- Earnings call transcript Q3 2022

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Operator

Good morning and welcome to the Chatham Lodging Trust Third Quarter 2022 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions]. Please note this event is being recorded. I would now like to turn the conference over to Chris Daly, President of DG Public Relations. ahead. go Please

Chris Daly

forward-looking Good XXXX, and All Lodging unless Form statements Andrew. Please information most and to as are to are noted. welcome that securities update in by Thank These both laws. third morning, known recent quarter XX-K Chatham statements of in and changes November 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

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

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

Jeffrey Fisher

the strong RevPAR the certainly through quarter by occupancy strong of trends the Appreciate real flow same quarter offset importantly, lower our the of incremental call. growth with was wood the us X% and of a second the up finished And growth of in X% third proud XXXX. monthly over strong This for strong XXXX appreciate -- you that. Again, strengthened seasonal And line to though occupancy only into year, Sequentially certainly the by the ADR. to XX% XXXX. of And XXXX, occurs. as X% finally last around down stock RevPAR with X% quarter. quarter operating normally Thanks, X% course of the impressive this third quarter October still RevPAR Chris. and as you over over I up relative ADR as continuing and fall RevPAR with me over quarter, head meaningful also, achievement. strong remain you year. quarter I'm up highest joining approximately an downturn continuing is everyone September excuse RevPAR morning the for $XXX looks over third bottom up our compared XX% quarterly your results strong the RevPAR And

basis all certainly margins the same-store as the the right I of proud over margins as result, I'm highest quarter. Next, our our of I hotel operating increase X% particularly with margins indicated all and XX.X%. we operating put us Historically, produced third XXXX quarter top third said peer only Up of Again, XXXX were that RevPAR at strong and that X%. RevPAR pleased again, companies. up REITs this only in margins with XXX quarter points lodging a and produce our over of with kind

as a our XXXX And we which almost increase second quarter, Our XX% flow, free third in result, up million up cash the our XXX% $XX substantially. quarter quarter. SFO almost were a and quarter and saw EBIT in up over over adjusted healthy was third

have exited lowest our start Since we leverage any waiver during debt by the facility our the as our refinanced of the borrowings rate. hotels issued Lastly, the a in outstanding debt address here decade. we pandemic, XXXX. on serve or quickly successfully both sale and reduction with period external covenant facilities reduced credit to With unencumbered is maturing additional highest we have We now loan assets that far quarter and/or the sources And $XX of could Touching lodging unsecured By extremely have senior as levels flexibility XX net just XX%. approximately the new acquire facility couple we of term next liquidity. recently, no I'm sit our with healthy a over which in very years. credit refinance on of maturing condition, over and pleased we either million financial our for at growth.

strong I recent as is market the operating we the you've rise have combined As desire But in between sure the to hotels. interest stated, [indiscernible] significant transaction capacity acquire and essentially rates I'm heard, with results.

there buyers sellers. pretty a wide really spread ask is and bid industry, the between For

looking We we don't are at deals, announce soon. anything to expect

in last think to I significant and has the pandemic. of do there I dealing brands will will difficulty ask also with that looking pressures from be I certainly some market. be And will really years However, forward during XXXX, over the are bid debt few narrow, to have a spread and that we refinancing maturities should CapEx owners some the that believe that the because believe that CapEx this occurred deferred and relative certainly

we work environment the lot we stated, on As be also to parking development Certainly city Hampton unbelievably strong are an and Dennis develop it. Portland, to next hotel Inn and our there. Suites you'll another a to continues in previously we as on market have to plan that from a our ability working develop and difficult Maine, do would in hear

reliance on higher business of our certain in our our to traveller to the due portfolios recovering markets. operations, back rated our still Turning

best up was travel due that surge and primarily with While business October. we the Friday, that jumped the our saw the in period, since and before during first to the weekday the time Tuesday, driven continuing Day, is month has to XXXX, the week that that outperformed Labor marking same the upon of performance of Since year, Saturday September where occupancy through weekend. has pandemic, occupancy consistently of Over XX%. week occupancy surpassing XX%, the Wednesday,

to possible. And occupancies ADRs February Although good a next our continue push indicator weekday to much seasonally what might gaining we trend This as period. travel or towards November business begins trend of as slower is year.

