Chatham Lodging Trust (CLDT) 2011年年度报告「NYSE」.pdf

1、2011 annual reportChatham Lodging Trust 2011 Annual ReportHotel Locations2011 Chairmans LetterSince our Initial Public Offering(IPO)in 2010,we have continued to deliver on our vision and thecommitment made to you at that time:to build the leading lodging real estate investment trust(REIT)focused onp

2、remium-branded,upscale extended-stay and select-service hotels.In approximately 18 months,we haveassembled a portfolio of high-quality hotels with a strong emphasis on major east and west coast metropolitanareas.We completed a number of key transactions during the year,more than doubling our investm

3、ent in hotelsfrom approximately$210 million at the end of 2010 to$520 million by year-end 2011.We also built on ourrecord of paying an attractive dividend-every quarter since the first full quarter after our IPO.We acquired five wholly-owned hotels last year for$195 million,a price well below replac

4、ement cost,thatare very much attuned with our market strategy of targeting hotels with strong upside potential.Our portfolio ofwholly-owned hotels today is concentrated in strong markets with high barriers to new competition:77 percent ofour portfolio is located in the northeastern U.S.and along Cal

5、ifornias west coast,with 65 percent of themlocated in metropolitan Washington D.C.,metropolitan New York City and southern California.We also acquired 64 hotels from Innkeepers USA Trust for$1.02 billion in a joint venture(JV)withCerberus Capital Management LP.Our$37 million equity investment compri

6、ses a 10.3 percent ownershipinterest in the JV,while our pro rata share of assets in the JV is approximately$105 million.The portfoliosaverage cost per key was approximately$118,000.We expect the JV to provide significant cash returns to itspartners,as well as create meaningful returns of capital in