Chatham Lodging Trust (CLDT): Lienzo del Modelo de Negocios [Actualizado en Ene-2025]

Sumérgete en el mundo estratégico de Chatham Lodging Trust (CLDT), un fideicomiso dinámico de inversión inmobiliaria (REIT) que navega magistralmente el panorama de la hospitalidad al adquirir, administrar y optimizar hoteles de servicio selecto en los Estados Unidos. Con un enfoque afilado en mercados metropolitanos y asociaciones estratégicas con las principales marcas de hoteles como Marriott, Hyatt e IHG, CLDT transforma bienes raíces de hospitalidad en un modelo de inversión sofisticado que ofrece Devoluciones consistentes y excelencia operativa para accionistas y viajeros por igual.

Chatham Lodging Trust (CLDT) - Modelo de negocios: asociaciones clave

Acuerdos de franquicia con las principales marcas de hoteles

Chatham Lodging Trust mantiene las asociaciones de franquicias con las siguientes marcas de hoteles:

Marca de hotel	Número de propiedades	Detalles del acuerdo de franquicia
Marriott	22 propiedades	Marcas de estadía extendida y de servicio de selección
Hyatt	7 propiedades	Principalmente Hyatt Place y Hyatt House
IHG	5 propiedades	Principalmente suites de Holiday Inn y StayBridge

Asociaciones de inversión inmobiliaria

CLDT colabora con los siguientes tipos de socios de inversión inmobiliaria:

• Empresas inmobiliarias de capital privado
• Grupos de inversión institucional
• Compañías regionales de inversión inmobiliaria

Asociaciones de administración de propiedades

Empresa de gestión	Número de propiedades administradas	Estructura de tarifas de gestión
Servicios de alojamiento blanco	15 propiedades	Tarifa de gestión base + tarifa de incentivo
Hoteles HEI & Resorts	8 propiedades	Contrato de gestión basado en el desempeño

Asociaciones institucionales financieras

Asociaciones financieras a partir de 2024:

• Wells Fargo Bank - Partido de préstamos primarios
• Bank of America - Proveedor de facilidades de crédito
• Goldman Sachs - Aviso de mercados de capitales

Asociaciones de distribución de viajes

Plataforma de distribución	Volumen de reservas	Tarifa de comisión
Expedia	38% del total de reservas digitales	15-20% de comisión
Booking.com	27% del total de reservas digitales	12-18% de comisión

Chatham Lodging Trust (CLDT) - Modelo de negocio: actividades clave

Adquirir, poseer y administrar hoteles de servicio de selección

A partir de 2024, Chatham Lodging Trust opera una cartera de 39 hoteles con 5,940 habitaciones en 15 estados. La cartera comprende principalmente hoteles de servicio selecto bajo marcas como Marriott, Hilton y Hyatt.

Marca de hotel	Número de hoteles	Recuento total de habitaciones
Marriott de marca	22	3,252 habitaciones
Hilton Branded	12	1,848 habitaciones
Hyatt Branded	5	840 habitaciones

Inversión de propiedad estratégica y optimización de cartera

Inversión total en propiedades del hotel: $ 1.12 mil millones a partir del cuarto trimestre de 2023.

• Valor promedio de propiedad del hotel: $ 28.7 millones
• Centrado en mercados con fuertes fundamentos económicos
• Los mercados objetivo incluyen principales áreas metropolitanas y regiones de alto crecimiento

Gestión de ingresos y eficiencia operativa

Métrica financiera	2023 rendimiento
Ingresos por habitación disponible (revpar)	$110.45
Tasa de ocupación	68.3%
Tasa diaria promedio (ADR)	$162.00

Monitoreo y mejora del rendimiento de los activos

Gasto de capital para mejoras de propiedad en 2023: $ 24.3 millones

• Asignación del presupuesto de renovación: 4-6% del valor total de la propiedad anualmente
• Concéntrese en mantener los estándares de marca y la modernización de las instalaciones

