Chatham Lodging Trust (CLDT): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo estratégico do Chatham Lodging Trust (CLDT), um Dynamic Real Estate Investment Trust (REIT) que navega com maestria no cenário da hospitalidade, adquirindo, gerenciando e otimizando hotéis de serviço seletivo nos Estados Unidos. Com um foco nítido em mercados metropolitanos e parcerias estratégicas com grandes marcas de hotéis como Marriott, Hyatt e IHG, o CLDT transforma imóveis de hospitalidade em um modelo de investimento sofisticado que entrega retornos consistentes e excelência operacional para acionistas e viajantes.

Chatham Lodging Trust (CLDT) - Modelo de negócios: Parcerias -chave

Acordos de franquia com grandes marcas de hotéis

Chatham Lodging Trust mantém parcerias de franquia com as seguintes marcas de hotéis:

Marca de hotel	Número de propriedades	Detalhes do contrato de franquia
Marriott	22 propriedades	Marcas estendidas de estadia e serviço de seleção
Hyatt	7 propriedades	Principalmente Hyatt Place e Hyatt House
Ihg	5 propriedades	Principalmente Holiday Inn e Staybridge Suites

Parcerias de investimento imobiliário

O CLDT colabora com os seguintes tipos de parceiros de investimento imobiliário:

• Empresas imobiliárias de private equity
• Grupos de investimento institucional
• Empresas regionais de investimento imobiliário

Parcerias de gerenciamento de propriedades

Empresa de gestão	Número de propriedades gerenciadas	Estrutura da taxa de gerenciamento
Serviços de hospedagem branca	15 propriedades	Taxa de gerenciamento base + taxa de incentivo
HEI hotéis & Resorts	8 propriedades	Contrato de gerenciamento baseado em desempenho

Parcerias institucionais financeiras

Parcerias financeiras em 2024:

• Wells Fargo Bank - Parceiro de empréstimo Primário
• Bank of America - Provedor de Linha de Crédito
• Goldman Sachs - Capital Markets Advisory

Parcerias de distribuição de viagens

Plataforma de distribuição	Volume de reserva	Taxa de comissão
Expedia	38% do total de reservas digitais	15-20% Comissão
Booking.com	27% do total de reservas digitais	12-18% Comissão

Chatham Lodging Trust (CLDT) - Modelo de negócios: Atividades -chave

Adquirir, possuir e gerenciar hotéis seletos de serviço

A partir de 2024, a Chatham Lodging Trust opera um portfólio de 39 hotéis com 5.940 quartos em 15 estados. O portfólio compreende principalmente hotéis de serviço de seleção em marcas como Marriott, Hilton e Hyatt.

Marca de hotel	Número de hotéis	Contagem total de quartos
Marriott marca	22	3.252 quartos
Hilton marca	12	1.848 quartos
Hyatt marca	5	840 quartos

Investimento estratégico de propriedade e otimização de portfólio

Investimento total nas propriedades do hotel: US $ 1,12 bilhão a partir do quarto trimestre 2023.

• Valor médio da propriedade do hotel: US $ 28,7 milhões
• Focado em mercados com fortes fundamentos econômicos
• Os mercados-alvo incluem grandes áreas metropolitanas e regiões de alto crescimento

Gerenciamento de receita e eficiência operacional

Métrica financeira	2023 desempenho
Receita por sala disponível (revpar)	$110.45
Taxa de ocupação	68.3%
Taxa média diária (ADR)	$162.00

Monitoramento e aprimoramento do desempenho de ativos

Despesas de capital para melhorias de propriedades em 2023: US $ 24,3 milhões

• Alocação de orçamento de renovação: 4-6% do valor total da propriedade anualmente
• Concentre -se em manter os padrões de marca e modernizar as instalações

Pesquisa de mercado e avaliação de oportunidades de investimento

Critérios de investimento para novas aquisições de hotéis:

• Mercados -alvo com crescimento do PIB acima da média nacional
• Tamanho mínimo da propriedade: 100 quartos
• Marcas preferidas: Marriott, Hilton, Hyatt
• Procure propriedades com potencial crescimento do RevPAR acima de 5% anualmente

Chatham Lodging Trust (CLDT) - Modelo de negócios: Recursos -chave

Portfólio diversificado de hotéis de seleção de serviço

A partir do quarto trimestre de 2023, o Chatham Lodging Trust possui 52 hotéis com 7.404 quartos em 16 estados. As marcas de hotéis incluem:

Marca	Número de hotéis	Total de quartos
Marriott	26	3,752
Hyatt	12	1,824
Hilton	14	1,828

Relacionamentos de marca

Acordos de franquia Com principais marcas de hotéis:

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

Equipe de gerenciamento

Equipe de liderança com experiência em hospitalidade média de 22 anos:

Posição	Anos de experiência
CEO	30
Diretor Financeiro	25
COO	20

Capital financeiro

Métricas financeiras em 31 de dezembro de 2023:

