Chatham Lodging Trust (CLDT): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde stratégique de Chatham Lodging Trust (CLDT), un dynamique Real Estate Investment Trust (REIT) qui navigue magistralement dans le paysage de l'hospitalité en acquérant, gérant et optimisant des hôtels de service sélectionnés aux États-Unis. Avec un accent accéléré des rasoirs sur les marchés métropolitains et les partenariats stratégiques avec des marques hôtelières majeures comme Marriott, Hyatt et IHG, CLDT transforme l'immobilier hospitalier en un modèle d'investissement sophistiqué qui livre rendements cohérents et l'excellence opérationnelle pour les actionnaires et les voyageurs.

Chatham Lodging Trust (CLDT) - Modèle d'entreprise: partenariats clés

Accords de franchise avec les grandes marques hôtelières

Chatham Lodging Trust entretient des partenariats de franchise avec les marques d'hôtel suivantes:

Marque d'hôtel	Nombre de propriétés	Détails de l'accord de franchise
Marriott	22 propriétés	Marques de repos prolongée et de service sélectionné
Hyatt	7 propriétés	Principalement Hyatt Place et Hyatt House
Ihg	5 propriétés	Principalement Holiday Inn et Staybridge Suites

Partenariats d'investissement immobilier

CLDT collabore avec les types suivants de partenaires d'investissement immobilier:

• Sociétés immobilières de capital-investissement
• Groupes d'investissement institutionnels
• Sociétés d'investissement immobilier régional

Partenariats de gestion immobilière

Entreprise de gestion	Nombre de propriétés gérées	Structure des frais de gestion
Services d'hébergement blanc	15 propriétés	Frais de gestion de base + frais d'incitation
Hôtels HEI & Stations balnéaires	8 propriétés	Contrat de gestion basé sur le rendement

Partenariats institutionnels financières

Partenariats financiers à partir de 2024:

• Wells Fargo Bank - partenaire de prêt principal
• Bank of America - fournisseur de facilité de crédit
• Goldman Sachs - Capital Markets Advisory

Partenariats de distribution de voyages

Plate-forme de distribution	Volume de réservation	Taux de commission
Expedia	38% du total des réservations numériques	Commission de 15 à 20%
Réservation.com	27% du total des réservations numériques	12-18% de commission

Chatham Lodging Trust (CLDT) - Modèle d'entreprise: activités clés

Acquérir, posséder et gérer des hôtels de service sélectionné

En 2024, Chatham Lodging Trust exploite un portefeuille de 39 hôtels avec 5 940 chambres dans 15 États. Le portefeuille comprend principalement des hôtels de service sélectionné sous des marques comme Marriott, Hilton et Hyatt.

Marque d'hôtel	Nombre d'hôtels	Nombre de chambres totales
Marriott de marque	22	3 252 chambres
Hilton de marque	12	1 848 chambres
Hyatt Marque	5	840 chambres

Investissement immobilier stratégique et optimisation du portefeuille

Investissement total dans les propriétés de l'hôtel: 1,12 milliard de dollars au T2 2023.

• Valeur moyenne des propriétés de l'hôtel: 28,7 millions de dollars
• Axé sur les marchés avec de solides fondamentaux économiques
• Les marchés cibles comprennent les principales zones métropolitaines et les régions à forte croissance

Gestion des revenus et efficacité opérationnelle

Métrique financière	Performance de 2023
Revenus par salle disponible (RevPAR)	$110.45
Taux d'occupation	68.3%
Taux quotidien moyen (ADR)	$162.00

Surveillance et amélioration des performances des actifs

Dépenses en capital pour l'amélioration des biens en 2023: 24,3 millions de dollars

• Attribution du budget de rénovation: 4 à 6% de la valeur totale de la propriété annuelle
• Concentrez-vous sur le maintien des normes de marque et des installations de modernisation

Étude de marché et évaluation des opportunités d'investissement

Critères d'investissement pour les nouvelles acquisitions d'hôtels:

• Les marchés cibles avec une croissance du PIB au-dessus de la moyenne nationale
• Taille minimale de la propriété: 100 chambres
• Marques préférées: Marriott, Hilton, Hyatt
• Cherchez des propriétés avec une croissance potentielle du REVPAR supérieure à 5% par an

Chatham Lodging Trust (CLDT) - Modèle d'entreprise: Ressources clés

Portfolio diversifié d'hôtels de service sélectionné

Au quatrième trimestre 2023, Chatham Lodging Trust possède 52 hôtels avec 7 404 chambres dans 16 États. Les marques d'hôtel comprennent:

Marque	Nombre d'hôtels	Total Rooms
Marriott	26	3,752
Hyatt	12	1,824
Hilton	14	1,828

Relations de marque

Accords de franchise Avec les grandes marques d'hôtel:

• Cour de Marriott
• Hyatt Place
• Hampton Inn
• Hilton Garden Inn

Équipe de direction

Équipe de direction avec une expérience d'hospitalité moyenne de 22 ans:

Position	Années d'expérience
PDG	30
Directeur financier	25
ROUCOULER	20

Capital financier

Mesures financières au 31 décembre 2023:

