CLDT - Earnings call transcript Q1 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Greetings. Welcome to the Chatham Lodging Trust First Quarter 2022 Financial Results Conference Call. [Operator Instructions] And please note, that this conference is being recorded. I would now turn the conference over to Chris Daly, President of DG Public Relations. Thank you.

begin. may You

Chris Daly

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

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

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

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

Jeff Fisher

Thanks, call. morning appreciate joining for Chris. I us this everyone our

burn very As maximizing pandemic revenue Chatham I'm look executing did I our at teams corporate job these while financial key have during the enhanced and cash proud at a minimizing our of and results, transactions and position. profits, fantastic Island, that who operating

and CapEx. corporate just we positive amortization flow the cash before quarters for principal eight ended, fact, In produced

and Bellevue, tech hotels is comprise our As to which business XX% in coming Silicon we our sit the traveler the and country, driven today, historically EBITDA. of XX% Valley back primarily five here across

seeing accelerate rapidly. demand Our

rooms $XX in average. XXXX, Strategically, week foreseeable $XX that our close and major they average This million sale to four in on the we're and XXXX these to in announce RevPAR separate a of that only generated portfolio over XXXX is the of mere produced to the million and future. we're recovery outperformance hotels our and a XX XXXX hotels, These XX%, next comprising driver million but behind XXXX. XXX a RevPAR $X expected hotels respectively. of EBITDA of XXXX, $XX. Below transactions. going As XX% reminder, five for on below years be excited In old have older approximately RevPAR produced two portfolio our by $XX within

debt we exit hotels substantial grow provide we of assets unencumbered the second that our converting will the hotels of and today the rate number the of given have and to the on When next close. believe of second waiver to for they facility the hotels on converted two proceeds years our $XX and assets. borrowings and very portfolio the million can we $XXX powder Additionally, or with over to the a time, after maturities address a will securities here we'll when outstanding sit dry used third And months. going are low for cap quarter, purposes money year. rate would of $XXX at apartment the sold represent substantial better use, period to The multifamily fixed down me, manageable in four flexibility four could credit very we for a pay will be available the put have quickly. use. million debt Through be capacity platform We acquire four renovation XX right next that -- facility, past to which buying at available were credit sale excuse hotels a only set hotels the two to the full refined our of have million use most and

Over business and heads pandemic higher during beds the away pivoting since job the we from rated years, the putting great traveler past a mid-February. two did

on We pivoting did the sales efforts are pivoting seeing downside, we now rated again upside a higher substantial acceleration management the our in just and And revenue business and to the on travel. capture traveler. like

Our to team to is push message rates. operating our

and in opportunity are heightened had We a to higher inflationary rates. environment push the

And going of I of stated Our online other any I've leading going significant business lot the that two with down like resistance April was the got confident more a the away Weekday were we've opportunity occupancy months our and of many travel kinds before pandemic, vengeance travelers still is the this kind accelerate. to, many it Previously, growth do significantly the occupancy outlook, was jumping best traveler stay XX% belief the to indicator nomad We're extended to own should supposedly four years through start here of permanently occupancies really person. were are we're XX% the to and be more nights numbers. traveler never hotels highest see was really like added for to meetings that January asked hotels, events majority the the that were XXXX, in month supply two through travel, was into is lived digital they being rate since their we the year. evident in more are one live business for than going of the March, be return much and and of XX% the downfall business heard everybody's of XX% and X%. to or clearly we those They occupancy bought weekday beneficiary is who second to And demand pandemic. for as and going rose and evident come People to to impaired. respect business of cycles April be people primary the weekend there in in demand. Weekday I April. at to the in external and to was like and they're to the a both new business better cut in with and person, levels in travel the weekday -- February. regularly. becoming new staying than first that's weekday already office back or the and travelers, into office it how the travel. new bleacher both to the growth. of when that's business space, XX% in think traveler, from of we meet full now this years, to belief start