• Total de ativos: US $ 1,2 bilhão
• Capitalização de mercado: US $ 687 milhões
• Dívida total: US $ 524 milhões
• Taxa de dívida / patrimônio: 0,76

Recursos tecnológicos

Investimentos de tecnologia:

• Software de gerenciamento de receita: investimento anual de US $ 2,3 milhões
• Sistemas de gerenciamento de propriedades em todos os hotéis
• Plataformas de reserva digital

Chatham Lodging Trust (CLDT) - Modelo de negócios: proposições de valor

Hotéis de serviço de seleção de alta qualidade, localizados estrategicamente localizados

A partir do quarto trimestre de 2023, o Chatham Lodging Trust possui 39 hotéis com 5.940 quartos em 13 estados. O RevPAR médio do hotel (receita por sala disponível) foi de US $ 112,47 em 2023.

Segmento de hotel	Número de propriedades	Total de quartos
Hotéis de seleção de serviço	39	5,940

Investimento consistente e confiável em imóveis para hospitalidade

Valor total do investimento do portfólio em 31 de dezembro de 2023: US $ 1,1 bilhão. Média ponderada Era do hotel: 7,3 anos.

• Hotéis de marca em Marriott, Hyatt e Hilton Flags
• Valor médio da propriedade do hotel: US $ 28,2 milhões
• Taxa de ocupação em 2023: 64,3%

Retornos atraentes para os acionistas através da estrutura REIT

2023 Desempenho financeiro:

Métrica	Quantia
Receita total	US $ 246,7 milhões
Resultado líquido	US $ 37,2 milhões
Rendimento de dividendos	5.6%

Estratégia de investimento focado no cultivo de mercados metropolitanos

Os 5 principais mercados metropolitanos por concentração de propriedades:

• Área metropolitana de Boston: 5 hotéis
• Área metropolitana de San Diego: 4 hotéis
• Seattle Metropolitan Area: 4 hotéis
• Denver Metropolitan Area: 3 hotéis
• Área metropolitana de Nashville: 3 hotéis

Modelo operacional eficiente com despesas de capital moderadas

2023 Detalhes das despesas de capital:

Categoria	Quantia
Capex total	US $ 22,3 milhões
Capex de manutenção	US $ 14,6 milhões
Renovação Capex	US $ 7,7 milhões

Chatham Lodging Trust (CLDT) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas e sites de reserva direta

Chatham Lodging Trust opera canais diretos de reserva por meio de várias plataformas on -line:

Plataforma	Volume de reserva	Taxa média diária
Site da empresa	37% do total de reservas	$159.43
Agências de viagens on-line de terceiros	48% do total de reservas	$145.67
Aplicativos de reserva móvel	15% do total de reservas	$152.89

Integrações do programa de fidelidade

O CLDT mantém parcerias estratégicas com programas de fidelidade à marca Hotel:

• Marriott Bonvoy
• Honras de Hilton
• Ihg uma recompensa

Atendimento ao cliente personalizado

Métrica de serviço	Desempenho
Classificação de satisfação do cliente	4.2/5
Tempo médio de resposta	12 minutos
Repetir a taxa de convidado	42%

Canais de comunicação digital

• Marketing por e -mail: 85.000 assinantes
• Seguidores de mídia social: 47.500
• Suporte ao cliente Disponibilidade de chatbot: 24/7

Serviços de reserva corporativa e de grupo

Segmento de reserva	Contribuição da receita	Duração média da permanência
Reservas corporativas	US $ 18,7 milhões	2,3 noites
Reservas em grupo	US $ 6,4 milhões	3,1 noites

Chatham Lodging Trust (CLDT) - Modelo de Negócios: Canais

Agências de viagens on -line

Chatham Lodging Trust utiliza as seguintes agências de viagens on -line para reservas de hotéis:

Plataforma OTA	Volume de reserva	Taxa de comissão
Expedia	37,2% do total de reservas online	15-20%
Booking.com	29,5% do total de reservas online	12-18%
Pricelina	18,7% do total de reservas online	14-19%

Sites diretos de reservas de hotéis

Os canais de reserva direta incluem:

• Site de propriedade da empresa chathamlodgingtrust.com
• Sites de propriedades individuais
• Taxa de conversão de reservas diretas: 22,3%
• Receita média de reserva direta: US $ 3,6 milhões anualmente

Departamentos de viagens corporativas

Segmento corporativo	Volume anual de reserva	Duração média da permanência
Empresas de tecnologia	42% das reservas corporativas	2,4 noites
Serviços financeiros	28% das reservas corporativas	1,9 noites
Assistência médica	18% das reservas corporativas	2,1 noites

Empresas de gerenciamento de viagens

Principais parcerias da empresa de gerenciamento de viagens:

• American Express Global Business Travel
• Viagem do BCD
• CWT (Carlson Wagonlit Travel)
• Receita total do contrato corporativo: US $ 12,7 milhões em 2023

Aplicativos de reserva móvel

Plataforma móvel	Porcentagem de reserva móvel	Valor médio de reserva móvel
App móvel da empresa	14,6% do total de reservas	US $ 187 por reserva
Aplicativos móveis de terceiros	8,3% do total de reservas	US $ 162 por reserva

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

Viajantes de negócios

A partir de 2023, a Chatham Lodging Trust opera 39 hotéis com 5.940 quartos, visando viajantes de negócios principalmente em mercados urbanos e suburbanos.

