CLDT - Earnings call transcript Q4 2018

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Operator

Greetings, and welcome to Chatham Lodging Trust Fourth Quarter 2018 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to Chris Daly, President of Daly Gray. you. Thank

begin. may You

Chris Daly

forward-looking Good XXXX, and All fourth unless Form statement and call. information most quarter of as are to are noted. that Shelly. Securities update in by Chatham These both Laws. Please to known recent Lodging XX-K many statements of in and changes February SEC to considered as our today comments company's results actual Trust XXXX Company to XX, this in our as to the morning expectations. filings. otherwise you, defined call And statement welcome Federal obligation risks everyone undertakes is described other subject or the the note conform statements no the uncertainties, Thank results forward-looking unknown, conference any and

find release, earnings referenced website You in our financial which this contain of at call can filings measures to on our non-GAAP on SEC our copies chathamlodgingtrust.com. reconciliations

into quarter Executive Wegner, Vice you President Chief Chairman, Executive Financial Vice Craven, with Dennis Now introduce Chief me Officer; and Officer; Operating President Officer. and XXXX and Fisher, results, Chatham's some President to Jeff to Senior allow Chief provide insight Jeremy fourth and

Jeff Fisher. me the over session Let turn Jeff? to

Jeffrey Fisher

negative we to Chris. growth our of fourth overall original up Thanks, of our reported portfolio one. X% Earlier morning, one Good quarter everybody. range today, guidance RevPAR strong very results as easily exceeded

certain XXXX This end points the is Chatham was growth from the significantly profits. for good close home out our of was in of us for was range or upper finished These out that of in innovative upper programs range and a year-over-year. operationally. the approximately to the X% EBITDA and As Adjusted minus Driven product the and were of said growth laid and working to X.X%, increase generated end finished putting EBITDA we year, the by the beat our I'm beat and penny. to Having RevPAR basis of plus results in which from guidance our we XXXX, to as than X.X% drive same particularly adjusted our still expected tools FFO RevPAR and range AFFO grew to this the that from acquisitions towards gas and that, XXX Hospitality, the by almost upper end X% tools in pleased and of with a XXXX of portfolio explosions the and Boston. well. better which Island together. XXXX drives XXXX. X.X% derive range North we're strong revenue collaboration allowed our out FFO about above release huge were closely year between result programs of performance XXXX. XXXX ironically demand attributable incremental implemented of residential balance benefit the

an identify XXXX. example, We we across to margin operations top line our and the at XXXX amenity that and comparable introduced increase For million generating parking room packages rates, generated XX our revenue parking $X.X portfolio a successfully raised analyzed hotels. incremental in rates parking in help improve at to We revenue created in minimize to revenue management ways and $XXX,XXX look occupancy additional teams tools erosion. and our continue will we opportunities

our On extending terms $XXX credit our capital maturity. corporate certain credit and along refinancing our million the we of improving side, the with our with structure improved spreads reducing facility,

our plans. million we raised Additionally, approximately $XX share through

incremental leverage of from to raised substantially the to $XXX cash sale In have of one along our fact, that flow. over million us These and since generate with and XXXX, events we’ve acquisitions fully proceeds fund reduce over asset time. equity enabled

a our Silicon comp of portfolio, investing to hotels half impacted gas growth AFFO points. additional XX San is high Inn basis the our very expand from by Investor of X.X% will per excited Dallas term items. add and ever. events Boston key had FFO a million Charleston, period. to time XXXX. in Strategically, approach. RevPAR both Residence the in This is $XX and quarter. more in fourth try to XXXX increasing explosions that non-deal decrease reducing the displacement our XX RevPAR basis it to roadshows Hotel quality Gaslamp Shifting from points growth approximately we range over reducing our Diego we’re tough basis to quarter than conservative, the costs our by and the in Valley for course release, Demand Somerville, very adversely the at laid points, the Relations gears which minus driving few provide investments opened continue We XX Downtown participating two Courtyard, share function, XXXX, going items renovations In ramp XXXX, and We great alone take up is and second be our of to be some long our X.X% but to are plus up of ramp in to tremendous by growth approximately fourth out hotels

of operating going estimates position we’re So to acquisitions margin remain pretty I seller is margins going buyer asset and with assets. focused our revenue upside on especially our continue due said thin, those some top because of REITs Chatham generates using at developments. of XXXX, in to all hopefully minimizing still as maintain acquisition invest potential sales and we we're the or intention market pricing expectations, the In erosion. maximizing to [indiscernible] to there's kind XXXX. to proceeds our The the in in highest with

stated look and proper an to one the returns to a two previously, add may return at develop that adjusted or quality generate asset we've in few same compared if hotels similar value the as market. opportunities we risk of going we're buy So

value add space service converting producing will some at our limited income hotels we existing of Additionally by into assets.

