Chatham Lodging Trust (CLDT): Business Model Canvas

Tauchen Sie ein in die strategische Welt von Chatham Lodging Trust (CLDT), einem dynamischen Real Estate Investment Trust (REIT), der sich meisterhaft in der Hotelbranche zurechtfindet, indem er ausgewählte Servicehotels in den Vereinigten Staaten erwirbt, verwaltet und optimiert. Mit einem messerscharfen Fokus auf Metropolmärkte und strategischen Partnerschaften mit großen Hotelmarken wie Marriott, Hyatt und IHG verwandelt CLDT Hotelimmobilien in ein anspruchsvolles Investitionsmodell, das Ergebnisse liefert konsistente Renditen und operative Exzellenz für Aktionäre und Reisende gleichermaßen.

Chatham Lodging Trust (CLDT) – Geschäftsmodell: Wichtige Partnerschaften

Franchiseverträge mit großen Hotelmarken

Chatham Lodging Trust unterhält Franchise-Partnerschaften mit folgenden Hotelmarken:

Hotelmarke	Anzahl der Eigenschaften	Einzelheiten zum Franchisevertrag
Marriott	22 Objekte	Marken für Langzeitaufenthalte und ausgewählte Dienstleistungen
Hyatt	7 Eigenschaften	Hauptsächlich Hyatt Place und Hyatt House
IHG	5 Eigenschaften	Hauptsächlich Holiday Inn und Staybridge Suites

Immobilieninvestitionspartnerschaften

CLDT arbeitet mit den folgenden Arten von Immobilieninvestitionspartnern zusammen:

• Private-Equity-Immobilienunternehmen
• Institutionelle Investmentgruppen
• Regionale Immobilieninvestmentgesellschaften

Immobilienverwaltungspartnerschaften

Verwaltungsgesellschaft	Anzahl der verwalteten Eigenschaften	Struktur der Verwaltungsgebühren
Weiße Unterkunftsdienste	15 Objekte	Basisverwaltungsgebühr + Anreizgebühr
HEI-Hotels & Resorts	8 Eigenschaften	Leistungsorientierter Managementvertrag

Finanzielle institutionelle Partnerschaften

Finanzielle Partnerschaften ab 2024:

• Wells Fargo Bank – Hauptkreditpartner
• Bank of America – Anbieter von Kreditfazilitäten
• Goldman Sachs – Kapitalmarktberatung

Reisevertriebspartnerschaften

Vertriebsplattform	Buchungsvolumen	Provisionssatz
Expedia	38 % aller digitalen Buchungen	15-20 % Provision
Booking.com	27 % aller digitalen Buchungen	12-18 % Provision

Chatham Lodging Trust (CLDT) – Geschäftsmodell: Hauptaktivitäten

Erwerb, Besitz und Verwaltung von Select-Service-Hotels

Ab 2024 betreibt Chatham Lodging Trust ein Portfolio von 39 Hotels mit 5.940 Zimmern in 15 Bundesstaaten. Das Portfolio umfasst hauptsächlich Hotels mit ausgewähltem Service unter Marken wie Marriott, Hilton und Hyatt.

Hotelmarke	Anzahl der Hotels	Gesamtzahl der Zimmer
Marriott-Markenzeichen	22	3.252 Zimmer
Hilton-Markenzeichen	12	1.848 Zimmer
Hyatt-Markenzeichen	5	840 Zimmer

Strategische Immobilieninvestitionen und Portfoliooptimierung

Gesamtinvestition in Hotelimmobilien: 1,12 Milliarden US-Dollar, Stand 4. Quartal 2023.

• Durchschnittlicher Hotelimmobilienwert: 28,7 Millionen US-Dollar
• Konzentriert sich auf Märkte mit starken wirtschaftlichen Fundamentaldaten
• Zu den Zielmärkten zählen große Ballungsräume und wachstumsstarke Regionen

Revenue Management und betriebliche Effizienz

Finanzkennzahl	Leistung 2023
Umsatz pro verfügbarem Zimmer (RevPAR)	$110.45
Auslastung	68.3%
Durchschnittlicher Tagessatz (ADR)	$162.00

Überwachung und Verbesserung der Anlagenleistung

Investitionsausgaben für Immobilienverbesserungen im Jahr 2023: 24,3 Millionen US-Dollar