next to As great stated budgeting year, operator that always a ahead, and our operators has matter we do in the see increased flow Silicon Dallas, know seeing demand San the seeing Seattle, our many look Dallas, Austin, and business primary And growth. ADR continued Antonio are as produced from strong earlier, of also travel strong of and bottom in San Valley, We're we convention fact, for group as Diego particularly as through demand markets we and line. I such centers. their in

year. Destin business of believe RevPAR XXXX of travel decline. groups we a Hotel, view But continue I the third the to will traction leisure to X.X% And RevPAR Our travel the including gain years will markets leisure next of like some saw back but compared still remain macro some couple decline, a past strong. give quarter, is hot small that white which with saw our slight will

As over and XXXX the occurs balance this XXXX. transition of

We peers of business. the benefit and who reliant and changing trends will derive have resort most our become dependent more on compared to in demand really many as leisure

At and still XXXX down second we both little RevPAR XX% are were a Although September. levels. San demand below the what levels. with we've had down SFO from to XX% They good of below domestic in far experienced as but XXXX the miss from than bit XX% the before in down off XX% months trended Jose quarter. the to two intern Road deployments quarter about versus quarter. quarter SFO the Silicon in still remain benefited well summer, backwards slightly a Valley better traveling XXXX about RevPAR has October

now quarter While now XX% versus were deployments improved in down second to and deployments third up XX% from XX%, in the international almost quarter. the XX% similar about down San Jose, in

improvement more improvement room a forward. So but slight still lot for going a of

If you our Residence Inn look off October XXXX. in Bellevue, was to Washington, XX% at this

deployments was which from off XXXX quarter domestic deployments look were XX% to second XX% than improved stronger bit in quarter. deployments about third Valley, XX% As business if quarter, in the travel improved in off quarter, from in the you to off that a has X% the the international the there, at second

discussions recover the Given return as than international Silicon its to in and XXXX at return business, including our top initial bigger, travel, at point, the office, be this and little with term clients on slower continuing travel than say this But were rest the to higher which training the the we in rates be certainly a Seattle consulting and that said, will we've programs, on Valley markets. could expectations, longer us a seem of reliance are of travelers intern indicators to to XXXX year.

the Valley, we of we're that back these encouraged will trajectory digital markets long-term. over So new generate we've the the the to by demand about, incremental emergence talked nomads think of traveling and

Residence Austin these XXXX Our all bucking other versus of tech is power Inn. trends X% [indiscernible] market, our related of

employee COVID, to of to augmented this healthy and It's Austin market by We as TownePlace market XX% This up the I is versus future since office to asked travelers that people nights. will frequently, we've the travel, nomad, than space like in staying is come Suites relative not open BT in was new course, away of to year Our XXXX. to And be more bright, one component. was almost works new new these was And like demand. believe the back leisure is or relevant do said, strong both hotels some an be opened to still last travelers from by benefited $XXX. who got RevPAR people business more digital will person. for that two now

flow bottom top our line, strong our hotels. do very flow that, and we since of added are will performance, thus, flexibility, Adding grow. those And will high cash XX% the to that hotels of the which line got stay think growth generate demand. to be is line of operating we've primary to we top So ability great means the of free certainly extended to course course new this margins beneficiary over through

said I Our balance sheet, great as in shape. is

we're little for the I'd color. think a common recurrent of stock in dividend. over reinstatement cash I so. that, that our shareholders We'll near more and to future to more about through ensuing like to Dennis or continue returning to month to be outperform, it quarterly talking With a in the poised turn the outperform,

Dennis Craven

to in amount in essentially of before was RevPAR Thanks, August, XXXX, Jeff. and flat Compared accelerating July September.

earnings in last programs marked early significant of [Indiscernible] our and companies this tech from Meta, call, and eBay, up Apple, T-Mobile. return September. programs. in off about haven't high those quarter intern bought demand talked such wrapped in-person But we our internships room the As as

from as index is part double arrangement. our was XXXX. business at operating very An Our almost It's our the pretty limited two business big in the added that's XXXX servicing is revenue And margin was benefit this room $XX high definitely Sunnyvale more Taking by our is proven levels. hotels. out right of that approximately gains decision. million RevPAR on

in tech operating over September Our was those five at driven margins hotels XX%.