of are we good very So position. in already given traveler, where the we are in a recovery business the

me five market and million given Office vacancy in in office that for bullish, the was things With but notable 'XX $X advancing uptick to ADRs the also our ADR new $XXX two sign our occupancy anticipating XXXX a the to are of decline basically shy years quickly XXXX -- only encouraged sharp remain of excuse of owners in figures. of come better Washington. is up first the period. $XX to to in some XX.X%. the ADR profitable $XXX. been Valley, is the the that's great hotels over We've year, been which to developers and by first markets. related feet decline out In of is product over office quarter have highly in Bellevue Offices group April square business last be tech of Silicon will QX for the for tech the 'XX evidence at X.X witnessed is and Silicon great return these Valley vacancy of of the return reopened part delivered travel both and falling that And those same region's the $XX RevPAR XX% growing time RevPAR April companies.

of rooms in and on books we to month these fast. approximately be of markets tech Meta, can confirm of In the accounted XXXX, revenue. as in year, T-Mobile news the internships the for person summer. for we've are and business before, At this are such this business, over in Apple, would summer. internal the Valley knowing revenue long going more coming eBay million gradual is consulting $X companies Bellevue this approximately over approximately million in This this that the great this $XXX be compared that said So ADRs XXXX. we to business and as in out More international later have we business point, for allocated in term traveler this $XXX the return $XX year. the course hosting

part is very room So business pretty benefit there. arrangement. this servicing added the this limited of on that close our An as high operating margin as is

last relative many the other second and will be half strong growth to impetus We acquired our quarter, in Austin, portfolio our especially We're and Austin, Dallas, U.S., of games year, seeing Northeastern about year the lately. to expect travel we drive increased in posting be DC, in primary business and $XXX that's our Washington hotels driven peers. here of $XXX. especially RevPAR where in an first the And markets as to such these to was jumped higher demand markets all the sizable April two

occupancy That at which massive as year news a from recently relocations the few welcome things off the Rams just benefiting up fans as nights from market. XX% performers. in encouraging XX the Our that announced two at the Suites the Centre. how midst team's acquisition of football season Woodland top expansions very been After opened turned exceed going be Domain are in was that's a site, hotel, has is already. market point approximately the area of year latest on and to HomeX April other This will to going acre use of was January on should Bowl training great over excess opening and certain blocks champion ADR want It nicely More and company in in ADR Warner is a all include be month occupancy I ramping activities, well our spurt. mixed and Los and seen hotels was tech to the We've about development, Angeles it's late are $XXX the ago host there. area. a events trends closed Super headquarters quickly into XX% during growth Hills out round. $XXX. our a

Our is real for kind generate. perfectly of excited the that. hotel demand development that should HomeX about We're Suites positioned brand and that this business

Valley to XXX% came course, see last we'll that Bellevue of tech mentioned in turn the recovery ultimate are any distribution, our confident portfolio our in markets generating and historically in the for other business And reinstating especially forwards continued primary and while we our when paying also we income will confidence improvement and taxable increases expect and carry our dividend. recovery considering I it potential a want on flow. of travel before we're cash at taxable to in upcoming rebounding the trajectory carefully as markets business over that As of use the result of income. and color. that, for a traveler, I'd of distributable we more driven our in Silicon We've years With out the and call, little analyze targeted, to look as like NOI deductible pandemic. Dennis a taxable consistent