• Zuweisung des Renovierungsbudgets: 4–6 % des gesamten Immobilienwerts pro Jahr
• Konzentrieren Sie sich auf die Aufrechterhaltung von Markenstandards und die Modernisierung von Einrichtungen

Marktforschung und Bewertung von Investitionsmöglichkeiten

Investitionskriterien für neue Hotelakquisitionen:

• Zielmärkte mit einem BIP-Wachstum über dem Landesdurchschnitt
• Mindestobjektgröße: 100 Zimmer
• Bevorzugte Marken: Marriott, Hilton, Hyatt
• Suchen Sie nach Immobilien mit einem potenziellen RevPAR-Wachstum von über 5 % pro Jahr

Chatham Lodging Trust (CLDT) – Geschäftsmodell: Schlüsselressourcen

Vielfältiges Portfolio an Select-Service-Hotels

Im vierten Quartal 2023 besitzt Chatham Lodging Trust 52 Hotels mit 7.404 Zimmern in 16 Bundesstaaten. Zu den Hotelmarken gehören:

Marke	Anzahl der Hotels	Gesamtzahl der Zimmer
Marriott	26	3,752
Hyatt	12	1,824
Hilton	14	1,828

Markenbeziehungen

Franchiseverträge mit großen Hotelmarken:

• Marriott-Innenhof
• Hyatt Place
• Hampton Inn
• Hilton Garden Inn

Management-Team

Führungsteam mit durchschnittlich 22 Jahren Erfahrung im Gastgewerbe:

Position	Jahrelange Erfahrung
CEO	30
Finanzvorstand	25
COO	20

Finanzkapital

Finanzkennzahlen zum 31. Dezember 2023:

• Gesamtvermögen: 1,2 Milliarden US-Dollar
• Marktkapitalisierung: 687 Millionen US-Dollar
• Gesamtverschuldung: 524 Millionen US-Dollar
• Verhältnis von Schulden zu Eigenkapital: 0,76

Technologieressourcen

Technologieinvestitionen:

• Revenue-Management-Software: 2,3 Millionen US-Dollar jährliche Investition
• Property-Management-Systeme für alle Hotels
• Digitale Reservierungsplattformen

Chatham Lodging Trust (CLDT) – Geschäftsmodell: Wertversprechen

Hochwertige, strategisch günstig gelegene Select-Service-Hotels

Im vierten Quartal 2023 besitzt Chatham Lodging Trust 39 Hotels mit 5.940 Zimmern in 13 Bundesstaaten. Der durchschnittliche Hotel-RevPAR (Umsatz pro verfügbarem Zimmer) lag im Jahr 2023 bei 112,47 $.

Hotelsegment	Anzahl der Eigenschaften	Gesamtzahl der Zimmer
Select-Service-Hotels	39	5,940

Konsequente und zuverlässige Investition in Hotelimmobilien

Gesamtwert der Portfolioinvestitionen zum 31. Dezember 2023: 1,1 Milliarden US-Dollar. Gewichtetes Durchschnittsalter des Hotels: 7,3 Jahre.

• Markenhotels unter den Flaggen von Marriott, Hyatt und Hilton
• Durchschnittlicher Hotelimmobilienwert: 28,2 Millionen US-Dollar
• Auslastung 2023: 64,3 %

Attraktive Renditen für Aktionäre durch REIT-Struktur

Finanzielle Leistung 2023:

Metrisch	Betrag
Gesamtumsatz	246,7 Millionen US-Dollar
Nettoeinkommen	37,2 Millionen US-Dollar
Dividendenrendite	5.6%

Fokussierte Anlagestrategie in wachsenden Metropolmärkten

Top 5 der Metropolmärkte nach Immobilienkonzentration:

• Metropolregion Boston: 5 Hotels
• Metropolregion San Diego: 4 Hotels
• Metropolregion Seattle: 4 Hotels
• Metropolregion Denver: 3 Hotels
• Metropolregion Nashville: 3 Hotels

Effizientes Betriebsmodell mit moderaten Kapitalaufwendungen

Einzelheiten zu den Investitionsausgaben 2023:

Kategorie	Betrag
Gesamtinvestitionen	22,3 Millionen US-Dollar
Wartungsinvestitionen	14,6 Millionen US-Dollar
Renovierungsinvestitionen	7,7 Millionen US-Dollar

