%19.3%23.5%
CFO/Rev 3Y Avg23.8%27.7%25.4%18.4%20.6%20.7%22.3%
FCF/Rev LTM25.5%20.1%16.4%18.6%14.4%19.3%19.0%
FCF/Rev 3Y Avg23.7%21.7%15.4%18.4%11.5%20.7%19.5%

Valuation

CLDTAPLEHSTPEBDRHRLJMedian
NameChatham .Apple Ho.Host Hot.Pebblebr.Diamondr.RLJ Lodg. 
Mkt Cap0.63.715.02.02.51.62.3
P/S2.02.62.41.42.21.22.1
P/Op Inc19.714.316.818.213.712.215.5
P/EBIT16.814.211.231.911.712.113.2
P/E50.221.014.6-43.616.358.618.7
P/CFO7.99.59.37.310.36.18.6
Total Yield5.1%10.9%11.2%-2.1%9.2%7.4%8.3%
Dividend Yield3.1%6.2%4.4%0.2%3.1%5.6%3.7%
FCF Yield 3Y Avg16.8%9.2%7.0%17.3%6.7%20.3%13.0%
D/E0.70.40.41.20.51.70.6
Net D/E0.70.40.21.10.41.20.6

Returns

CLDTAPLEHSTPEBDRHRLJMedian
NameChatham .Apple Ho.Host Hot.Pebblebr.Diamondr.RLJ Lodg. 
1M Rtn-4.3%-6.1%-5.9%-2.4%-4.5%-6.2%-5.2%
3M Rtn-2.1%-4.7%-9.3%-5.3%0.2%-4.4%-4.6%
6M Rtn74.3%38.9%23.2%49.7%35.2%48.7%43.8%
12M Rtn91.6%34.1%35.6%51.3%53.5%51.4%51.3%
3Y Rtn52.0%22.9%65.7%33.5%73.1%33.2%42.8%
1M Excs Rtn-1.4%-3.6%-4.9%-1.2%-3.0%-4.1%-3.3%
3M Excs Rtn-4.1%-6.7%-11.3%-7.3%-1.8%-6.4%-6.6%
6M Excs Rtn55.4%20.3%4.2%31.2%15.2%30.2%25.2%
12M Excs Rtn80.1%18.7%19.0%37.4%40.8%36.6%37.0%
3Y Excs Rtn-21.3%-49.2%-6.5%-43.0%-2.3%-39.2%-30.2%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Company's hotels294316310294 
Reimbursable costs from related parties11112
Food and beverage    4
Other    11
Room    187
Total295317311295204


Net Income by Segment
$ Mil2025202420232022
Company's hotels154210
Total154210


Assets by Segment
$ Mil20252024
Company's hotels1,1701,255
Total1,1701,255


Price Behavior

Price Behavior
Market Price$12.98 
Market Cap ($ Bil)0.6 
First Trading Date04/16/2010 
Distance from 52W High-5.9% 
   50 Days200 Days
DMA Price$13.17$9.78
DMA Trendupup
Distance from DMA-1.4%32.8%
 3M1YR
Volatility26.3%30.9%
Downside Capture47.9214.37
Upside Capture31.4488.19
Correlation (SPY)3.3%25.0%
CLDT Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta0.330.220.070.500.621.00
Up Beta0.47-0.67-0.630.260.721.09
Down Beta-1.980.13-0.600.490.650.95
Up Capture24%53%101%116%82%83%
Bmk +ve Days10213268138427
Stock +ve Days9213571123359
Down Capture103%67%13%-1%32%100%
Bmk -ve Days11213259113324
Stock -ve Days10182550120364