Dennis Craven

compared downtown residents gains convention San Thanks, Rochelle, also two just out as is in to rounded Suites, definitely of Lauderdale return is absolute attributable improved with seeing Garden down Jeff. the our which first only time, Fort with first residents Riverwalk their markets five XXXX, and hotels waterway jump XX%, Valley of traveler, these convention San hotels then tech our our on Gaslamp return XX% some Large especially. New Homewood quarter, and Bellevue, Compared then two April. markets five with back markets business Antonio, the Silicon San appearance and top Dallas group to and Del the again, and the highest down XX% we're Hilton to York RevPAR Rey that and $XXX Marina of seeing group occupancy RevPAR and our those the Diego, RevPAR RevPAR New Diego of coming quarter. inter-costal Then by the followed healthy the are $XXX. each which acceleration our RevPAR Our month hotels to in were by first And in Antonio and in approximately of such XX% especially life. monthly in making is driven business XX%, The on over of Residence our in in business quarter and XX% saw San Inn in

were our the first Maitland quarter five hotels Domain, top time in our absolute our followed five Austin Fort had in top least New in residents at XX% lastly, the Our making occupancy of which quarter. the acquired in for and Lauderdale, is hotels residents newly entire occupancy this and Rochelle, and Homewood our in residents all five the our Suites residents then Somerville, Charleston, by in at

Our average And to first an did hotels with stay nights. of leverage and stay to occupancy levels. length of compared significantly wide industry above we our our still three X.X X.X historical above of XX% average nights. the portfolio Suites industry nights And longer hotels length continue pandemic our see meaningfully the much X.X occupancy nights, of better stay quarter pre-pandemic in pre Homewood of was our average than at of XX%. residents in Again our length well pretty average was number our

flow good line of was that of to top were revenue million in We right million. able compared up fully will margins XX% of trending generate store million same trends through year's GOP the also for pandemic. the For We total Lots post to increase. our incremental XX% revenue the approximately quarter $XX $XX on total is of last revenue and on be higher expect bottom line, direction. that $XX

that margin GOP when first higher. of were the was RevPAR Our XX% the RevPAR as XXXX only RevPAR or quarter was month same XX% XX%. margins first our when And XX% higher. But $XX, quarter XX% was The XXXX our margins in really XX% stable RevPAR March first March were margins below quarter. $XXX. of was on quarter on of $XX margins

It's $XX $X corporate of Despite FFO EBITDA had we quarter. four million preferred last generate of about positive and the our an consecutive corporate CapEx. Our able because developments quarters Omicron we expansion million quarter adjusted We $X.XX million great year positive loss on margin the it generate flow. of of the forward. worst noteworthy the $XX.X results lodging produced of share teams moving $X.XX. each marks share cash have past to cash industry, quarters. We first the quarter, up flow generated before during EBITDA debt Despite impact in $X.XX, the versus cash corporate history four for we throughout the of were per month after positive flow of produced when same service generate corporate last we pandemic dividends over the and FFO year. positive the year At over level per positive

five hotel generated positive first and the all quarter positive all hotel but During GOP generated one but hotels EBITDA.

GOP of in our quarter Our all Residence Fort Lauderdale. top Inn Gaslamp, were five producers our of Residence the Inn

Inn of the has Third the making impressive top million the on or costs quarter. the XXXX. of was XX%, until the and of staff down line. reservation up ramp comparable the have Dallas having to down then access not Jeff up XX a points January opening new the over talked benefit same our to even in breakfast quarter margins XX Austin, quarter then from late On our very Anaheim million and $X.X Inn costs ramped Downtown GOP Despite last approximately handle HomeX per produced quarter, points about Comp or XXXX recently XXX,XXX is acquired the our approximately compared basis process. up payroll occupied you and amount March the about In as were the and we and $X.X to Courtyard room Residence year, quickly the first X% about on appearance hotel opening, particularly $XX think is basis hotels, approximately basis in bottom system place followed first which but first of by its were list. our Residence in our when

same lead brands the offerings talked standards to proposed reduce about new that of savings. before some the should and store As we

basis. in So first on pretty to to be still XXXX XX%. a were costs XXX room compared approximately per case XXXX was the that seems far, Breakfast quarter occupied quarter, XXX the decrease of meaningful first a the in