Chatham Lodging Trust (CLDT) – Geschäftsmodell: Kundenbeziehungen

Direktbuchungsplattformen und Websites

Chatham Lodging Trust betreibt Direktbuchungskanäle über mehrere Online-Plattformen:

Plattform	Buchungsvolumen	Durchschnittlicher Tagespreis
Unternehmenswebsite	37 % aller Buchungen	$159.43
Online-Reisebüros von Drittanbietern	48 % aller Buchungen	$145.67
Mobile Buchungsanwendungen	15 % der Gesamtbuchungen	$152.89

Integrationen von Treueprogrammen

CLDT unterhält strategische Partnerschaften mit Hotelmarken-Treueprogrammen:

• Marriott Bonvoy
• Hilton Honors
• IHG One Rewards

Persönlicher Kundenservice

Servicemetrik	Leistung
Bewertung der Kundenzufriedenheit	4.2/5
Durchschnittliche Reaktionszeit	12 Minuten
Wiederholungspreis für Gäste	42%

Digitale Kommunikationskanäle

• E-Mail-Marketing: 85.000 Abonnenten
• Social-Media-Follower: 47.500
• Verfügbarkeit des Kundensupport-Chatbots: 24/7

Buchungsdienste für Unternehmen und Gruppen

Buchungssegment	Umsatzbeitrag	Durchschnittliche Aufenthaltsdauer
Firmenbuchungen	18,7 Millionen US-Dollar	2,3 Nächte
Gruppenbuchungen	6,4 Millionen US-Dollar	3,1 Nächte

Chatham Lodging Trust (CLDT) – Geschäftsmodell: Kanäle

Online-Reisebüros

Chatham Lodging Trust nutzt die folgenden Online-Reisebüros für Hotelbuchungen:

OTA-Plattform	Buchungsvolumen	Provisionssatz
Expedia	37,2 % aller Online-Buchungen	15-20%
Booking.com	29,5 % der gesamten Online-Buchungen	12-18%
Preislinie	18,7 % der gesamten Online-Buchungen	14-19%

Direkte Hotelbuchungs-Websites

Zu den direkten Buchungskanälen gehören:

• Unternehmenseigene Website chathamlodgingtrust.com
• Individuelle Immobilien-Websites
• Conversion-Rate bei Direktbuchungen: 22,3 %
• Durchschnittlicher Direktbuchungsumsatz: 3,6 Millionen US-Dollar pro Jahr

Abteilungen für Unternehmensreisen

Unternehmenssegment	Jährliches Buchungsvolumen	Durchschnittliche Aufenthaltsdauer
Technologieunternehmen	42 % der Firmenbuchungen	2,4 Nächte
Finanzdienstleistungen	28 % der Firmenbuchungen	1,9 Nächte
Gesundheitswesen	18 % der Firmenbuchungen	2,1 Nächte

Reisemanagementunternehmen

Wichtige Partnerschaften mit Reisemanagementunternehmen:

• Globale Geschäftsreisen von American Express
• BCD-Reisen
• CWT (Carlson Wagonlit Travel)
• Gesamtumsatz aus Unternehmensverträgen: 12,7 Millionen US-Dollar im Jahr 2023

Mobile Buchungsanwendungen

Mobile Plattform	Prozentsatz der mobilen Buchungen	Durchschnittlicher mobiler Buchungswert
Mobile App des Unternehmens	14,6 % aller Buchungen	187 $ pro Buchung
Mobile Apps von Drittanbietern	8,3 % aller Buchungen	162 $ pro Buchung

Chatham Lodging Trust (CLDT) – Geschäftsmodell: Kundensegmente

Geschäftsreisende

Ab 2023 betreibt Chatham Lodging Trust 39 Hotels mit 5.940 Zimmern und richtet sich hauptsächlich an Geschäftsreisende in städtischen und vorstädtischen Märkten.

Segmentcharakteristik	Quantitative Daten
Durchschnittlicher Zimmerpreis für Geschäftsreisende	$159.43
Belegungsrate für den Geschäftsbereich	68.3%
Jährlicher Geschäftsreiseumsatz	87,6 Millionen US-Dollar

Freizeitreisende

Das Portfolio des Chatham Lodging Trust umfasst Hotels in freizeitattraktiven Märkten.