[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
CLDT96.5%30.8%2.20-
Sector ETF (XLRE)3.8%14.0%0.0336.5%
Equity (SPY)16.9%12.9%0.9424.8%
Gold (GLD)19.1%29.3%0.602.1%
Commodities (DBC)46.3%20.6%1.73-19.8%
Real Estate (VNQ)4.9%13.6%0.1040.0%
Bitcoin (BTCUSD)-30.6%44.3%-0.7010.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CLDT
CLDT5.1%32.7%0.20-
Sector ETF (XLRE)1.2%19.1%-0.0452.1%
Equity (SPY)12.9%17.2%0.5754.1%
Gold (GLD)19.1%18.8%0.837.1%
Commodities (DBC)11.2%19.5%0.4511.2%
Real Estate (VNQ)1.1%18.8%-0.0556.8%
Bitcoin (BTCUSD)12.5%52.5%0.4224.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CLDT
CLDT-0.7%43.1%0.14-
Sector ETF (XLRE)5.8%20.4%0.2453.3%
Equity (SPY)15.1%18.0%0.7251.8%
Gold (GLD)12.1%16.4%0.612.5%
Commodities (DBC)8.3%18.1%0.3721.0%
Real Estate (VNQ)4.4%20.7%0.1861.0%
Bitcoin (BTCUSD)62.6%66.2%1.0217.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8312026
Short Interest: Shares Quantity1.3 Mil
Short Interest: % Change Since 815202611.6%
Average Daily Volume0.3 Mil
Days-to-Cover Short Interest4.9 days
Basic Shares Quantity46.6 Mil
Short % of Basic Shares2.8%

Earnings Returns History

Updated 9/14/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/4/20262.5%-5.3%-0.5%
5/7/202612.5%11.8%29.3%
2/25/20261.2%4.9%8.3%
11/5/20251.1%6.3%1.7%
8/6/20251.5%6.1%12.2%
5/6/20250.3%4.0%0.7%
2/26/20251.9%-0.2%-8.7%
11/7/20248.7%9.9%14.1%
...
SUMMARY STATS   
# Positive141312
# Negative101112
Median Positive2.7%6.1%6.6%
Median Negative-1.5%-2.8%-5.2%
Max Positive12.5%11.8%57.5%
Max Negative-6.5%-12.4%-26.9%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/4/20262.5%-5.3%-0.5%
5/7/202612.5%11.8%29.3%
2/25/20261.2%4.9%8.3%
11/5/20251.1%6.3%1.7%
8/6/20251.5%6.1%12.2%
5/6/20250.3%4.0%0.7%
2/26/20251.9%-0.2%-8.7%
11/7/20248.7%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%
11/2/20236.8%1.3%8.4%
8/2/20231.3%2.0%3.7%
5/4/2023-1.3%-1.3%-3.0%
2/23/2023-1.2%-5.3%-26.9%
11/8/20222.9%6.1%4.9%
8/3/20227.5%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%
2/24/20214.5%1.4%-0.1%
10/29/20205.5%7.9%57.5%
SUMMARY STATS   
# Positive141312
# Negative101112
Median Positive2.7%6.1%6.6%
Median Negative-1.5%-2.8%-5.2%
Max Positive12.5%11.8%57.5%
Max Negative-6.5%-12.4%-26.9%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/04/202610-Q
03/31/202605/07/202610-Q
12/31/202502/27/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202505/06/202510-Q
12/31/202402/26/202510-K
09/30/202411/07/202410-Q
06/30/202408/02/202410-Q
03/31/202405/06/202410-Q
12/31/202302/27/202410-K
09/30/202311/02/202310-Q
06/30/202308/02/202310-Q
03/31/202305/04/202310-Q
12/31/202202/23/202310-K
09/30/202211/08/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/04/202610-Q
03/31/202605/07/202610-Q
12/31/202502/27/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202505/06/202510-Q
12/31/202402/26/202510-K
09/30/202411/07/202410-Q
06/30/202408/02/202410-Q
03/31/202405/06/202410-Q
12/31/202302/27/202410-K
09/30/202311/02/202310-Q
06/30/202308/02/202310-Q
03/31/202305/04/202310-Q
12/31/202202/23/202310-K
09/30/202211/08/202210-Q
06/30/202208/03/202210-Q
03/31/202205/04/202210-Q
12/31/202102/25/202210-K
09/30/202111/04/202110-Q
06/30/202108/03/202110-Q
03/31/202105/04/202110-Q
12/31/202002/24/202110-K
09/30/202010/29/202010-Q
06/30/202008/05/202010-Q
03/31/202005/11/202010-Q
12/31/201902/26/202010-K
09/30/201910/31/201910-Q

