Chatham Lodging: Hold Rating Amid Mixed Financial Signals and External Challenges3Q EBITDA/FFO were slightly better on good cost control, but underlying trends were weaker with RevPAR declining -2.5% y/y and 3% in October, and guidance missed expectations. The government shutdown is a clear headwind (-40bps/-170bps in 3Q/October), though the lower corporate demand in Sunnyvale is somewhat surprising, and headwinds from convention center closures in several markets could linger. Positively, CLDT has increased its share repurchase activity and the balance sheet remains in solid shape.