Chatham Reports Q2 Net Loss

11th August 2011 (Last Updated August 11th, 2011 18:30)

Chatham Lodging Trust has reported a net loss of $1.9m for the second quarter of 2011 compared with a net loss of $600,000 in Q2 2010. For Q2 2011, the company reported a 3.3% increase in revenue per available room compared with the same period last year. Occupancy during the

Chatham Lodging Trust has reported a net loss of $1.9m for the second quarter of 2011 compared with a net loss of $600,000 in Q2 2010.

For Q2 2011, the company reported a 3.3% increase in revenue per available room compared with the same period last year.

Occupancy during the quarter increased by 2.6% to 83.2% and the average daily rate was up by 0.7%.

The company posted adjusted earnings before interest, taxes, depreciation and amortisation of $4.3m for the quarter compared with $1m in 2010.

During the quarter, Chatham completed significant renovations at five of its 13 hotels, which is 40% of the company’s portfolio.