• Actif total: 1,2 milliard de dollars
• Capitalisation boursière: 687 millions de dollars
• Dette totale: 524 millions de dollars
• Ratio dette / capital-investissement: 0,76

Ressources technologiques

Investissements technologiques:

• Logiciel de gestion des revenus: 2,3 millions de dollars d'investissement annuel
• Systèmes de gestion immobilière dans tous les hôtels
• Plateformes de réservation numérique

Chatham Lodging Trust (CLDT) - Modèle d'entreprise: propositions de valeur

Hôtels de service à service sélectionnant stratégiquement de haute qualité

Au quatrième trimestre 2023, Chatham Lodging Trust possède 39 hôtels avec 5 940 chambres dans 13 États. L'hôtel moyen Revpar (Revenue par chambre disponible) était de 112,47 $ en 2023.

Segment de l'hôtel	Nombre de propriétés	Total Rooms
Hôtels de service sélectionné	39	5,940

Investissement cohérent et fiable dans l'immobilier hospitalier

Valeur d'investissement totale du portefeuille au 31 décembre 2023: 1,1 milliard de dollars. Âge de l'hôtel moyen pondéré: 7,3 ans.

• Hôtels de marque sous les drapeaux de Marriott, Hyatt et Hilton
• Valeur moyenne de la propriété de l'hôtel: 28,2 millions de dollars
• Taux d'occupation en 2023: 64,3%

Rendements attrayants pour les actionnaires par le biais de la structure du RPE

2023 Performance financière:

Métrique	Montant
Revenus totaux	246,7 millions de dollars
Revenu net	37,2 millions de dollars
Rendement des dividendes	5.6%

Stratégie d'investissement ciblée dans la croissance des marchés métropolitains

Top 5 des marchés métropolitains par concentration de propriété:

• Boston Metropolitan Area: 5 hôtels
• San Diego Metropolitan Area: 4 hôtels
• Région métropolitaine de Seattle: 4 hôtels
• Zone métropolitaine de Denver: 3 hôtels
• Nashville Metropolitan Area: 3 hôtels

Modèle opérationnel efficace avec des dépenses en capital modérées

2023 Détails des dépenses en capital:

Catégorie	Montant
Capex total	22,3 millions de dollars
Capex de maintenance	14,6 millions de dollars
Capex de rénovation	7,7 millions de dollars

Chatham Lodging Trust (CLDT) - Modèle d'entreprise: relations avec les clients

Plates-formes de réservation directes et sites Web

Chatham Lodging Trust exploite des canaux de réservation directs via plusieurs plateformes en ligne:

Plate-forme	Volume de réservation	Taux quotidien moyen
Site Web de l'entreprise	37% du total des réservations	$159.43
Agences de voyage en ligne tierces	48% du total des réservations	$145.67
Applications de réservation mobile	15% du total des réservations	$152.89

Intégrations du programme de fidélité

CLDT maintient des partenariats stratégiques avec les programmes de fidélisation de la marque hôtelière:

• Marriott Bonvoy
• Honneurs de Hilton
• Ihg une récompense

Service client personnalisé

Métrique de service	Performance
Évaluation de satisfaction du client	4.2/5
Temps de réponse moyen	12 minutes
Répéter le taux des invités	42%

Canaux de communication numériques

• Marketing par e-mail: 85 000 abonnés
• Abonnés des médias sociaux: 47 500
• Disponibilité du chat de support client: 24/7

Services de réservation d'entreprise et de groupe

Segment de réservation	Contribution des revenus	Durée du séjour moyen
Réservations d'entreprise	18,7 millions de dollars	2,3 nuits
Réservations de groupe	6,4 millions de dollars	3,1 nuits

Chatham Lodging Trust (CLDT) - Modèle d'entreprise: canaux

Agences de voyage en ligne

Chatham Lodging Trust utilise les agences de voyage en ligne suivantes pour les réservations d'hôtel:

Plate-forme OTA	Volume de réservation	Taux de commission
Expedia	37,2% du total des réservations en ligne	15-20%
Réservation.com	29,5% du total des réservations en ligne	12-18%
Prix	18,7% du total des réservations en ligne	14-19%

Sites Web de réservation d'hôtel direct

Les canaux de réservation directs comprennent:

• Site Web appartenant à l'entreprise ChathamlodgingTrust.com
• Sites Web de propriétés individuelles
• Taux de conversion de réservation directe: 22,3%
• Revenus de réservation directe moyenne: 3,6 millions de dollars par an

Services de voyage d'entreprise

Segment de l'entreprise	Volume de réservation annuel	Durée du séjour moyen
Entreprises technologiques	42% des réservations d'entreprise	2,4 nuits
Services financiers	28% des réservations d'entreprise	1,9 nuits
Soins de santé	18% des réservations d'entreprise	2,1 nuits

Sociétés de gestion des voyages

Partenariats clés de la société de gestion des voyages:

• American Express Global Business Travel
• Voyage BCD
• CWT (Carlson Wagonlit Travel)
• Revenu total des contrats d'entreprise: 12,7 millions de dollars en 2023

Applications de réservation mobile

Plate-forme mobile	Pourcentage de réservation mobile	Valeur de réservation mobile moyenne
Application mobile de l'entreprise	14,6% du total des réservations	187 $ par réservation
Applications mobiles tierces	8,3% du total des réservations	162 $ par réservation

Chatham Lodging Trust (CLDT) - Modèle d'entreprise: segments de clientèle

Voyageurs d'affaires

En 2023, Chatham Lodging Trust exploite 39 hôtels avec 5 940 chambres, ciblant les voyageurs d'affaires principalement sur les marchés urbains et suburbains.