complete, center approximately to reduced development, the White about Portland, of in five $X New On will $XX.X the expenditure includes in has this company Residence budget and quarter, of And the the million core approximately Plains, be expenditures Hampton capital York at those CapEx York. Downtown, for the That was both we have our Washington came but later million. Inn to $XX water budgeted hotels, once front, spending been million $XXX,XXX in five year and fourth related any been excluding cost our below closes, hotels are and capital total scheduled hotel Exeter renovations incurred Residence in of then renovations million. [indiscernible] the our which Inn their New budget have in Inn's sale XXXX in our $X.X three renovation, DC

in-person we're As early week a hosting reminder, June. at REIT in meetings

me a email to locked I'll time please with over up directly turn if we So it yet. haven't you Jeremy.

Jeremy Wegner

Good business XXXX but was a RevPAR Dennis. versus meaningful $XXX QX represents recovery XX.X% only XX.X% RevPAR driven primarily April Omicron stages $XX a leisure of recent Thanks of early February of our QX RevPAR in travel down the of by starting of were which recovery. waves, to and was in increase significantly to and a XXXX we've RevPAR XX% March $XX significant XXXX weeks midweek our in since RevPAR $XXX XXXX. of - impacted XX.X% the results, seen been but is mid-February. been uptick a we've of first was The travel, down now XXXX indicates QX everyone. morning, half January RevPAR Chatham's the since that $XXX. has by versus performance and decline strengthening make

Omicron for demand business GOP were and to with to margins margin $XXX. recovered to the quarter margin XX.X% during improved despite much performance of RevPAR declines January by the RevPAR QX being and this variant. a XXXX with was XXXX decreasing in to travel. the as throughout of remainder generate impacts GOP of the improving XX.X% of of GOP improve able relative We expect margin revenue driven Chatham's March continue EBITDA February and reached when recovery XX.X% We hotel

March hotel and represents interest amortization Our per a number was FFO $XX.X EBITDA before $X.XX less $XX.X million. principal million flow G&A capital and ways is $XXX which XX, facility it's strengthen Chatham our its and $XX million million $X.X non-dilutive positive revolving million. $XXX $X.X balance of the in shape had was cash in sheet share QX, At ever steps hotel balance Adjusted our unrestricted adjusted million sheet pandemic. the of was we And of been. balance to XXXX in million liquidity corporate cash of was now in EBITDA cash between availability. during best EBITDA took credit

mentioned pending asset Chatham's enhanced As further with some completed liquidity. earlier, have which sales, we have

We debt of XXXX. $XXX XXXX and in have maturing million no only in maturities

we more credit will of we Destin Inn on Austin, hotels, have additional refinancing to and leverage, of the of in seen to $XX March development opportunities, sheet portfolio portfolio. solid acquiring by the Destin by acquired our Austin, are which January recycling two continue hotel seen we and recent that and CMBS likely the ability growth and have availability have XXXX prospects. maturities, With business given well to Center Warner to Chatham's growth balance acquisitions in maturities to which with prices we're we in flow, a Residence believe and million cash quality to Warner In very strong $XX and plan pursue especially Garden to trends free XXXX new reasonable year and Center, meaningful our XX, cases operating liquidity. we part are April, the expect to future a facility our Hilton We growth than markets along we debt quality our completed X. attractive we relative the quality new While liquidity These the TPS encouraged sale of in all growth Inn growth development second high of home investments. the pursue the the QX, begin our and We're in and in were travel, enough improving half our enhance the positioned on of with generate XXXX. that opened strength capital attractive where absorb significant opportunistically to strong our meaningfully last March million enhancing

XX, approximately associated line provide finance our and of the Hilton was Garden full of to including your debt time, This that of $X.X be Based QX amortization quarter QX at we're you used the Please balance concludes to million not GAAP to projections, this you those the for Center of cash approximately will While with bar own interest costs. want Warner a for interest portion financing Inn March the interest going for I million, my on our home to acquisition Destin. the include with the remind of questions. guidance building as $X.X should of call operator. open of expense