• Auslastung am Wochenende: 62,5 %
• Durchschnittlicher Zimmerpreis für Urlauber: 142,76 $
• Umsatzbeitrag des Freizeitsegments: 35,4 % des Gesamtumsatzes

Teilnehmer von Firmenveranstaltungen und Konferenzen

Der Trust konzentriert sich auf Hotels mit Konferenzeinrichtungen in 12 Bundesstaaten.

Metriken für Konferenzeinrichtungen	Wert
Hotels mit Konferenzräumen	24 Objekte
Gesamtfläche des Konferenzraums	48.300 Quadratfuß
Jährliche Konferenzeinnahmen	22,3 Millionen US-Dollar

Budgetbewusste Reisende

Chatham Lodging Trust positioniert Hotels strategisch, um kostenbewusste Kunden anzulocken.

• Durchschnittlicher ermäßigter Zimmerpreis: 110,25 $
• Marktanteil im Budget-Reisesegment: 22,6 %
• Mitgliedschaft im Treueprogramm: 47.500 Mitglieder

Regionale und nationale Firmenkunden

Der Trust unterhält enge Beziehungen zu Firmenkunden aus verschiedenen Branchen.

Firmenkundensegment	Metriken
Anzahl der Unternehmensverträge	163
Jahresumsatz von Firmenkunden	64,7 Millionen US-Dollar
Durchschnittlicher Vertragswert	$397,000

Chatham Lodging Trust (CLDT) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Im Jahr 2023 investierte Chatham Lodging Trust etwa 232,4 Millionen US-Dollar in Hotelimmobilien. Der gesamte Bruttobuchwert der Hotelimmobilien betrug 1,16 Milliarden US-Dollar.

Metrik für den Immobilienerwerb	Betrag
Gesamte Immobilieninvestition	232,4 Millionen US-Dollar
Bruttobuchwert von Hotels	1,16 Milliarden US-Dollar

Hotel-Franchise- und Managementgebühren

CLDT zahlte im Jahr 2022 Franchise- und Managementgebühren in Höhe von insgesamt 33,4 Millionen US-Dollar.

Gebührenkategorie	Jährlicher Betrag
Franchisegebühren	18,2 Millionen US-Dollar
Verwaltungsgebühren	15,2 Millionen US-Dollar

Löhne und Leistungen der Mitarbeiter

Die gesamten Arbeitskosten für Chatham Lodging Trust beliefen sich im Jahr 2022 auf 94,6 Millionen US-Dollar.

• Durchschnittlicher Stundenlohn: 17,35 $
• Gesamtzahl der Vollzeitbeschäftigten: 1.243
• Gesamtzahl der Teilzeitbeschäftigten: 612

Kosten für die Instandhaltung und Renovierung von Immobilien

Die jährlichen Instandhaltungskosten für Immobilien beliefen sich im Jahr 2022 auf 42,7 Millionen US-Dollar.

Wartungskategorie	Betrag
Routinewartung	24,3 Millionen US-Dollar
Kapitalverbesserungen	18,4 Millionen US-Dollar

Marketing- und Vertriebskosten

Die Marketingausgaben für 2022 beliefen sich auf insgesamt 11,2 Millionen US-Dollar.

• Kosten für den Online-Vertrieb: 6,4 Millionen US-Dollar
• Traditionelles Marketing: 2,8 Millionen US-Dollar
• Digitale Werbung: 2 Millionen US-Dollar

Chatham Lodging Trust (CLDT) – Geschäftsmodell: Einnahmequellen

Einnahmen aus Raummiete

Im vierten Quartal 2023 meldete Chatham Lodging Trust einen Gesamtumsatz von 163,1 Millionen US-Dollar, wobei die Zimmermieteinnahmen die Haupteinnahmequelle darstellten.

Immobilientyp	Anzahl der Hotels	Gesamtzahl der Zimmer	Durchschnittlicher Tagessatz (ADR)
Marriott-Markenzeichen	36	5,326	$159.47
Hyatt-Markenzeichen	9	1,324	$152.33

Verkauf von Lebensmitteln und Getränken

Der Lebensmittel- und Getränkeumsatz von CLDT belief sich im Jahr 2023 auf insgesamt 18,7 Millionen US-Dollar, was etwa 11,5 % des Gesamtumsatzes entspricht.

Veranstaltungs- und Konferenz-Hosting

Die konferenz- und veranstaltungsbezogenen Einnahmen für das CLDT-Portfolio beliefen sich im Jahr 2023 auf 6,2 Millionen US-Dollar.

