Chatham Lodging Trust (CLDT) 2016年年度报告「NYSE」.pdf

1、2016 Annual ReportChatham Lodging Trust is a self-advised,publicly-traded real estate investment trust focused primarily on investing in upscale extended-stay hotels and premium-branded,select-service hotels.Our high quality hotels are located in major markets with high barriers to entry,near primar

2、y demand generators for both business and leisure guests.Our primary objective is to generate attractive returns for our shareholders through investing in hotel properties at prices that provide strong returns on invested capital,paying meaningful dividends and generating long-term value appreciatio

3、n.Greetings to each of you and I hope this letter finds you well.A year ago,the outlook for 2016 was very encouraging not only for Chatham,but the entire hotel industry.Two leading industry forecasters,STR,Inc.,and CBRE Hotels,estimated RevPAR growth of 5.0 percent and 6.1 percent,much higher than t

4、he 3.2 percent that was realized.As we look back 12 months later,those expectations were ambitious given the lack of lodging demand driven by weaker economic growth and an uncertain political landscape that lingered for most of the year.New hotel supply growth in the upscale,limited-and select-servi

5、ce hotel segments around the country further impacted results.Even though industry-wide lodging demand grew 1.7 percent,this essentially was offset by an increase in room supply of 1.6 percent.Unfortunately,within our upscale segment,lodging supply increased a healthy 5.6 percent.Although 2016 was a

6、 challenging year for Chatham,we achieved the highest adjusted EBITDA,FFO and FFO per share in our history.Additionally,our annual dividend reached its highest level since our inception and marked the sixth consecutive year of dividend increases for our shareholders.We have assembled a superior qual