Operator

question [Operator question. from line with Instructions] with Anthony of Our Barclays. Please Powell first proceed your comes the

Anthony Powell

to on and it's Hi for encouraging. definitely net kind year-over-year demand what's as good decline seen outlook at we timeframe? peak the on relative appreciate your approach color travel guys. you morning, leisure Morning, of basis any all segments guests summer those business guest the And guess have either travel, rate looking I XXXX? a or

Jeff Fisher

Jeff, Yes, this hi, is Anthony.

we hotels will Northeastern of experience there, and summer. every a that be I When will our this say especially and will of weekend New I that say it's fair demand think now most be England you but huge midweek. that than a know particularly better to judge amount folks

crazy, part hotels crazy ADR spring winter winter highest are the know great leisure you there, Our Savannah it's there, related whether [indiscernible] most wonderful for there.

is very, strong. would very say leisure I still So demand strong, very

Dennis Craven

moment the Yes, the Jeff feel this the Anthony, I and hotels Northeast you on based comments our at just and just from pretty that Exeter Portsmouth about summer. know, think good alluded Portland to operator,

Anthony Powell

sign there? showing at of least weakness sounds any now they're no inflation that real fatigue price of relative things, like consumer or not are to as kind of So like

Dennis Craven

Not showing up yet.

on where to just showing you corporate they're and start know, have and see side, travelling efforts, again. know, accounts, especially the all this now working operating the we'll that maximizing our But wait willingness, think I economy you to goes. around are know, you

Anthony Powell

few you of being Yes, related, and of the talk maybe and kind there's back, about travel as favorable. next and - lot waiver, as and out to of the covenant business as the most bit a industry have been the curious over laser grow of what hotel you of I size, I'm past a as kind often seek mix. acquisitions and quarters, few start of a the over a hotels shifted target focused But quarters? across thanks, and the get mean coming that you kind again, of buy portfolio it's to

Jeff Fisher

we we there substantially were of the as we And other frankly, never We mean, with know, almost continue and and Austin the for doing tried this of as in years as in our shifted know, especially is of you acquiring strategy we've shift very diversified as Valley kind next of that's word. business And XX lodging And and the part, best that, one hotels, experienced, extended a it's good part sources thing as the well. in, some some business, haven't the do Austin. really for in to terms completely well talked brands have certainly business. by our focus, driven kind of generators about, during that hotels. you just the for most there's on and me always stay. pandemic. you though about these very, we're new our business domain, afraid all second in related that is And you hotels bought because word, of idea driven, particularly you like said, know, of of believe business our there no after tech. And evidenced hear either, part, we'll I not But results the being Silicon demand we look to kind the even markets that not tech

the that I do good we're, look we acquire. focus we So and our feel to brands that about think

Anthony Powell

it. thanks. Okay, Appreciate

Operator

Our Ari BMO line Klein with your next question. with proceed question of Capital comes from Please Markets. the

Ari Klein

and close summer recovering recovery back? the you through seems the the Thanks can on and second I How path guess the Silicon it that portfolio, third are this just and it's we good broadly, looks morning. to You what's be recovery in on know, the coming given with to occupancy over like get interns strongly Valley, thinking Maybe quarter? been more How about of lagging occupancies remainder the XXXX here. year? pretty through

Dennis Craven

pretty is Hey going know, business, Dennis. of in Ari, started you once XXX the to this XXXX good the them get to the Listen, occupancy close an think year. from intern in thing perspective, I second we're levels pretty, morning you year. to that, in One over morphed days, intern this the talking last we earlier the programs. that's of of expansion this kind And know, half

built, of two development secure they're some of as well. years, we're key some clients, we've that last, you the relationships corporate really long-term of know, about outside for kind the some talking this for and in starting our seeing for plus over it. know, again, the i.e. rooms, rooms you goodwill robust - with Now, requests more even corporate the you And fall, some product to to business, month business, the I intern think we with know two of four long-term, type weeks business wanting