Barrow. our very Savannah Hill months. Spring The it has Hotel has space I three and For meeting only been bar for service, said, a into limited at food Toasted example, XXXX, bar converted we used or open, as called a in Suites seldom four cool

produced our expectations, substantial space hotels. taking and no XXXX. outperforming looking otherwise that produce we are at We're other will in original substantially, that income in However, like opportunities income

We’re at adding to efforts result our DC we hard with find be environment residents Bellevue little new is an our double a bar components revenue in sources finding gains way certainly are revenue to year a going we a rooms RevPAR Also few Residence profitable certainly on generated down that looking terms opportunities Downtown adding in the gets as about our of are back space very and a to example, to like that. profit to bars ago that convert of Inn go and as in facilities Washington a did to what where able and in and half Inn, use before. for like substantial compared at of into generate pool very

at XXXX. XXXX dividends share, in CapEx current producing and remain and an expected to a represents per comfortable free annual and yield. Our in a attractive since We our midway after remain flow $X.XX through X.X% level dividends maintained dividend cash we’re

turn wherever over free strategic goal we efforts Of long our to it cash to flow pursue to I’d guide and like increase cash incremental get. to is Dennis. course With that term flow our

Dennis Craven

everyone. Jeff good morning Thanks,

to of Our to X.X% ADR XX%. also RevPAR the quarter X.X% in $XXX growth was rose and of X.X% driven gains occupancy by

$XXX. the in quarter quarter market, our overall this Our hotel from in X.X% two our you and November rise only half minutes XX% for up and RevPAR With down sub are up and was Residence Inn an Residence spend our though hotels in by the Silicon XXX X.X% increase of fourth XX our XXXX comp Montgomery XX%. slightly in to up to commencing to did our in three RevPAR Diego RevPAR the a Valley amount about Washington year. basis XX% was of a history Valley Mission the to in December. want occupancy largest in growth generating performance impact in Silicon XX second and of with quarter higher first economic to $XXX We alluded the at as you Gaslamp In was which portfolio of X% in our six fourth renovation EBITDA in on approximately XXXX In hotel talking markets San the San drove RevPAR of month is decline and projected RevPAR but RevPAR was DC ADR the year. largest hotel declined growth, of in when valley. market at of given our we the The EBITDA slightly second valley growth first Diego. Sunnyvale a to A best room each of benefit And points XX% of slightly tough four ownership. under largest depth $XXX, and EBITDA XXXX Valley represents RevPAR than and strong hotels in RevPAR the our X% quarter. RevPAR was story at fourth easy our hotel about the to the take third gain be as ownership of renovations, is expecting a $XXX,XXX the of on real comps to the calendar ’XX of out huge basis two quarter convention Residence about that location. the last XX% our renovations our [ph] Jeff I even quarter renovation those. downtown have highest up petrol-related approximately in contributed the to our driven remain the a comp of then even as to had of contribute X.X%. with XX% trailing but with fourth still and our quality an encouraged Sunnyvale year our few other strong revenue Inn a by strong X.X% demand was Inn hotels well the pretty

of March and was in major its minus undergoing kind those projection rooms the assets sit increment Our two of weather, X%in hotels far from public range. fourth for forecast down to our slightly hotels we was renovation Tysons XXXX space growth down Residence two in X% here same revised RevPAR shutdown a government DC in a are the those its X% RevPAR XXXX the Corner plus Inn was rebound quarter of X% and was our RevPAR the RevPAR quarter. and as down almost impact in feeling in other to somewhere to is and But and so today. about

hotels with to advancing only to And driven the XXXX, really in demand ventures at Hampton North our greatly certain wholly-owned not kudos which RevPAR Market XX% our RevPAR opportunity hotels the huge Coastal other seized as from hotels a related Inn as benefited quickly surprising hotels Hampshire well but our Northeastern our year. operates. within with also Not be who XXXX massive three to great the Inland is to New explosions. at Island by Our business expected our that gas in Exeter, a close RevPAR joint about book quarter had to Boston over for XX% down X% the in our of given other hotels team