We results. driven his tech they Seattle XXXX in four As comments, recover levels. still do five surpass Silicon will that hotels, in those prepared our bit just expect slower. off Jeff and a mentioned be ultimately well going one the the Valley, in They're are in to

a do five and about EBITDA in hotel reminder expected in $XX XXXX. million these $XX to As around did in hotels are $XX million to million XXXX,

off So XX% internal still growth to of with about some come. XXXX good

Silicon Silicon Residence XX% XXXX offset look excluding versus at with quarter quarter portfolio ADR Bellevue, Valley, in a by up X%. third was the our or decline about of you our If in of X% in Inn and for our excluding RevPAR occupancy Valley growth

and we've RevPAR and Dallas again, gains And markets in pretty significant surge. our Diego performed Large gain of related all respectively the with relative posting XX% the And to Group RevPAR gains So, business versus and XXXX. approximately out Antonio posting portfolio to continues San of San Convention those versus five taking X% XXXX. really of hotels, convention XX% XXXX. well posted

space. for Bailey So the continues far, the expansion there about least future be at up schedules Kay without XXXX. Convention good any Centers, merely pretty to are of of going be talks that expansion Center Convention the setting it's the in in to of Dallas And closing

larger So to attract conventions given should set proximity close Center that's going to our do and nothing pretty Convention well. us up but

comparable hotels quarter, the XX During compared to our quarter. last our third of generated RevPAR XXXX hotels of XX greater than

the but compress, to in outperform most improvement. at just still Business the to XX% the can which Traveler due indicator compared in is weekday gradual weekday XX% the coming for with healthy gap travel, quarter quarter, in of occupancy in occupancy XX% the We So again continued has quarter. the to our best a continue to occupancy October back, average rose us second to XX%. part Business travel the were weekday again, Traveler over

the but week. rates of push us, Wednesday our continue As our throughout Jeff can ADRs talked XX%, we occupancy about, for demand, interesting [indiscernible] of pretty beat our in since XX%. with Friday, our to the Saturday that Coinciding rising Tuesday, we occupancy

Third $XXX Gaslamp the last ADR and slightly $XXX the Marina our ADR, absolute Hilton Foggy Del Inn October Bottom the followed at Portsmouth $XXX ADR top Residence weekend weekday September $XXX higher by than at hotels RevPAR were then And highest Garden quarter are $XXX. Hampton with Residence ADR was Portland Inn at $XXX and approximately quarter. versus Inn our Hilton quarter, second our was Inn with and was in in of $XXX quarter then Rey Garden RevPAR Inn our $XXX. at versus

is portfolio occupancy XX%. industry Our quarter with more and to reached better XX% than both growth significantly the industry occupancy occupancy of our with RevPAR ADR, industry than double the compared third wide performance performance in

XX% occupancy our is XX%, and to more industry X%, XX%. XXXX industry XX% rapidly our growing industry to compared than growth relative Additionally, growth RevPAR growth the of a our that of and shows XX% with portfolio the as respectively versus ADR whole and clearly

in absolute exceeding with appearance. then Rochelle, our Residence five over first our remainder Del highest our Hampton XX% Inn in hotels top ADR an then Hampton the Gaslamp Residence Inn Portland occupancy its all hotels our five in Homewood Bloomington Residence led ADRs White the top that New With of Inn Exeter, hotels XX% Inn then of $XXX. all Inn and Garden Portsmouth again Inn Diego five quarter of with hotel Inn and Suites followed the our our higher Hampton second occupancy View, $XXX, ADR our York, are were in making than with in our occupancy and our Our Mountain Residence Plains, three $XX by with the were New Inn Portland ranked Hilton HGI. Inn to by top five Rey, Marina San And

in with travel. We historical stay consistent today's length We're hotels. continue comments is regarding average levels, longer our longer to see our than which of an just staying

pre-pandemic at Our remains about length XX% average stay than of brand Residence still Inn and higher the both Homewood Suites levels.