Caractéristique du segment	Données quantitatives
Taux de chambre moyen pour les voyageurs d'affaires	$159.43
Taux d'occupation pour le segment des entreprises	68.3%
Revenus annuels de voyage d'affaires	87,6 millions de dollars

Voyageurs de loisir

Le portefeuille de Chatham Lodging Trust comprend des hôtels sur les marchés attrayants.

• Taux d'occupation du week-end: 62,5%
• Tarif de chambre de voyage de loisirs moyen: 142,76 $
• Contribution des revenus du segment de loisirs: 35,4% du chiffre d'affaires total

Événements d'entreprise et participants à la conférence

La confiance se concentre sur les hôtels avec des installations de conférence dans 12 États.

Métriques des installations de conférence	Valeur
Hôtels avec des espaces de conférence	24 propriétés
Total de la salle de conférence en pieds carrés	48 300 pieds carrés
Revenus de conférence annuelle	22,3 millions de dollars

Voyageurs soucieux du budget

Chatham Lodging Trust positionne stratégiquement les hôtels pour attirer des clients sensibles aux coûts.

• Taux de chambre réduit moyen: 110,25 $
• Part de marché du segment des voyageurs à petit budget: 22,6%
• Adhésion au programme de fidélité: 47 500 membres

Clients régionaux et nationaux d'entreprise

La fiducie entretient des relations solides avec les clients des entreprises dans plusieurs secteurs.

Segment des clients d'entreprise	Métrique
Nombre de contrats d'entreprise	163
Revenus annuels du client d'entreprise	64,7 millions de dollars
Valeur du contrat moyen	$397,000

Chatham Lodging Trust (CLDT) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

En 2023, Chatham Lodging Trust a investi environ 232,4 millions de dollars dans les propriétés de l'hôtel. La valeur comptable totale totale des propriétés de l'hôtel était de 1,16 milliard de dollars.

Métrique d'acquisition de biens	Montant
Investissement immobilier total	232,4 millions de dollars
Valeur comptable brute des hôtels	1,16 milliard de dollars

Frais de franchise et de gestion de l'hôtel

CLDT a payé des frais de franchise et de gestion totalisant 33,4 millions de dollars en 2022.

Catégorie de frais	Montant annuel
Frais de franchise	18,2 millions de dollars
Frais de gestion	15,2 millions de dollars

Salaire et avantages sociaux des employés

Les coûts totaux de main-d'œuvre pour Chatham Lodging Trust en 2022 étaient de 94,6 millions de dollars.

• Salaire horaire moyen: 17,35 $
• Total des employés à temps plein: 1 243
• Total des employés à temps partiel: 612

Coûts de maintenance et de rénovation des biens

Les frais de maintenance des biens annuels étaient de 42,7 millions de dollars en 2022.

Catégorie de maintenance	Montant
Maintenance de routine	24,3 millions de dollars
Améliorations des capitaux	18,4 millions de dollars

Dépenses de marketing et de distribution

Les dépenses de marketing pour 2022 ont totalisé 11,2 millions de dollars.

• Coûts de distribution en ligne: 6,4 millions de dollars
• Marketing traditionnel: 2,8 millions de dollars
• Publicité numérique: 2 millions de dollars

Chatham Lodging Trust (CLDT) - Modèle d'entreprise: Strots de revenus

Revenu de location de chambre

Au quatrième trimestre 2023, Chatham Lodging Trust a déclaré un chiffre d'affaires total de 163,1 millions de dollars, les revenus de location de chambres représentant la principale source de revenus.

Type de propriété	Nombre d'hôtels	Total Rooms	Taux quotidien moyen (ADR)
Marriott de marque	36	5,326	$159.47
Hyatt Marque	9	1,324	$152.33

Ventes de nourriture et de boissons

Les revenus des aliments et des boissons pour le CLDT en 2023 ont totalisé 18,7 millions de dollars, ce qui représente environ 11,5% des revenus totaux.

Événement et hébergement de conférence

Les revenus liés à la conférence et aux événements du portefeuille de CLDT en 2023 ont atteint 6,2 millions de dollars.

Revenus de l'accord de franchise

• Revenu des frais de franchise: 2,4 millions de dollars en 2023
• Revenus de l'accord de gestion: 1,8 million de dollars

Appréciation des biens et ventes d'actifs

En 2023, la valeur des actifs du portefeuille de CLDT était estimée à 697,3 millions de dollars, avec des opportunités potentielles de vente d'actifs.

Année	Revenus totaux	Revenu net
2023	163,1 millions de dollars	24,6 millions de dollars
2022	140,5 millions de dollars	18,9 millions de dollars

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.