pretty first bodes the fall, we intern are think of are those getting the that at know, of intern to you well or and year rooms it's and other note and the the about, the of that Ari kind since XX%, perspective first this about we're like priced, I negotiating for talked looks the for moment occupancy substantially But the So, into higher. XXXX. chunk I second work, think what to they're know, business Jeff think half from encouraged And were when the summer, rates perspective. of companies that, companies you important from coming year. rest allocated of those a $XX as program, rooms additional below And internal an we I just rate back for, demand, post for

think I are out So rate occupancy things not pretty perspective, good only but looking from an there. perspective,

Ari Klein

original the new rates, are following XXXX? - rate those or than that, just up rates higher on or And booking higher than those rebooking rates

Dennis Craven

XXXX. the than original than Higher higher and

Ari Klein

it. Got you know, if the talk you know, you across what then side, supply supply know, know, you're you could like, just just is you portfolio, seems environment it on outlets, but improving, the And seeing there? lower

Dennis Craven

Service Ari, key in I were certain Yes supply we think, was absorbed amount of think well, of every we're think supply, pretty perspective, I one than leading I of set not one tremendous our from our in more of you know, a into one select the a if introduced, pandemic, up brand markets.

supply period, those are new new you announced not that I markets and being very So, look everything generally what's in think are if I little that as pandemic, kind in we're markets, we're those think in out there, developments post it this in. of

think know So that, think pretty you we're we're we have I a here. I good runway we've pretty confident

Ari Klein

Appreciate color.

Operator

question the your of Kyle next line comes Our with proceed Riley B. Securities. Menges Please with from question.

Kyle Menges

morning Good was this sell in I the to mentioned four those hotels that to portfolio. opportunities XX? that hotels on agreement I'm curious, you the lowest four other the took Brian. for sell performing is you you among under have curious Kyle were XX

Dennis Craven

certainly that know, perspective a But we're kind that. not going I of, you you sell like But growth just a Well really think really RevPAR. the nothing it's know, I highlight mean, all of to from of, producers anything know, you listen those just assets yes a, steady other or been major, XX.

within mentioned converted I comments are those, So, think a as to prepared multifamily Jeff his short to in and continue timeframe. we're two going being of

RevPAR, to, believe recycling sell not you doing. on. So, that which our nice is portfolio opportunistic, to with we've listen, our we'll have But from what in just I know, think lower capital, continue of definitely going growth some though, been for below even those We're those up we assets mass averages. room here any are four just be

Kyle Menges

for how that thanks Okay, then you like Valley a especially color. from feel in you're to And ramp do situated perspective, occupancy is Silicon XXXX? expected as through staffing

Dennis Craven

know, you And that again, that XX% intern question know, is business one in XXX% that the going good Yes, to about, the think, and he with a intern talked we Jeff's in week. cleaning the occupancy be benefits, be of remarks might of prepared I to once you those five running, program and we're think rooms I hotels. beauty

for a know, most than part least, think you the not more most once week. I at

So, even that, going like to lot market little. same need ramp up, their a that, of occupancies hiring people, because hotel, where are is hotel are of in not we're level so hotels housekeeping services, of to because and starting even the a because like be to frequency in going a the cleaning

well summer. bodes really that business know, margin to So the for be, high you

So know, especially I the in a a generally you in five markets position hotels. we're pretty for perspective, from portfolio, think five those staffing across good

Kyle Menges

me. from all That's thanks. Okay,

Operator

from Our Oppenheimer. of next with proceed Tyler line the your Batory question. with question Please comes

Tyler Batory

increase also, taking Good follow-ups that these my Few sales, in terms asset questions. here morning. inbound for run a process Thanks the with for me And did you in of for can potentially to now inquiries? if they you also valuations contributed properties can versus you much pre-COVID? XXXX these say well? pricing I'm about And talk sure as then not EBITDA how

Dennis Craven

the XXXX four but million of kind in I $X.X Tyler, talk and think everything, think pricing generated I hotels, I Yes of EBITDA we'll mean about

Tyler Batory

In XXXX.