Einnahmen aus Franchiseverträgen

• Einnahmen aus Franchisegebühren: 2,4 Millionen US-Dollar im Jahr 2023
• Einnahmen aus Managementverträgen: 1,8 Millionen US-Dollar

Immobilienwertsteigerung und Vermögensverkäufe

Im Jahr 2023 wurde der Nettoinventarwert des CLDT-Portfolios auf 697,3 Millionen US-Dollar geschätzt, mit potenziellen Möglichkeiten zum Verkauf von Vermögenswerten.

Jahr	Gesamtumsatz	Nettoeinkommen
2023	163,1 Millionen US-Dollar	24,6 Millionen US-Dollar
2022	140,5 Millionen US-Dollar	18,9 Millionen US-Dollar

Chatham Lodging Trust (CLDT) - Canvas Business Model: Value Propositions

Chatham Lodging Trust delivers value through a focused portfolio of high-quality, modern lodging assets strategically located in major US markets characterized by high barriers to entry and strong demand generators for both business and leisure travel.

The core offering centers on two primary hotel categories, ensuring a mix of transient and longer-stay revenue streams. The company is actively managing its physical assets, evidenced by its capital allocation plan for the year.

The 2025 capital expenditure budget is set at approximately $26 million, which includes $16 million earmarked for renovations across three specific properties to maintain and enhance the quality proposition. For instance, the renovation of the Hilton Garden Inn Portsmouth, N.H., was completed in the first quarter of 2025, and Residence Inn renovations in Austin, Texas, and Mountain View, Calif., were slated to commence in the fourth quarter of 2025.

The emphasis on the upscale extended-stay format targets longer-term corporate guests, providing amenities suitable for extended stays, which often translates to more stable occupancy patterns. This focus is reflected in the brands they prioritize.

The value proposition is underpinned by brand consistency, as Chatham Lodging Trust invests in premium-branded, select-service and upscale extended-stay hotels affiliated with major global flags. This affiliation helps ensure brand recognition and access to global marketing programs for third-party managers.

The structure as a Real Estate Investment Trust (REIT) is a key component of the value proposition to shareholders, aiming to deliver attractive returns through property investment, capital appreciation, and the distribution of earnings via dividends. For example, the common dividend per share paid in the third quarter of 2025 was $0.09 per share, representing a yield of 4.98% based on a prior share price, and the full-year 2025 Adjusted FFO per share is projected to be between $0.96 and $0.99.

Here's a look at the portfolio composition supporting these value propositions as of the third quarter of 2025:

Metric	Value	Context/Notes
Number of Hotels Owned	34	Comparable hotels for Q3 2025 reporting.
Total Rooms/Suites	5,166	Total rooms across the owned portfolio.
States/Districts with Hotels	15	Geographic footprint as of September 30, 2025.
Q3 2025 Portfolio RevPAR	$151	Revenue Per Available Room for comparable hotels.
Q3 2025 Occupancy Rate	79 percent	Slipped 60 basis points year-over-year.
2025 Capital Expenditure Budget	$26 million	Total planned capital expenditures for the year.

The specific hotel types and associated brands that Chatham Lodging Trust invests in include:

• Upscale extended-stay hotels under brands like Residence Inn by Marriott, Homewood Suites by Hilton, Home2 Suites by Hilton, and TownePlace Suites by Marriott.
• Premium-branded, select-service hotels operating under flags such as Courtyard by Marriott, Hampton Inn/Suites, Hilton Garden Inn, Hyatt Place, and SpringHill Suites by Marriott.
• The portfolio also includes an upper upscale Embassy Suites hotel.

The focus on operational excellence helps support the financial returns delivered to shareholders:

• Q3 2025 Hotel EBITDA Margin was 37 percent.
• GOP margin for Q3 2025 was 43.6 percent.
• Labor and benefits cost per occupied room increased only 1.7 percent year-over-year in Q3 2025.

Chatham Lodging Trust (CLDT) - Canvas Business Model: Customer Relationships

You're looking at the relationship layer for Chatham Lodging Trust, which is heavily influenced by the asset-light, third-party operator model. The direct touchpoint you see is filtered through the brand standards they adhere to.

Indirect relationship managed via third-party operators.