Going decline Hardy fourth much that expected related the was the XXXX. X% going in difficult the demand our in actually EBITDA. Houston Houston our Hurricane knew we which from XX% quarter for than quarter. quarter just into XX% hotels was of of better comps into our faced Houston over down contributes quarter RevPAR of approximately the fourth

Medical renovated large the which actually XXX and Two to in XXXX down of expecting Residence a a ago. new Intercontinental it our star hotels Inn RevPAR and are well the Center our opened Houston-West as Medical be Looking is in a be ahead weeks few Houston Hampton a XXXX, is Center hotels up in Inn, four rooms just Houston in Residence hotel University few opening XXXX. would in percent and to we Inn four

the San for LA us us almost our weak XXXX after rebound LA RevPAR us RevPAR past quarters growth that for continues renovation to to after Other producer has strong which opened be a prior being should quarter [ph] it's in Anaheim were Antonio The was RevPAR approximately and XX%. the and growth is quarter markets few four particularly year In with [indiscernible] up The be eight X%. full to consecutive Disney is been which X% the market of been with addition year to RevPAR of and quarters convention market the which supply this saw X%. bolstered markets [indiscernible] closer of center our Hotel the quarter hotels, Diego years up Residence good and driving with to growth Denver, supply X.X% increase down is where for five the last and helps. top all RevPAR Plains, the and that. be San entire of also A strong demand in sightseeing by helped and was to to LA Inn, new RevPAR X%. market in over continues down White X% inundated kind for the coming, has in down in over still was six which

in trend news down it on the supply to good briefly markets our direct Just in is our continues markets.

upscale supply declined XXXX in tracked in XXXX, our in X% X% each New XXXX X% in in and has year X% market to XXXX. to X% and

occupancy we able to Additionally despite levels. been supply all maintain this have new

to supply but in between we In XX.X% It last has and fact takes able some our and pricing to occupancy drive ADR to and over new a XX.X%. our the can power X XXXX. to start outperform expectations hopefully finished get while the be absorb year

XX which jumped driven the in XX% Total at XXXX hotels, in Island-managed that XXXX, and X% comparable our by increase was operating hotels increase acquired revenue basis RevPAR hotels XX revenue. quarter other excludes fourth points. Now up X.X% a XX and comparable margins

benefits, were driven expenses primarily total XX% departmental XX%. by and Payroll benefits which approximately X.X%, expenses were up X%. almost wage represent and operating Our of and up our

over for basis tracking were most we For years and benefits and down acquisition for check closely XX and quarter quarter the up with points in expenses in been also and of know the XXXX. X% were Jeremy. go the occupied XX Within payroll couple basis have year. X.X% X% full in expenses for the per other our joint quarter it were Really points the those all RevPAR costs basis wages during I the the up the room you quarter will X.X%. benefits and approximately entirety the turn ventures, past for as of on quarter of up to was and X.X%

Jeremy Wegner

Dennis. Thanks, Good morning, everyone.

reported For or million or %X.X net net we quarter of $X.XX share the $X.X per XXXX. million of share, to per compared loss QX, a $X.XX in income

Our which XXXX, and or for compared QX, losses similar have time. which the costs were in as that was an Valley quarter per previously million Silicon increase this no related represents quarter, in within share $X.XX, per items a $X.X $XX..X in results net off to in pursue $XX to was generated the share which between to write increase one-time included related primary expansions Adjusted FFO The of joint income our decided appointed $X.X million we approximately million depreciation $X.X the ventures of X.X% XXXX. our quarter. $X.XX non-cash longer and XXXX FFO differences such the million at costs gains of QX, of XX%. the FFO an QX, from Adjusted million was $XX.X share million over

the for per $X.XX. the of $X.XX guidance quarter above our FFO to was of $X.XX of end high share Our $X.XX

share unexpected benefitted the gas business, and approximately Boston our share performance of $X our ventures of to company range X.X% FFO. of of the one-time would been related which area. than In $X.X EBITDA high Adjusted QX, this in leaks million better $XX.X contributed the FFO Even per million the FFO portfolio. have to adjusted for by per demand excluding EBITDA XXXX. in million end QX due joint was expected adjusted quarter at Our our was our rest $X.XX approximately from up of the two for guidance QX,