Dennis Craven

Yes XXXX. sorry I'm

You they had recently hotel Destin million. Hotel know, of actually EBITDA XXXX $X.X acquired and

NOI producing XXXX more The attractive cap XXXX the was X% on out. are is, rate that NOI. than that's know, hotel one is four cap you rate X% that on a we it pricing and it, a So think

assets was, of it working you So that part been process on. know, those a were we've

be ultimately us. reasonable able multifamily obviously, it's a cap a cap for get of rate a think for attractive rate, publicly is great that, converted assets. are to couple quarters those to but that buyer, to of at we to look for talked keys very were a about here two we've going of think a use, going one they're some And from product again, sell opportunistically which, the hotels four multifamily again, I I

Tyler Batory

great. Okay,

that the sequentially? business In than think forward it terms better reasonable in like we're of the is that et June, Is better that is May, going you do here, trends than than June just and a continue April, cetera. to And is base case better here? July May plays know, out progress expectation you

Jeff Fisher

would it you about know, what portfolio, business. Yes, you should. the call it hotel to normal And seasonality, if yes reverts that should I back think or also our

And as you once get in October you'll up, of always past. done, know, seasonal start you that kind the months. run lower then did is into then you So,

Tyler Batory

the can specific the trigger to for. look dividend. I return benchmark, terms dividend, in looking points comparing want that of more reinstating a any And in improvement to get know, of about travel, last you you you there just just business thinking perhaps I RevPAR more mean, know, in see you EBITDA terms Okay. markets? versus of seriously in I is the level you the to then at tech mean, know, or continued give might start see trying color that perhaps, a know you sense XXXX, you're

Jeff Fisher

but in those considering all where things. is, it's one that obviously, every really terms you of I think the the and where can, drives taxable It's of flow going. no cash There's board's decision, income metric it's thing,

Tyler Batory

last finer just then corporate point commentary. one, and travel to Okay, I on put the a wanted

any you of the sensitivity price when six you you are it's but, over starting months, less was traditionally, know, past that price that You know the seeing leisure plus to usually that's side as they're versus corporate perhaps sensitive, And know, things guest from come corporate, at price leisure the not you it's back? that sensitive. look

of guests power starts charge, back, want as the you expectation, that's hotels, come what pricing be with can So circumstances, essentially is where in should coming? and ensure to still some are leisure to your we seen these and you similar focused whatever corporate some

Jeff Fisher

whatever to at of were is we've can the pricing they as over less I we as traveler, charge so averse that far, we say pre-pandemic. wouldn't I want. kind five next months, least will and But say or business four Well, looked the

for know, the they've, most have especially conditioned year think you half, travelers and over rates. last increasing been a I

buying everybody's for certainly that basis. environment a paying an they're We have daily that inflationary where on everything more

again, think, to rate, travelers really, I has we what capture there. our So of think, as there's - in let's talked know, as are been last less going kind know, aversion the be we we the And prepared know, hold can, environment. our while about you comments, we're since pricing in message push is at And rate, you I you year as what this much to as that moment.

Tyler Batory

great. for me. all That's you from Thank detail. all Okay the

Jeff Fisher

you. Thanks Thank Tyler.

Operator

any reached At back for will of have over session. Thank to And the question this I call the end closing and we Jeff the Fisher time, remarks. you. now answer turn

Jeff Fisher

We call, Thank look appreciate the And Thanks, next doing call. everybody, go on even it. being again, what for with to forward. we'll better we forward results continue you. and do as to we're our

Operator

conference. today's concludes This

a disconnect and your great for may you Thank your lines day. time. participation this You have at

Chatham Lodging Trust (CLDT) 4 May 222022 Q1 Earnings call transcript