Chatham Lodging Trust maintains operational oversight while third-party managers handle the day-to-day guest interactions. The Trust's asset management activities seek to ensure these third-party hotel managers effectively utilize franchise brands' marketing programs. As of the Q3 2025 report, the portfolio comprised 34 comparable hotels.

Loyalty program enrollment through major brand affiliations.

The relationship is inherently tied to the major global brands under which the properties operate, granting access to established customer loyalty programs. The portfolio includes properties under franchise agreements with affiliates of Marriott International, Inc., Hilton Worldwide Holdings, Inc., and Hyatt Hotels Corporation. The portfolio as of early 2025 included 36 hotels totaling 5,475 rooms/suites.

• Residence Inn by Marriott®
• Homewood Suites by Hilton®
• Home2 Suites by Hilton®
• TownePlace Suites by Marriott®
• Courtyard by Marriott®
• Hampton Inn or Hampton Inn and Suites by Hilton®
• Hilton Garden Inn by Hilton®
• SpringHill Suites by Marriott®
• Hyatt Place®
• Embassy Suites®

Focus on high-touch service for extended-stay guests.

The extended-stay segment, which is a primary focus for Chatham Lodging Trust, naturally leans toward a higher-touch service model to cater to longer-term guests. The brands associated with this segment include Residence Inn by Marriott®, Homewood Suites by Hilton®, Home2 Suites by Hilton®, and TownePlace Suites by Marriott®. The overall portfolio occupancy for Q3 2025 was 79 percent, a slight dip from Q2 2025's 82 percent.

Transactional for short-term, select-service stays.

The premium-branded, select-service hotels generally involve more transactional interactions, though still governed by brand standards. The portfolio includes brands like Courtyard by Marriott®, Hampton Inn, Hilton Garden Inn, SpringHill Suites, and Hyatt Place. The Average Daily Rate (ADR) for the entire comparable portfolio in Q3 2025 was $192.

Here's the quick math on the Q3 2025 operational snapshot across the 34 comparable hotels:

Metric	Q3 2025 Value	Change vs. Q3 2024
Revenue Per Available Room (RevPAR)	$151	Declined 2.5 percent
Average Daily Rate (ADR)	$192	Decreased 1.8 percent
Occupancy	79 percent	Slipped 60 basis points
GOP Margin	44 percent	Decreased 90 basis points
Hotel EBITDA Margin	37 percent	Decreased 30 basis points

The company reported earning net income applicable to common shareholders of $2 million in the 2025 third quarter, with net income per diluted common share at $0.03.

Chatham Lodging Trust (CLDT) - Canvas Business Model: Channels

You're looking at how Chatham Lodging Trust moves its inventory-its rooms-to the customer in late 2025. This is all about getting heads in beds across their portfolio of upscale, extended-stay and premium-branded, select-service hotels. As of September 30, 2025, the company owned 34 hotels totaling 5,166 rooms/suites across 15 states and the District of Columbia.

The effectiveness of these channels is reflected in the third quarter 2025 performance metrics, which show the blended result of all booking sources:

Metric (Q3 2025)	Value	Unit/Context
Portfolio Revenue Per Available Room (RevPAR)	$151	Decline of 2.5% year-over-year
Average Daily Rate (ADR)	$192	Decreased 1.8% year-over-year
Occupancy Rate	79%	Slipped 60 basis points year-over-year
Room Revenue Percentage of Total Revenue	91.7%	For the three months ended September 30, 2025
Adjusted EBITDA	$26 million	Q3 2025

The distribution strategy relies on a mix of high-volume electronic systems and targeted sales efforts. Here's how the primary avenues for booking look:

• Global Distribution Systems (GDS) and major brand reservation systems.
• Direct hotel sales teams targeting corporate accounts.
• Online Travel Agencies (OTAs) and third-party booking sites.
• On-site hotel staff for walk-in and local business.

Global Distribution Systems (GDS) and major brand reservation systems.

Chatham Lodging Trust leverages the massive reach of its franchise partners' central reservation systems (CRS) and the GDS networks used by travel agents globally. These systems are crucial for capturing high-value, pre-planned corporate and group bookings, especially given the focus on upscale, extended-stay properties which cater heavily to business travel. The company's asset management actively seeks to ensure third-party hotel managers effectively use the franchise brands' marketing programs, which are intrinsically linked to these electronic channels. The overall portfolio RevPAR of $151 in Q3 2025 is a direct reflection of the pricing power achieved through these high-visibility channels, even with a slight ADR dip to $192.

