Share Repurchase and Financial Flexibility
Chatham Lodging Trust repurchased approximately 500,000 shares, representing 1% of the outstanding shares, at an average price of $6.85. The company has also upsized its revolving credit facility and term loan, providing significant financial flexibility with low leverage.
Record High RevPAR at Hampton Inn Portland, Maine
The Hampton Inn Portland, Maine, set an all-time record high for quarterly RevPAR at any of Chatham's hotels, contributing to a positive outlook for the upcoming development in Downtown Portland.
Strong Market Performance in Key Regions
Coastal Northeast and Greater New York markets experienced RevPAR growth of 2% and 8%, respectively. The Residence Inn Holtsville, Long Island, saw a 28% growth due to increased corporate demand.
Successful Cost Management
Gross operating profit margins declined only 70 basis points to a strong 44%, with labor and benefits costs per occupied room up only 2% in the quarter.