Chatham Lodging reports Q4 adjusted FFO 19c, consensus 15c

Reports Q4 revenue $72.28M, consensus $70.69M. “The lodging industry in 2023 was interesting given the differing RevPAR trends each segment experienced with leisure, group and business travel behaving independent of each other,” explained CEO Jeffrey Fisher. “For Chatham, it was quite the roller coaster, with the beginning of the year meaningfully impacted by significant layoffs in the technology sector, followed by the elimination of internship programs for the summer, all while business travel in most other markets was performing well. After Labor Day, building off the strong business travel undercurrent around the country, our technology markets started to gain traction in Q4, an encouraging sign as we head into 2024 with momentum.”