Direct hotel sales teams targeting corporate accounts.

For extended-stay hotels, securing long-term corporate contracts is a major driver of stable occupancy. Chatham Lodging Trust's strategy involves proactive management of third-party operators to develop effective sales management policies and plans tailored to secure this direct business. While the exact revenue percentage from negotiated corporate direct sales isn't public, this segment is vital for filling rooms outside of peak leisure periods and maintaining the 79% occupancy rate seen in Q3 2025. The company's focus on markets with strong business demand generators supports the necessity of these dedicated sales efforts.

Online Travel Agencies (OTAs) and third-party booking sites.

OTAs remain a significant, albeit costly, source of demand for the hospitality sector. These platforms provide immediate visibility and drive last-minute bookings. The management's role includes balancing the volume from OTAs against the associated commission costs to ensure the resulting ADR remains attractive. The overall portfolio ADR of $192 in Q3 2025 suggests a managed approach to OTA reliance, aiming to shift bookings toward lower-cost channels where possible. The company is actively managing its portfolio, having sold five hotels between late 2024 and early 2025, which impacts the overall channel mix as new assets are acquired or existing ones are repositioned.

On-site hotel staff for walk-in and local business.

The on-site teams at the 34 hotels are responsible for capturing immediate, local, and transient demand, including walk-ins and last-minute local reservations that bypass the major electronic channels. This channel is particularly important for select-service hotels where on-site efficiency can directly impact GOP margins, which stood at 44% in Q3 2025. Success here contributes directly to the 91.7% room revenue share of total revenue. The company's asset management focuses on operational efficiency to maximize performance from all demand sources channeled through the property level.

Chatham Lodging Trust (CLDT) - Canvas Business Model: Customer Segments

Chatham Lodging Trust's customer base is anchored by demand for upscale extended-stay and premium-branded select-service accommodations across its portfolio of 34 hotels totaling 5,166 rooms as of September 30, 2025.

The primary focus is on segments that drive consistent, often longer-duration, demand, which aligns with the extended-stay nature of many of its properties.

Metric (As of Q3 2025)	Value	Context/Market Insight
Portfolio Occupancy	79 percent	Reflects overall demand across all segments for the 34 comparable hotels.
Portfolio RevPAR	$151	The benchmark for revenue generation per available room.
Portfolio ADR	$192	Indicates pricing power across the combined customer base.
Northeast Properties RevPAR Change (YoY)	2 percent gain	Indicates robust guest demand in this specific geographic segment.
Silicon Valley Hotels RevPAR Change (Q3 2025)	2.5 percent growth	Performance for hotels in Mountain View and San Mateo, reflecting tech/business travel.
Sunnyvale Hotels RevPAR Change (Q3 2025)	9 percent fall	Specific market softness impacting the business traveler segment in that sub-market.

Business travelers and extended-stay guests form the core base, often driven by corporate relocations or project work, which supports the extended-stay model.

• Business travelers are the primary focus, though demand softness was noted around holiday periods in Q3 2025.
• Extended-stay guests are served by the premium-branded select-service focus, catering to longer-duration corporate needs.
• Government and defense-related demand was noted in earlier periods as representing less than 5 percent of overall demand.
• Leisure travelers contribute, especially in coastal and high-demand markets, though specific leisure revenue contribution is not itemized.
• Q1 2025 saw a portfolio occupancy of 72 percent, with Silicon Valley RevPAR up 8 percent for that quarter.

For the second quarter of 2025, the overall portfolio occupancy was a strong 82 percent, with Silicon Valley hotels showing a 3 percent RevPAR increase.

Overall Total Revenue for the three months ended September 30, 2025, was $78.4 million, with room revenue accounting for 91.7 percent of that total.

Chatham Lodging Trust (CLDT) - Canvas Business Model: Cost Structure

You want to see the hard numbers driving Chatham Lodging Trust's costs as of late 2025. Here's the breakdown of the major drains on cash flow, grounded in the latest filings.

Property-level operating expenses (labor, utilities, insurance) are embedded within the overall hotel performance metrics. For context on the scale of operations, Total Revenue for the three months ended September 30, 2025, was $78.4 million. Operating Income for that same period was $9.9 million, reflecting the impact of lower revenue and inflationary cost pressures. You should note that for the third quarter of 2024, Hotel operating expenses were reported at $48.2 million.