Característica do segmento	Dados quantitativos
Taxa de quarto médio para viajantes de negócios	$159.43
Taxa de ocupação para segmento de negócios	68.3%
Receita anual de viagens de negócios	US $ 87,6 milhões

Viajantes de lazer

O portfólio da Chatham Lodging Trust inclui hotéis em mercados atraentes de lazer.

• Taxa de ocupação de fim de semana: 62,5%
• Taxa de quarto de viajante de lazer médio: US $ 142,76
• Contribuição da receita do segmento de lazer: 35,4% da receita total

Eventos corporativos e participantes da conferência

A confiança se concentra em hotéis com instalações de conferência em 12 estados.

Métricas de instalação da conferência	Valor
Hotéis com espaços de conferência	24 propriedades
Mágua quadrada total da sala de conferências	48.300 pés quadrados
Receita anual da conferência	US $ 22,3 milhões

Viajantes conscientes do orçamento

Chatham Lodging Trust posiciona estrategicamente os hotéis para atrair clientes sensíveis a custos.

• Taxa de quarto com desconto médio: US $ 110,25
• Participação de mercado do segmento de viajantes do orçamento: 22,6%
• Associação do Programa de Fidelidade: 47.500 membros

Clientes corporativos regionais e nacionais

A confiança mantém fortes relacionamentos com clientes corporativos em vários setores.

Segmento de clientes corporativos	Métricas
Número de contratos corporativos	163
Receita anual do cliente corporativo	US $ 64,7 milhões
Valor médio do contrato	$397,000

Chatham Lodging Trust (CLDT) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

A partir de 2023, a Chatham Lodging Trust investiu aproximadamente US $ 232,4 milhões em propriedades do hotel. O valor contábil bruto total das propriedades do hotel foi de US $ 1,16 bilhão.

Métrica de aquisição de propriedades	Quantia
Investimento total da propriedade	US $ 232,4 milhões
Valor contábil bruto dos hotéis	US $ 1,16 bilhão

Taxas de franquia e gerenciamento de hotéis

A CLDT pagou taxas de franquia e gerenciamento, totalizando US $ 33,4 milhões em 2022.

Categoria de taxa	Valor anual
Taxas de franquia	US $ 18,2 milhões
Taxas de gerenciamento	US $ 15,2 milhões

Salários e benefícios dos funcionários

Os custos totais da mão -de -obra do Chatham Lodging Trust em 2022 foram de US $ 94,6 milhões.

• Salário médio por hora: US $ 17,35
• Total de funcionários em tempo integral: 1.243
• Total de funcionários em tempo parcial: 612

Custos de manutenção e renovação de propriedades

As despesas anuais de manutenção de propriedades foram de US $ 42,7 milhões em 2022.

Categoria de manutenção	Quantia
Manutenção de rotina	US $ 24,3 milhões
Melhorias de capital	US $ 18,4 milhões

Despesas de marketing e distribuição

As despesas de marketing para 2022 totalizaram US $ 11,2 milhões.

• Custos de distribuição online: US $ 6,4 milhões
• Marketing tradicional: US $ 2,8 milhões
• Publicidade digital: US $ 2 milhões

Chatham Lodging Trust (CLDT) - Modelo de negócios: fluxos de receita

Receita de aluguel de quarto

A partir do quarto trimestre de 2023, a Chatham Lodging Trust registrou receita total de US $ 163,1 milhões, com a renda de aluguel de quarto representando a fonte de receita primária.

Tipo de propriedade	Número de hotéis	Total de quartos	Taxa média diária (ADR)
Marriott marca	36	5,326	$159.47
Hyatt marca	9	1,324	$152.33

Vendas de alimentos e bebidas

A receita de alimentos e bebidas para CLDT em 2023 totalizou US $ 18,7 milhões, representando aproximadamente 11,5% da receita total.

Hospedagem de eventos e conferências

As receitas de conferência e eventos para o portfólio da CLDT em 2023 atingiram US $ 6,2 milhões.

Receita de contrato de franquia

• Receita de taxa de franquia: US $ 2,4 milhões em 2023
• Receitas de contrato de gerenciamento: US $ 1,8 milhão

Apreciação de propriedades e vendas de ativos

Em 2023, o valor líquido do ativo do portfólio da CLDT foi estimado em US $ 697,3 milhões, com possíveis oportunidades de venda de ativos.

Ano	Receita total	Resultado líquido
2023	US $ 163,1 milhões	US $ 24,6 milhões
2022	US $ 140,5 milhões	US $ 18,9 milhões

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.