1、Chatham Lodging Trust2022ANNUAL 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
2、to entry,near primary 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-te
3、rm value appreciation.High-Quality Hotels in High-Quality MarketsBased on the percentage of hotel EBITDA for the twelve months ended December 31,2022.Seattle,WA:5%Minnesota:2%Denver,CO:3%Nashville,TN:1%Silicon Valley,CA:15%Los Angeles,CA:9%San Diego,CA:6%Dallas,TX:5%Austin,TX:6%San Antonio,TX:3%Hous
4、ton,TX:3%New Hampshire:5%Portland,ME:4%Massachusetts:2%Connecticut:2%New York:7%Pennsylvania:3%Washington,D.C.:7%Charleston,SC:3%Savannah,GA:3%Destin,FL:2%Orlando,FL:2%Fort Lauderdale,FL:2%Dear Shareholder,I hope this letter finds each of our shareholders,interested parties and employees well.2022 w
5、as a year of recovery and positioning for Chatham.Leisure travel remained strong,and the business traveler made a meaningful return during the year,although the comeback from pre-pandemic levels remains in process.Chatham generated the fourth best total shareholder return out of seventeen lodging RE
6、ITs in 2022.All key financial metrics achieved meaningful gains during 2022 with RevPAR,adjusted EBITDA and adjusted FFO per share rising 41,106 and 310 percent,respectively.Cash flow before capital expenditures increased nearly five-fold,from$12 million in 2021 to$58 million in 2022.Jeffrey H.Fishe