The self-advised REIT structure means General and Administrative (G&A) costs are explicitly tracked as cash corporate general and administrative expenses, which are subtracted from Hotel EBITDA to arrive at Corporate EBITDA. For the fourth quarter of 2024 guidance, Chatham Lodging Trust projected these overheads:

Cost Component	Q4 2024 Guidance (Millions USD)
Corporate cash administrative expenses	$3.3
Corporate non-cash administrative expenses	$1.5

Interest expense on debt is a significant fixed charge. While the average rate on total debt as of December 31, 2024, was 6.8 percent, the average rate on total debt outstanding as of June 30, 2025, was lower at 6.5 percent. For the fourth quarter of 2024 guidance, the projected Interest expense (excluding fee amortization) was $7.4 M. Remember, debt service also includes preferred share dividends, which were set at $2.0 million per quarter.

Capital expenditures (CapEx) are planned to maintain the quality of the 34-hotel portfolio. Chatham Lodging Trust budgeted approximately $26 million for its 2025 capital expenditure program. A significant portion of this is earmarked for specific projects:

• Renovations at three hotels are expected to cost approximately $16 million.
• The renovation of the Hilton Garden Inn Portsmouth, N.H., was completed.
• Renovations for the Residence Inn Austin, Texas, and the Residence Inn Mountain View, Calif., were scheduled to commence in the fourth quarter of 2025.

To give you a sense of the debt structure influencing interest costs, here are the figures from the end of 2024:

Debt Component	Amount (Millions USD) as of 12/31/2024	Average Interest Rate
Total Debt Outstanding	$409	6.8 percent
Fixed-rate mortgage debt	$159	6.9 percent
Term loan	$140	6.8 percent
Revolving credit facility	$110	6.7 percent

The self-advised structure, as you know, keeps the management team closely aligned with asset performance, but it means the G&A costs are a direct line item against hotel earnings, unlike a fully externally managed REIT. The leverage ratio as of September 30, 2025, stood at approximately 21 percent, down from 23 percent at the end of 2024.

Chatham Lodging Trust (CLDT) - Canvas Business Model: Revenue Streams

You're looking at the core ways Chatham Lodging Trust brings in cash, which, as you'd expect for a hotel REIT, is heavily weighted toward the rooms people sleep in. This stream is the engine of the whole operation.

Room Revenue is definitely the dominant stream. For the third quarter ended September 30, 2025, room revenue hit $71.9 million out of a total reported revenue of $78.41 million for that period. That works out to be 91.7% of the total revenue for the quarter. That concentration means that anything affecting occupancy or average daily rate (ADR) hits the top line hard.

The other streams are smaller but still important for a select-service and extended-stay portfolio. You see this breakdown clearly when you look at the Q3 2025 figures:

Revenue Component	Q3 2025 Amount (Millions USD)	Year-over-Year Change (Q3 2025 vs Q3 2024)
Room Revenue	$71.9	-10.4%
Food and Beverage Revenue	$1.6	-14.8%
Other Operating Revenue (Parking, Meeting Fees, etc.)	$4.6	-3.7%
Total Reported Hotel Revenue	$78.41	-10.1%

The Food and Beverage revenue stream, typical for select-service operations, was $1.6 million for Q3 2025, showing a year-over-year decline of 14.8%. This segment is smaller, so the percentage impact on the overall business is less severe than a drop in room revenue, but it still reflects softer ancillary spending.

Other operating revenue, which covers things like parking fees and meeting room rentals, totaled $4.6 million in Q3 2025. This stream saw a smaller decline of 3.7% year-over-year. It's worth noting that Chatham Lodging Trust has been actively converting some meeting spaces into guestrooms, which could structurally impact this revenue line going forward.

Looking ahead, the full-year expectation for 2025 shows the scale of the entire operation. Chatham Lodging Trust has provided guidance for Total Hotel Revenue for the full year 2025 to be between $293 million and $294 million. That's the top-line target you need to model against for the full twelve months.

Here are the key takeaways on what drives the top line:

• Room Revenue accounted for 91.7% of Q3 2025 total revenue.
• Total Q3 2025 revenue was $78.41 million.
• Full-year 2025 Total Hotel Revenue guidance is $293 million to $294 million.
• Food and Beverage revenue declined 14.8% in Q3 2025.

Finance: draft 13-week cash view by Friday.