Courtyard for At ratio $XXX have $XX Downtown the received distributions the RevPAR in the availability In cash in credit and the fourth Dallas X.X% Inland newly under million we $X.X Innkeepers constructed was up year-end, XXXX, debt XX% QX. revolving from X.X% using our XX.X%, down quarter facility. portfolio Chatham million JVs we and net our past. our from the the portfolio. is leverage generally million acquired December For was in where was operated which in of area

and sheet provides into guidance of takes the it Sunnyvale XXXX, for full Inn balance pursue investment potential the opportunities. Transitioning note completion anticipated the QX Houston to Our to in that us account in condition remains Hampton Mateo to Inn of renovation Residence Sunnyvale Lauderdale and of San and like Residence Inn,,, with commencement of QX; and the I'd our in QX in Inn QX; the Residence QX X and Fort capacity in great QX. year Inn Dedham, the in the renovations the Residence Inn Houston and Inn Residence Residence X

XXXX capital capital which renovations $XX other spend million includes as the We our on I approximately planned as expect mentioned expenditures. plan, well to

be RevPAR to to down X.X%. flat We expect QX

government XXXX in comps of Our difficult were the Mall XXXX hotel the February from by Homewood residents Sunnyvale bad impacted America results in in hotel. early of X which Super and renovation and the weather, benefited our our shutdown, on January Bowl

full XXXX X.X% to X.X%. expect We minus RevPAR year of plus

the QX, properties to face leak will in a very QX comparison one-time QX our gas addition in In business XXXX. surge the difficult challenging in to conditions due based Boston area

these challenging expect overall expect XX points. comparisons RevPAR approximately XXXX points. impact growth We our basis impact our RevPAR the XX Boston And by Silicon will basis of by the for our impact that properties growth renovations we approximately Valley XXXX to

of healthy continue Our upscale elevated rest RevPAR throughout supply of segment the guidance combined the will and GDP current with the growth assumes trends XXXX.

$X.X ventures $X $XX.X are to million $XX.X share per On $X.XX, FFO forecast of million. XXXX. year two midpoint $X.XX million the FFO. for expected On and $X.XX full XXXX expect $X full of the of Our to cash year we of a million year contribute corporate to basis a to million is G&A full EBITDA basis, joint in

I'd to previously per $X.XX benefited the XXXX for mentioned, little Boston from and the $X.XX more XXXX. in expect per reasons our results on decline. to relative midpoint decline by one-time to But I Given of the share in lose $X.XX share from XXXX, a business XXXX in performance color the we area the our provide $X.XX like our generated $X.XX

expect by same-store flat increasing wages. on by be relatively approximately combined $X per driven due EBITDA primarily declining down RevPAR We our or million hotels share non-Boston to $X.XX to margin,

impact JVs expect decline borrowing in floating debt, from by to We $X.XX increase interest increasing in debt. increase share slight non-cash contribution full levels on The of relative offset the to recently approximately hotels, in which a in of decline our and $X.XX XXXX, late in rate in in increase year XXXX. FFO due the the are from the a year due XXXX, G&A, opened is expense primarily we to by per is XXXX and Chatham's JVs remaining to a expense interest rate did floating assurance ramp the of up XXXX acquired starting to share which full we impact

point at think up open operator we'll it this questions. for and our I remarks that concludes

Operator

Thank question first you. Anthony your Powell Please with from [Operator question. Barclays. Our is Instructions] proceed with

Anthony Powell

Hi. Good morning, everyone.

Jeffrey Fisher

good Anthony, morning. Hey,

Anthony Powell

morning. Good

you mentioned of growth, Just as the a that question next number markets for years. supply How 'XX. growth couple is on down supply X% should to over your trend

So go to at down? to keep early going too stay

Jeffrey Fisher

look, shows at it in reports -- I trending it Travel our just XXXX. market, It's the you little [ph] if Anthony. Smith and XXXX bit in think, look upwards a and

hit know Travels. aren't have by we and going Now to that timeline, there are that data that identified we that projects are Smith

low-X% probably it's going go not say So in it's I down much further range, is than to today. think it where to going the

of confusing a not little and market have Brentwood number, a we'll -- of on that's so bit still it's impacted bit to for supply But which is be a it's hotel placed of you example, probably we the like look downtown. hotel think which penny. going not might manageable it for outside the is I what's think little Nashville, a top now new one feel a are Nashville, at, if I in

supply range. we're in surrounding most the with in staying have new that markets the be But some more pleased directly supply. there X% of for the also kind the So little a the part competitive from bit pressures areas low

Anthony Powell

market this you little the about much And expect this more you EBITDA attracted and underwriting, it, next, year and of some probably up what How are kind talk you you? can thanks. contribution bit cap a rate Dallas Got year. ramp acquisition