were of For XX% to the $XX a through revenue we revenue hotel year's to incremental up generate almost able million quarter flow of compared million was $XX total of $XX And last GOP from you seen Certainly, on to if mean our top as very growth much nearly doesn't can't strong that saw we've decline it of relative XXXX. XX% increased peers revenue several push margins line. who million. through,

permanent be long-term with at everybody up a levels, same-store operating employee, per we're XX%. to over years. on kind on third our on up margins it making believe for comparable at third portfolio. growth It's XXX able with margin will produce to structure, a like respect a attributed comparable that we pretty rates pre-pandemic a been the kind and we're bit growth the to XXXX pretty headcount understaffed headcount especially RevPAR, certainly, but margins reduction. occupied over we Our increase recovery. terms hotels. our compared high entire basis a be of And based efficiencies. But out is bit points with in we've about knows our the casual certainly where efficient to obviously, impressive least the certainly On we're and X% of RevPAR our surpass room quarter And achieve to basis operating labor, But XX% few quarter. there increase labor and last many basis, good seen labor of to our a permanent in margin growth A hard able little down there, a pressures remains on this is in are meaningful given we've of more

or XXXX. approximately were relative $X, decline X%, about of a to $XX, costs Our about

quarter GOP first Washington. in hotels Silicon three in, top and of quarter. product as underpinning driven of top those positive in That five second fifth hotels were markets produces of hotels the gross by was comparable producers top driven all five a and which of Bellevue, Inn Portland, our the that terms generated of lastly, Hampton was our upside. Q GOP compared our the Valley our followed to recover. GOP, our highest third XXXX residents fact Gaslamp the Residence hotels Inn if hotels reminder GOP in then our XXX% in the tech console And the actually about an hotel is nine a production. of tech GOP and quarter in also The third the look residents hotel And XX, the of During in the you are producing was -- producers hotel XXXX are at our EBITDA as quarter quarter quarter, of and our result. serves great top All in EBITDA of

at Looking all the average the and in producers a above with we're XXX margins top margins hotels Austin, recent up homeX group of Austin HGI generating followed development, our as mark GOP in XXX in XX estimate hotels four of and XX% with were by the hotels our Hills at XX%. encouraging of a our RevPAR to our two acquisitions portfolio of and four our generated and quarter Woodland X% generating our operating

already With commencement of CapEx renovations, total the the capital three incurred Jeremy. half Washington, for renovations commence D.C., million with quarter, three over our of that those New about it $XX Plains be the in spend turn in I'll to And advance revenues approximately during expenditures going the in York, million. incurred that, and the quarter. hotels, York and we of New Holtsville front, to renovations. We've of White On in to company are at going the $X fourth

Jeremy Wegner

XXXX qX Bellevue Rev $XXX. represents QX everyone. excellent of morning, Good From up a RevPAR line of our XX% versus QX par and RevPAR top $XXX XXXX translate increase business our of This at levels XXXX $XXX Chatham's X% intern by strong Thanks. was recovery of in the exceptionally continuing unprecedented business Day. Silicon Valley demand demand, of summer Labor our was really and driven after which picked up hotels performance leisure

continue in QX RevPAR While unlikely of to levels XXXX. relative in to we expect Overall to QX. to match business transient demand XXXX X% our QX are versus improve QX growth

travel the the related business checkout Given the of intern leisure in the seasonality tech of portfolio. and our

addition also achieve our in We able are margins XXXX. and to than higher being to margins in QX were EBITDA top-line significant despite up than only sector highest XXX the XX.X% margins increase QX. In exceptional able Chatham's the generate RevPAR was hotel XXXX. higher to QX $X in the points QX in results, this among basis margins Chatham were outstanding in

While we're offset to the RevPAR cost in continued impact see believe starting increase, margins. should we help on growth potential

hotel capital, of QX Our Adjusted EBITDA was was $XX.X principal share was flow FFO million. and EBITDA X.X before cash which EBITDA per less million and million. was positive XXXX $X.XX represents hotel $XX.X million. interest G&A $XX.X amortization corporate Adjusted cash

scheduled the unencumbered and repay With the Over lowest in $XXX have a in intend the of line half million XXXX Chatham term with proceeds $XX we please number debt October, and majority my late In a new we loan, term taken result, $XXX most XXXX. and for and credit final of and the in delayed to in XXXX. term steps remaining are sizable flow, strengthen solid the open to facility sheet. undrawn, two balance million concludes XXXX the The the to a $XX $XXX consists extension are Operator, leverage when a hotels now million And October have operating revolving liquidity, of years, revolver million replaced had. million all a completely cash last we including of our currently that million mature the This questions. positioned of facility ever maturing our needed. a credit credit reasonable we've $XXX loan that maturities that liquidity drive free debt first loan performance, to revolving was we maturities have we line and has to loan both use as revolving of leverage well portion the of meaningful options, of call. its portfolio of drop strong term refinance our