Recent Forward Guidance

Updated 8/5/2026

Latest: Q2 2026 Earnings Reported 8/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevPARReported1421431441.4% RaisedGuidance: 141 for 2026
2026 RevPAR growthReported1.5%2.25%3.0% 1.2%RaisedGuidance: 1.0% for 2026
2026 Adjusted FFOReported63.70 Mil65.25 Mil66.80 Mil4.7% RaisedGuidance: 62.35 Mil for 2026
2026 Adjusted FFO per diluted shareReported1.281.311.344.8% RaisedGuidance: 1.25 for 2026
2026 Total hotel revenueReported312.00 Mil314.50 Mil316.00 Mil1.1% RaisedGuidance: 311.00 Mil for 2026
2026 Adjusted EBITDAReported99.20 Mil100.75 Mil102.30 Mil3.4% RaisedGuidance: 97.45 Mil for 2026
2026 Hotel EBITDA marginsReported35.5%35.75%36.0%   
2026 Net income (loss) to common sharesReported-4.70 Mil-3.15 Mil-1.60 Mil-38.2% RaisedGuidance: -5.10 Mil for 2026
2026 Net income (loss) per diluted shareReported-0.1-0.07-0.03   


Prior: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevPARReported140141142-1.7% LoweredGuidance: 144 for 2026
2026 RevPAR growthReported0.0%1.0%2.0% 0.5%RaisedGuidance: 0.5% for 2026
2026 Adjusted FFOReported60.20 Mil62.35 Mil64.50 Mil12.3% RaisedGuidance: 55.50 Mil for 2026
2026 Adjusted FFO per diluted shareReported1.211.251.2914.7% RaisedGuidance: 1.09 for 2026
2026 Total hotel revenueReported308.00 Mil311.00 Mil314.00 Mil8.4% RaisedGuidance: 287.00 Mil for 2026
2026 Adjusted EBITDAReported95.30 Mil97.45 Mil99.60 Mil12.7% RaisedGuidance: 86.50 Mil for 2026
2026 Net income (loss) to common sharesReported-7.30 Mil-5.10 Mil-2.90 Mil   

Q4 2025 Earnings Reported 2/25/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevPARReported142144145   
2026 RevPAR GrowthReported-0.5%0.5%1.5%   
2026 Adjusted FFOReported53.00 Mil55.50 Mil58.00 Mil   
2026 Adjusted FFO per diluted shareReported1.041.091.14   
2026 Total Hotel RevenueReported284.00 Mil287.00 Mil290.00 Mil-2.2% Lower NewActual: 293.50 Mil for 2025
2026 Adjusted EBITDAReported84.00 Mil86.50 Mil89.00 Mil   
2026 Hotel EBITDA marginsReported33.5%34.0%34.5%   

Q3 2025 Earnings Reported 11/5/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2025 RevenueReported66.00 Mil66.50 Mil67.00 Mil   
Q4 2025 Net IncomeReported-7.80 Mil-7.00 Mil-6.20 Mil   
Q4 2025 EPSReported-0.15-0.14-0.12   
2025 RevenueReported293.00 Mil293.50 Mil294.00 Mil-0.8% LoweredGuidance: 296.00 Mil for 2025
2025 Net IncomeReported-3.00 Mil-2.20 Mil-1.40 Mil   
2025 EPSReported-0.06-0.04-0.03   

Investor Activity (13F)

Updated Sep 21, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active 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.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Aegis Financial Corp$5.3 Mil0.9%37Hold13F
Active Manager
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Aegis Financial Corp$5.3 Mil0.9%37Hold13F
Core Cache Last Updated: 9/20/2026