The following is a summary of the Chatham Lodging Trust (CLDT) Q2 2024 Earnings Call Transcript:
Financial Performance:
Q2 RevPAR growth was strong at 4%, outperforming 2019 levels by 10% when excluding five technology-driven hotels.
EBITDA for Q2 was $33.7 million, with adjusted FFO at $0.39 per share.
Repaired $280 million of maturing debt and has only $30 million of debt maturing over the next year, thereby stabilizing financial positioning.
Business Progress:
Acquired a new hotel, the Home2 Suites by Hilton Phoenix downtown, for $43.3 million.
Marketing several hotel properties with anticipated proceeds between $40 million and $80 million.
Engaged in significant refinancing activities to switch to floating rate debt, capitalizing on expected declining interest rates.
Opportunities:
Geographical expansion with the acquisition of the Home2 Suites in downtown Phoenix, tapping into a vibrant urban area with high event-driven demand.
Expected improved revenue from tech companies' intern programs.
Risks:
Faced a subdued June performance due to the timing of the Juneteenth holiday, indicating sensitivity to holiday schedules which could impact future performances.
More details: Chatham Lodging Trust IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