Investigación de mercado y evaluación de oportunidades de inversión

Criterios de inversión para nuevas adquisiciones de hoteles:

• Mercados objetivo con crecimiento del PIB por encima del promedio nacional
• Tamaño mínimo de propiedad: 100 habitaciones
• Brandas preferidas: Marriott, Hilton, Hyatt
• Busque propiedades con un posible crecimiento de RevPar por encima del 5% anual

Chatham Lodging Trust (CLDT) - Modelo de negocio: recursos clave

Cartera diversa de hoteles de servicio selecto

A partir del cuarto trimestre de 2023, Chatham Lodging Trust posee 52 hoteles con 7,404 habitaciones en 16 estados. Las marcas de hotel incluyen:

Marca	Número de hoteles	Habitaciones totales
Marriott	26	3,752
Hyatt	12	1,824
Hilton	14	1,828

Relaciones de marca

Acuerdos de franquicia Con las principales marcas de hotel:

• Marriott Patio
• Hyatt Place
• Hampton Inn
• Hilton Garden Inn

Equipo de gestión

Equipo de liderazgo con experiencia promedio de hospitalidad de 22 años:

Posición	Años de experiencia
CEO	30
director de Finanzas	25
ARRULLO	20

Capital financiero

Métricas financieras al 31 de diciembre de 2023:

• Activos totales: $ 1.2 mil millones
• Capitalización de mercado: $ 687 millones
• Deuda total: $ 524 millones
• Relación de deuda / capital: 0.76

Recursos tecnológicos

Inversiones tecnológicas:

• Software de gestión de ingresos: inversión anual de $ 2.3 millones
• Sistemas de administración de propiedades en todos los hoteles
• Plataformas de reserva digital

Chatham Lodging Trust (CLDT) - Modelo de negocio: propuestas de valor

Hoteles de servicio de selección de alta calidad y ubicado estratégicamente

A partir del cuarto trimestre de 2023, Chatham Lodging Trust posee 39 hoteles con 5,940 habitaciones en 13 estados. El hotel promedio Revpar (ingresos por habitación disponible) fue de $ 112.47 en 2023.

Segmento de hotel	Número de propiedades	Habitaciones totales
Hoteles de servicio de selección	39	5,940

Inversión consistente y confiable en bienes raíces de hospitalidad

Valor de inversión de cartera total al 31 de diciembre de 2023: $ 1.1 mil millones. Edad del hotel promedio ponderada: 7.3 años.

• Hoteles de marca bajo las banderas de Marriott, Hyatt y Hilton
• Valor promedio de propiedad del hotel: $ 28.2 millones
• Tasa de ocupación en 2023: 64.3%

Devoluciones atractivas para los accionistas a través de la estructura REIT

2023 Rendimiento financiero:

Métrico	Cantidad
Ingresos totales	$ 246.7 millones
Lngresos netos	$ 37.2 millones
Rendimiento de dividendos	5.6%

Estrategia de inversión enfocada en los crecientes mercados metropolitanos

Top 5 mercados metropolitanos por concentración de propiedad:

• Área metropolitana de Boston: 5 hoteles
• Área metropolitana de San Diego: 4 hoteles
• Área metropolitana de Seattle: 4 hoteles
• Área metropolitana de Denver: 3 hoteles
• Área metropolitana de Nashville: 3 hoteles

Modelo operativo eficiente con gastos de capital moderados

2023 Detalles del gasto de capital:

Categoría	Cantidad
Capex total	$ 22.3 millones
Capex de mantenimiento	$ 14.6 millones
Capex de renovación	$ 7.7 millones

Chatham Lodging Trust (CLDT) - Modelo de negocio: relaciones con los clientes

Plataformas de reserva directa y sitios web

Chatham Lodging Trust opera canales de reserva directa a través de múltiples plataformas en línea:

Plataforma	Volumen de reservas	Tasa diaria promedio
Sitio web de la empresa	37% del total de reservas	$159.43
Agencias de viajes en línea de terceros	48% del total de reservas	$145.67
Aplicaciones de reservas móviles	15% del total de reservas	$152.89

Integraciones del programa de fidelización

CLDT mantiene asociaciones estratégicas con programas de lealtad de marca de hotel:

• Marriott Bonvoy
• Hilton Honores
• Ihg una recompensa

Servicio al cliente personalizado

Métrico de servicio	Actuación
Calificación de satisfacción del cliente	4.2/5
Tiempo de respuesta promedio	12 minutos
Repita la tarifa de invitado	42%

Canales de comunicación digital

• Marketing por correo electrónico: 85,000 suscriptores
• Seguidores de redes sociales: 47,500
• Atención al cliente Chatbot Disponibilidad: 24/7

Servicios de reserva corporativa y grupal

Segmento de reserva	Contribución de ingresos	Duración promedio de estadía
Reservas corporativas	$ 18.7 millones	2.3 noches
Reservas grupales	$ 6.4 millones	3.1 noches

Chatham Lodging Trust (CLDT) - Modelo de negocio: canales

Agencias de viajes en línea

Chatham Lodging Trust utiliza las siguientes agencias de viajes en línea para las reservas de hoteles:

Plataforma OTA	Volumen de reservas	Tarifa de comisión
Expedia	37.2% del total de reservas en línea	15-20%
Booking.com	29.5% del total de reservas en línea	12-18%
Priceline	18.7% del total de reservas en línea	14-19%

Sitios web de reservas de hoteles directos

Los canales de reserva directa incluyen:

• Sitio web propiedad de la compañía chathamlodgingtrust.com
• Sitios web de propiedades individuales
• Tasa de conversión de reserva directa: 22.3%
• Ingresos promedio de reservas directas: $ 3.6 millones anuales

Departamentos de viajes corporativos

Segmento corporativo	Volumen de reserva anual	Duración promedio de estadía
Empresas tecnológicas	42% de las reservas corporativas	2.4 noches
Servicios financieros	28% de las reservas corporativas	1.9 noches
Cuidado de la salud	18% de las reservas corporativas	2.1 noches

Compañías de gestión de viajes

Asociaciones clave de la empresa de gestión de viajes:

• American Express Global Business Travel
• BCD Viajes
• CWT (Carlson Wagonlit Travel)
• Ingresos de contrato corporativos totales: $ 12.7 millones en 2023

Aplicaciones de reservas móviles

Plataforma móvil	Porcentaje de reserva móvil	Valor de reserva móvil promedio
Aplicación móvil de la empresa	14.6% del total de reservas	$ 187 por reserva
Aplicaciones móviles de terceros	8.3% del total de reservas	$ 162 por reserva

Chatham Lodging Trust (CLDT) - Modelo de negocio: segmentos de clientes

Viajeros de negocios

A partir de 2023, Chatham Lodging Trust opera 39 hoteles con 5,940 habitaciones, dirigidos a viajeros de negocios principalmente en mercados urbanos y suburbanos.

Característica de segmento	Datos cuantitativos
Tasa de habitación promedio para viajeros de negocios	$159.43
Tasa de ocupación para el segmento de negocios	68.3%
Ingresos anuales de viajes de negocios	$ 87.6 millones

Viajeros de ocio

La cartera de Chatham Lodging Trust incluye hoteles en mercados atractivos de ocio.

• Tasa de ocupación de fin de semana: 62.5%
• Tasa promedio de la habitación del viajero de ocio: $ 142.76
• Contribución de ingresos del segmento de ocio: 35.4% de los ingresos totales

Asistentes de eventos corporativos y conferencias

El Trust se centra en hoteles con instalaciones de conferencias en 12 estados.

