CLDT - Chatham Lodging Q2 earnings beat as rising business travel demand bolsters occupancy

Chatham Lodging Trust ( NYSE: CLDT ) Q2 earnings on Wednesday surpassed Wall Street expectations as increased business travel demand strengthened the REIT's operating metrics, including revenue per room and occupancy.

“The second quarter was fantastic, hitting on all cylinders as RevPAR jumped significantly coinciding with the continued return of our business traveler, operating margins surpassing 2019 levels and the successful sale of four, non-core assets at a cap rate that highlights the underlying value of our premium-quality portfolio,” said CEO and President Jeffrey H. Fisher.

Adjusted FFO of $0.41 at June 30 topped the average analyst estimate of $0.34 and jumped from $0.10 in the year-ago quarter.

Q2 revenue of $81.8M also exceeded the consensus of $77.4M and climbed from $50.2M in Q2 of last year.

Expenses for Q2 totaled $67.5M, up from $52.7M in Q2 2021.

Adjusted EBITDA at the end of June was $31.1M, compared with $12.5M at June 30, 2021.

Occupancy came in at 77% in Q2 vs. 70% in Q2 a year ago.

Q2 average daily revenue rose to $179 from $131 in Q2 2021.

Likewise, revenue per room for Q2 advanced to $138 from $92 in Q2 2021.

Conference call at 10:00 a.m. ET.

Take a look at Chatham Lodging's investor presentation slide deck .

For further details see: