Chatham Lodging Trust (CLDT) · Nov 5, 2026 · Earnings
Beat — Adj. FFO/share $0.46 vs ~$0.42 consensus
Chatham Lodging’s third-quarter earnings beat expectations, with RevPAR and margins accelerating while 2026 guidance rises across key metrics.
Chatham is a lodging REIT refreshing its portfolio toward upscale extended-stay and select-service hotels, with a six-hotel Hilton acquisition completed in March and a new Portland development underway. 〔0〕
The quarter cleared the market’s operating bar. Adjusted FFO per diluted share reached $0.46, up 31% from $0.35 a year earlier and above the roughly $0.42 published consensus. RevPAR rose more than 8% to $161, occupancy reached 83%, and the company said its 190-basis-point expansion in Adjusted Hotel EBITDA margin came from labor and productivity control.
The bigger surprise is the raised full-year framework. 2026 RevPAR guidance moved to $145-$146 from the prior $142-$144 range, while Adjusted FFO per share rose to $1.38-$1.40 from $1.28-$1.34. The change matters because it upgrades the earnings power of the existing portfolio, not merely the contribution from the newly acquired hotels; prior guidance had already been raised after the second quarter.
| Metric | Current | Prior / Q3 2025 | Consensus |
|---|---|---|---|
| Adjusted FFO/share (Adjusted FFO) | $0.46 (+31%) | $0.35 | ~$0.42 |
| RevPAR (Revenue Per Available Room) | $161 (+8%+) | — | — |
| 2026 RevPAR guidance | $145-$146 | $142-$144 | — |
| 2026 RevPAR growth guidance | $4.0%-4.5% | $1.5%-3.0% | — |
| 2026 Adjusted FFO/share guidance | $1.38-$1.40 | $1.28-$1.34 | — |
Execution is translating into cash generation despite ongoing investment. Chatham spent approximately $17 million year-to-date on capital expenditures, has begun a roughly $45 million hotel development, and still reduced revolver borrowings by $25 million since the March acquisition. The balance sheet is not risk-free—total debt was $408 million at a 5.9% average rate—but leverage was only about 23% of hotel investments at cost, giving the company room to keep funding acquisitions, renovations, or shareholder distributions.
The result strengthens the current story rather than rewriting it. Silicon Valley and the acquired Midwest hotels are driving the outperformance, while New York, Portsmouth, and convention-related weakness in Dallas show that performance is not uniform across the portfolio. The filing nevertheless shows broad enough demand and margin control to support another guidance increase; the Portland development is expected to open in the second quarter of 2028. 〔1〕
Bottom line: Chatham delivered a genuine earnings beat and raised its full-year outlook meaningfully. This advances the existing recovery-and-acquisition story, with margins and cash flow now doing as much of the work as room growth.
Q4 results and 2027 outlook
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