Operator

We session. will Instructions]. now begin the [Operator question-and-answer

with BMO. question comes Ari Please from Klein ahead. first go The

Ari Klein

said bit about what the Valley of the Silicon And Can demand given you business on post companies seeing seeing there, from you're out morning. what Thanks. a a tech larger trends good their some from talk down the challenges, and to be in non-essential of and them some you're travel? clamping intern little standpoint

Dennis Craven

start as think talked and about October anybody in. RevPAR Yes, XXXX. about Ari, else this is XX% off But chime compared I can Dennis. we was to I'll

our do of certainly from compared and Labor levels. and demand we doing So out are It's clients tech what it in business business a in still still was with, generating room hotels, the quarter down there third We our Day of that to know Memorial not our Day. level do most that are to the market. just driven from

as there, intense. there it's not drop down, ADRs major compared pretty So off Obviously, getting. doing isn't still to it's are to were relative and well, like still out is but 'XX. we XXXX still a what

in of So I'd slow about second and say We're kind kind really from intense, through think of November, the of the in Bellevue It's it's February. kind as I just season Valley to as Silicon the hit not of middle week there. we're of both normal.

not So then ton in saw we of pre relative to terms pandemic. a and now between what expecting

Ari Klein

progress significant out to then you're incremental margin costs provide back some And that Thanks. maybe any labor front, some there. good the there was color cost there from and it. still standpoint? seeing Are expect what Got a on you

Dennis Craven

for this not the there's months. the better because a operating We've six kind ton. part Yes, reduction XX%. last of minus Headcount at of been

kind As still we're I do with think updating Marriott out an out cleaning you from standards there, their option have comments, prepared understaffed of standpoint. said in my little I came a

entering the we're the months a as we'll that, back So slower to need season bit for bring well. little of but

to in back that headcount not rush we're in a respect. bring So,

it, think employee good from bit. pretty for be an perspective, next, start for position in months a we're things four until So, you the or know, I least But you going five good I know, we're up. at ramp the think a good to at most for to part, back

Ari Klein

it. Got

like-for-like about how kind Just of on year-over-year employee basis? costs thinking a are XXXX following into you up,

Jeffrey Fisher

our mean run I Yes, X%. is X% rate about year-to-date plus or

of wage is XX% into leading our portfolio, the pandemic. couple is are the thrown hour In experiencing years, XXXX but last kind increases obviously, of which out, across terms kind we of of mid-single-digit per down from

last little down So bit average from it's from year. increase -- year-to-date our a our

move still -- as kind we're wages single-digit be we into we XXXX, middle XXXX. would of expect still kind think I of to going up that area into in

Ari Klein

color. Great, thanks all for the

Operator

The next question Barclays. Please Powell go comes Anthony from ahead. with

Anthony Powell

Hi, good morning.

on Just because that tech intern the the having now, some be a I option right to you're eliminated business, year, know shrunk what's next or other question the good of that but we even positive year? with clients, backfill next to discussions with about, were that were given challenges business reading if

Jeffrey Fisher

I 'XX to or the that. been going and business we ever first was anything XXXX, it's stopped long canceled mean, saw that that be all, pandemic. mean, we've for of Well, don't with it we the like a doing in only -- think I thing time,

tech still and did group they our recessions business, in still business. hotels of year throughout prior they in despite demand. related intern So did, And downturns, the terms the

had we've earlier with segments, Silicon confident to them obviously which we for faced are right get both from we business and to related pretty travel as if we've going So, can, are which revert pretty risk next did of the business Bellevue already, that what programs and kind where than rates non-business XXXX, as huge in challenge, we little intern I there's that called what's in in think we a listen, what Valley Austin, started don't do to think we with, happen the XXXX in next much encouraging. have bit to to, the with a we've each with discussions discussions that we is now used and regards companies in year, of were tech year. we the Austin, And would

Anthony Powell

okay. us more think development. to take opportunities a talked Got terms that build returns? on on project? think what you potential there. a it's to in gives in Portland city. for hard And that maybe I timeframe, targeted of Could think one Maybe what it, overall maybe that that would update you what details about And -- project more complete like you you the

Jeffrey Fisher

the are -- discussions around time top terms all been being think we approval Inn to has and couple project. we of I that it, it a The and building I ago. still think our performing consuming. there it from then of first it, is of assets Well, active that it's off it's since the process We one getting great. getting open Portland do opportunity quite bought a overall market. But decade Hampton have good in think build probably in having and years of building is

Anthony Powell

So XXXX good is the just target? kind of

Jeffrey Fisher

Probably.

