Chatham Lodging Trust Reports Strong 5% RevPAR Growth Through May, Exceeding Expectations

Chatham Lodging Trust (NYSE:CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced RevPAR grew a strong 5 percent quarter-to-date through May, well above its second quarter guidance of 2.5 to 4.0 percent. RevPAR gained 5 percent in both April and May.

Key RevPAR growth metrics (excluding the recently acquired Home2 Phoenix Downtown):

• April occupancy was up 6 percent to 83 percent with average daily rate (ADR) down 1 percent to $177
• May occupancy was up 4 percent to 82 percent, and ADR also increased 1 percent to $182
• RevPAR growth for the Silicon Valley and Bellevue hotels surged 11 percent through May driven by an approximate 6 percent advance in occupancy to 77 percent and a 6 percent rise in ADR to $188
• Other strong markets through May were Cherry Creek, Dallas, Greater New York, San Antonio and San Diego