Jeremy Wegner

to going and Well Jeff and block yet third XXXX. center And able room talk get pretty being about the where probably ramp at in essentially bit about listen, to the center involved We've quarter think late takes just and time relationships let got because I the Then their first be a be. convention into XXXX. XXXX to I'll in it the throughout brand market the convention to is be involved events establish to it with tie It's talk we of pricing. numbers. to ramping like a closely little opened those

more So be in in if midcap expect we a go what you about EBITDA to contribute ultimately to of to million of seems of Dallas and kind ramping XXXX, then $X.X type XXXX range. Courtyard XXXX to

Jeffrey Fisher

to Dallas at as know talked other hotels XXX the consistent is about as hotels this market, And manage Island we've We, theme we well, Dallas. with Lodge, really look, in acquisitions. Chatham obviously

underwrote in. to identified we an a generally as be anyway. And coming this the Courtyard at to with and opportunity builder. and we zero the rooms still deal, center hotel growth extra compared ramp the rental that pretty going is those cut as with little convention a direct because effort market bit entire used aggressive. growth a And numbers put a We and at adjoining after some just was about market they'll talked they projected that this floor think into it's downtown opportunity and there purpose frankly bar, that like meeting favorite better located rooftop we demand we had as or advantage and center pursued perfectly overtime looking office and service market beverage definitely in we that it our hotel and late but of frankly, And saw live-in facility this the the opportunities I also would food some that course our for opportunities other weren't given that well, justification, hotels. as residential enormous beverage downtown really urban come Well, also bar limited ACAP as and look talking So too. are particularly we built in about has in American amount in to Dallas brands of service the of areas. We some we Dennis as a to we take was when only pre-function definitely cities as up. well decided rooftop is that and were

So kind everywhere looking the say revenue this cycle. phase at again, what's of opportunities incremental during of let's

Anthony Powell

me. Great. That's it Thank you. for

Jeffrey Fisher

Thank you.

Operator

next with from Our Bryan question. is Maher your question with B. proceed Riley FBR. Please

Bryan Maher

guys. Yes. Good morning

You and the at talked the underwriting widespread enough are two? property a XXXX little that can bit bringing another But you about onboard or us from kind tell do And narrow think how there. the of prospect of out of acquisitions you spread still deals. is least you

Jeffrey Fisher

one. I'll take Bryan that Okay,

underwriting We deals. are still

impacted that matter that a we hotels did before, powder. for the going we’ve de-levered deals As we de-levering say we that than which We do underwriting and dry acquire FFO not we're event that course since our probably we we to fact have more when may that per negatively of were has on been, to only equity than broadened some surface even have underwritten share. raised our try of have because

spread year bid-ask the the appears. that is think it more market I on coming So this

for think add of narrows bring in hospitality more value can bear new I So the us, deal the therefore bit more a of maybe situation. focus little a think deals for and and AX that that a in looking I terms losses underwriting spread the little in

probably buy a RevPAR not asset world on forward with probably stabilized right. It’s faster focus. on and in than you flattish the stabilized that’s asset go a go you margins So and declining you because today’s backwards

more opportunity. for the value-add looking we’re So of

Bryan Maher

and into out well more X% or be live benefits, anything going of next there kind or that right than Is we’re X% in three? is have that the on done the something just hanging two with to range. or All year to for to wages my next still segues question there can

Jeffrey Fisher

the slide unfortunately latest Smith about talking term service about a deck themselves that certainly year having more a use like Listen a don’t million and food is qualified it’s the in -- projected for to urban as [indiscernible] kind upper X% think than what year think labor of most. be But country I fill we especially to slipped think of this kind probably Travel we'd on hospitality you our XXXX in I but in find had really throughout markets may I still two and gaps jobs casual a almost short know to challenge. their our open I but feel It’s where three that’s range open most locations than less it in labor feel hard year we others basis. it to of or find the

Bryan Maher

off in then plans, or two there this we you next the chance about just the the point? any you the noticed And on at write-off talked year expansion definitely that that lastly table Silicon Valley is or revisit that is that

Jeffrey Fisher

We long we’ve those that is in yeah, that those. of term a It’s bad not time into the a go. our invested think on believe -- expanding Listen, basis the love one lot markets to of presence I market. we way

we right of to expansions in XX We those exposure gone like now. labor and I difficult the makes traction. So construction last given still, I where like especially do our has of months cost out form in that still said, that take market a chunk service increase think it would very some I love market to rooms to and think still and just over cost of

Jeremy Wegner

overall for some redeveloping good those ways. think us good I pretty frankly and the sites concepts off write pretty that got but we’ve plans different accountants Yeah in made

Mountain can the that huge So great enhance was and construction think forever I got spend move look we’ll well so double-digit inflation being labor road up and expect money we’ve in we [ph] down estate at there terms to ways I real and certainly as yes, it. of Trail

Bryan Maher

right. Thank all All me. That’s for you.