So year. yes, the circle

Anthony Powell

thank you. Okay,

Jeffrey Fisher

Yes.

Operator

question go Tyler next Batory from comes The Oppenheimer. Please with ahead.

Tyler Batory

you. Hi, Good morning. thank

just trying XXXX if terms of with the How for understand shape to and dive X% seasonality XXXX, First September for -- you're compared for should to delta performance I trends portfolio. us the versus And up really question thinking you you XXXX. seeing, the in in so want November and there remind into me, December down versus then business could your what you're October, up think I XXXX?

Jeffrey Fisher

weekend mean November, moment. I at Sure, yes, the

in down RevPAR and certainly November, into December, it's but RevPAR So a early of past we're bit RevPAR tell get too little goes usually full building further month, starts terms like March. from February once what little the January, to perspective October, in it's looking up in a you an down then down for from from absolute our down kind it of October, back

I much just more might detail Jeremy that on have does some give And is. So, think you… he how

Jeremy Wegner

drop November a was in pretty a off RevPAR $XX. point December just of $XXX.XX. Yes, was reference, $XXX.XX, material like was in October our RevPAR it We see after XXXX, October. In

Tyler Batory

happen helpful. to That's the opportunities great. right you kind ask acquisition in frustrating, And your as catalyst narrow is that there okay, needs spread now transact. the that bid, commentary, what to would What timeline out aren't imagine, and in Okay, perhaps and for well? there, for think to terms mind of more you the then of do

Jeremy Wegner

can on pressure past deals to with the indicated, will and I those happen, And really, But this their certainly some it. to owners think if set to hotel, with the generally back know, occurred. have that sort they calls, got deals and put it's and our purposely for exactly. to don't. that's this to to I instead, positioned those see in predict. the there's or partners catalyst really always opportunities the to sell But sell Yes, And that's been partners timing having come that I balance capital are we of do as real hotel. say, capital. from good It's extra let's pressure let's don't sheet capacity the go hard deals to It's up when we've be partnerships always in

some and Now look, really given really we've and returns, our and given really trade. got nice job, to stock today where get multiple given pricing environment strong the clear,

things us do variety understand to up to for I line of So relative a there's going different work. we've to to the really what and an need math enough dilutive that not we're really long acquisition it to pull And around the takes been trigger, to because occur think make deals.

Tyler Batory

is sheet last your strong. really allocation, shape, question is And Okay. capital for balance in performance me on great

What front, not it dividend expectations? payments? do You're acquisition terms whole looking in of your here, fit of on does the significant what where to you potentially sounds are a in kind reinstating lot the like, are at

Jeffrey Fisher

requirements. through. talking about calculations a We're and flow NOLs and clearly. Yes, the finishing for We how we cash flow either to as in I but up think distribution overall visibility a short keep our relative the earnings, up level of should our about this, going Dennis probably some dividend. position of Jeremy the conservative period affects are year or initiate of right. that sort on to And The be in our can kind time nature board on of I we're next ramp given to chime mean talking to here dividend reinstate in a into relatively ramps going

Tyler Batory

Okay.

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

Jeffrey Fisher

other All there? right. any out All right, questions

Operator

management Seeing had Chatham another conference there that any turn been none, like I check to Just to to over back the [Operator would for closing remarks. Instructions] question.

Jeffrey Fisher

we look able as follow the 'XX. you. we've forward towards year move on I to We and continuing the been continued Again, kind results everybody of to want to being forward in just post. a in company call better thank for year the the Thank

Operator

now you concluded. today's for has presentation. conference attending Thank The

now may You disconnect.

Chatham Lodging Trust (CLDT) 8 Nov 222022 Q3 Earnings call transcript