Métricas de instalaciones de conferencia	Valor
Hoteles con espacios de conferencia	24 propiedades
Total de la sala de conferencias Fultos cuadrados	48,300 pies cuadrados
Ingresos anuales de la conferencia	$ 22.3 millones

Viajeros conscientes del presupuesto

Chatham Lodging Trust estratégicamente posiciona a los hoteles para atraer clientes sensibles a los costos.

• Tasa de habitación con descuento promedio: $ 110.25
• Cuota de mercado del segmento de viajero presupuestario: 22.6%
• Membresía del programa de lealtad: 47,500 miembros

Clientes corporativos regionales y nacionales

El fideicomiso mantiene fuertes relaciones con clientes corporativos en múltiples industrias.

Segmento de clientes corporativos	Métrica
Número de contratos corporativos	163
Ingresos anuales del cliente corporativo	$ 64.7 millones
Valor de contrato promedio	$397,000

Chatham Lodging Trust (CLDT) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

A partir de 2023, Chatham Lodging Trust invirtió aproximadamente $ 232.4 millones en propiedades del hotel. El valor en libros bruto total de las propiedades del hotel fue de $ 1.16 mil millones.

Métrica de adquisición de propiedades	Cantidad
Inversión inmobiliaria total	$ 232.4 millones
Valor en libros bruto de los hoteles	$ 1.16 mil millones

Tarifas de franquicia y gestión del hotel

CLDT pagó las tarifas de franquicia y gestión por un total de $ 33.4 millones en 2022.

Categoría de tarifa	Cantidad anual
Tarifas de franquicia	$ 18.2 millones
Tarifas de gestión	$ 15.2 millones

Salarios y beneficios de los empleados

Los costos laborales totales para Chatham Lodging Trust en 2022 fueron de $ 94.6 millones.

• Salario promedio por hora: $ 17.35
• Total de empleados a tiempo completo: 1.243
• Total de empleados a tiempo parcial: 612

Costos de mantenimiento y renovación de la propiedad

Los gastos anuales de mantenimiento de la propiedad fueron de $ 42.7 millones en 2022.

Categoría de mantenimiento	Cantidad
Mantenimiento de rutina	$ 24.3 millones
Mejoras de capital	$ 18.4 millones

Gastos de marketing y distribución

Los gastos de marketing para 2022 totalizaron $ 11.2 millones.

• Costos de distribución en línea: $ 6.4 millones
• Marketing tradicional: $ 2.8 millones
• Publicidad digital: $ 2 millones

Chatham Lodging Trust (CLDT) - Modelo de negocio: Fleunas de ingresos

Ingresos de alquiler de habitaciones

A partir del cuarto trimestre de 2023, Chatham Lodging Trust reportó ingresos totales de $ 163.1 millones, con ingresos por alquiler de habitaciones que representan la fuente de ingresos primario.

Tipo de propiedad	Número de hoteles	Habitaciones totales	Tasa diaria promedio (ADR)
Marriott de marca	36	5,326	$159.47
Hyatt Branded	9	1,324	$152.33

Ventas de alimentos y bebidas

Los ingresos por alimentos y bebidas para CLDT en 2023 totalizaron $ 18.7 millones, lo que representa aproximadamente el 11.5% de los ingresos totales.

Hosting de eventos y conferencias

Los ingresos relacionados con la conferencia y los eventos para la cartera de CLDT en 2023 alcanzaron $ 6.2 millones.

Ingresos del acuerdo de franquicia

• Ingresos de tarifas de franquicia: $ 2.4 millones en 2023
• Ingresos del acuerdo de gestión: $ 1.8 millones

Apreciación de la propiedad y ventas de activos

En 2023, el valor del activo neto de la cartera de CLDT se estimó en $ 697.3 millones, con posibles oportunidades de venta de activos.

Año	Ingresos totales	Lngresos netos
2023	$ 163.1 millones	$ 24.6 millones
2022	$ 140.5 millones	$ 18.9 millones

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.