Jeffrey Fisher

Bryan. Thanks

Operator

question proceed Tyler with your Please Janney is question. next Batory Our Markets. Capital from Instructions] [Operator with

Tyler Batory

even I question. good XXXX RevPAR could, from want the you range on but guidance me thanks I I of taking was guys back the my and quantifying that impact provided. if the gap add just circle range your between if for Couple of Hi, appreciate a those and guidance, to items some morning, of there’s that things stuff, still industry one-time back some of first I

a more results? color be your provide on little negatively that anything you can So that else bit might delta, what’s driving impacting maybe

Jeff Fisher

Yeah, this Jeff. is

produce limited start I’ll I interesting service take see range boats They be the hotel and guidance out. stay state hotels they for think I particularly and that seen find try kind the to just won't a Dreyfus better Tysons limited has early town adjustments probably you'll to think put flat and our I have really but, like for think service couple to than our are our saying, ourselves road. carefully of didn't industry’s what think asset are need back to tend government flat bit a to think than really separately We know they see example negatively flat going with and position mean, little we little to by them hear separately what impacted we flat, RevPAR the you're going the know business in our we that got Virginia upside certainly Marriott in you produce be expected first government But because Courtyard or to account expect of maybe we do you the just of been you example guidance. of a that for will we're look already I clearly shutdown. about in or when have but large some outside better and I in of add the says that some that what Embassy do I from Corner numbers and clean range we hotels Genre, take one-time an quarter place. by into is because know class Suites all most to others a Springfield down I DC you Residence into come it account first component or our

Tyler Batory

about the of then that's update follow on on the you of just any properties? helpful side talking guys what Okay, outside development things, up were there with Silicon Valley and the

Jeffrey Fisher

of couple we're we’ll this but leads things diligently Tyler to No, pretty year. on later update a that still on working hopefully that, yet I mean have on report

Tyler Batory

the in on where maybe about customer was then could that full can thoughts in last fourth a your well. and trends XXXX a and then talk the quarter and as whatnot, the driving question bit great year little costs you those and acquisition me, for Okay what

Jeffrey Fisher

I just listen couple the think over Marriott overall between terms years rate. the negotiations in certainly overall of of Hilton and Yeah, have helped the us for past commission

has little in bit So it's that but us where that quarters and cost net OTA bit program, six a reimbursing we still XXXX But to been type when into four the But past our in and at way again, reward the kind is continue as with franchisees think that of Marriott volume for I know given you benefit a move benefit productivity a to there's how and changing us business have think us to up develops. is a of -- of going a few you by its is change related franchise and kind hundred XXXX. you see more turn little in bit the it'll listen Marriott XXXX dollars. been our little that a hopefully now guest a to slightly thousand it's trend is for down maybe hope to look reimbursement So, we'll

Tyler Batory

me. Okay, great. That's Thank you. all for

Operator

follow-up proceed. Please Barclays. a Anthony question have Powell do we with from And

Anthony Powell

the any more kind program or or or for and Hi, the from news of in just me, on have revenues? in any August negative data impact that your you year merger that impact one Marriott Have the positive bookings on topic. loyalty for breach seen did in later

Unidentified Company Representative

no. us, For

the impact few it Anthony does us but JVs, any a got a for of it hotels exposure impact. on side things, I us we really such Starwood the we've seen to -- doesn’t. For mean, little it haven't hasn't

Tyler Batory

All right, thank you.

Operator

have the like I question-and-answer for session. over closing of remarks. to to We the back call our management reached end turn would

Jeffrey Fisher

better we it year attention all think as move forward. I and Thank does to that We callers, we're for appreciate a the us. looking appreciate we everybody's forward you.

Operator

you today’s Thank participation in for conference.

participation. disconnect for your and at you may lines this You your thank time

Chatham Lodging Trust (CLDT) 25 Feb 192018 Q4 Earnings call transcript