Mon, Nov. 2, 4:41 PM
- Q3 AFFO of $42.9M or $0.73 per share vs. $32.8M and $0.65 one year ago.
- Pro forma occupancy of 87.9% up 440 basis points Y/Y; pro forma ADR of $237.33 up 1.8%. pro forma RevPAR of $208.58 up 7.2%; pro forma adjusted hotel EBITDA of $58.1M up 9.6%; pro forma adjusted hotel EBITDA margin of 35.2% up 110 basis points.
- Q4 FFO is guided to $0.53-$0.56 per share, with RevPAR growth of 5.5-7.5%. Full-year FFO is expected at $2.22-$2.25, with RevPAR growth of 6.1-6.6%. Company notes more conservative growth expectations for Nov. and Dec. given weaker than hoped business transient demand at hotels in SF and NYC.
- Conference call at 5 ET
- Previously: Chesapeake Lodging Trust FFO in-line, misses on revenue (Nov. 2)
- CHSP flat after hours
Mon, Nov. 2, 4:26 PM
Fri, Oct. 23, 11:46 AM
- Pebblebrook Hotel (after warning last month of a soft Q3), cut its outlook for Q4, noting a softening global economy and weaker job growth in the U.S. It's down 8%.
- LaSalle Hotel is in the "penalty box" after waiting until its earnings report to disclose the near-total shutdown of two NYC hotels in response to union issues in San Francisco. That stock is down 8.3%.
- Hospitality Properties (HPT -3.8%), Sunstone Hotels (SHO -3.2%), Chesapeake Lodging (CHSP -3.4%), Summit Hotels (INN -2.8%), RLJ Lodging (RLJ -1.9%), Chatham Lodging (CLDT -2.3%), FelCor Lodging (FCH -6%), Host Hotels (HST -5.5%), Hersha (HT -4.3%), DiamondRock (DRH -3.2%).
- Previously: LaSalle Hotel tumbles as room closures hit results (Oct. 23)
- Previously: Pebblebrook Hotel sinks after cutting Q4 outlook (Oct. 23)
Fri, Sep. 18, 11:08 AM
- The broad market is lower, but the REIT sector (IYR +0.5%) is tacking on to yesterday's post-FOMC gains.
- The lodging names, however, remain under pressure, with Pebblebrook Hotel Trust's (PEB -5%) Monday warning of weak business in August and September apparently still driving the action.
- Hospitality Properties (HPT -1.3%), Sunstone Hotel (SHO -3.9%), LaSalle Hotel (LHO -4%), Chesapeake Lodging (CHSP -2.9%), RLJ Lodging (RLJ -4.7%), FelCor Lodging (FCH -5.5%), Host Hotels (HST -3%), Hersha Hospitality (HT -2.7%), DiamondRock (DRH -3.9%), Apple Hospitality (APLE -2.5%).
Tue, Sep. 15, 12:21 PM
- Pebblebrook Hotel Trust last night said RevPAR this quarter could miss guidance thanks to weaker-than-expected demand in August and September. The stock is lower by 7.2%, and taking most of the rest of the sector along with it.
- Ashford Hospitality (AHT -2.7%), Ashford Hospitality Prime (AHP -1.8%), Sunstone Hotel (SHO -3.3%), LaSalle Hotel (LHO -4%), Chesapeake Lodging (CHSP -3.4%), Summit Hotel (INN -2%), RLJ Lodging (RLJ -3.6%), Chatham Lodging (CLDT -2.2%), FelCor Lodging (FCH -4.1%), Host Hotels (HST -3.7%), DiamondRock (DRH -3.3%), Hersha Hospitality (HT -3.5%).
- Notable outperformers: Hospitality Properties (HPT -0.8%), Strategic Hotels (BEE flat).
Thu, Jul. 30, 4:50 PM
- Q2 adjusted FFO of $39.8M or $0.68 per share vs. $31.2M and $0.64 one year ago.
- RevPAR for the 22-hotel portfolio up 7% Y/Y.
- Adjusted hotel EBITDA of $59.4M vs. $47.1M a year ago. Adjusted hotel EBITDA margin of 36.4% up 140 basis points.
- Quarterly dividend is boosted by 14% to $0.40 per share.
- Full-year AFFO per share guidance of $2.27-$2.35, higher by $0.02 on the low end. Pro forma RevPAR growth of 6.5-8.5%, same as previous.
- Conference call at 5 ET
- Previously: Chesapeake Lodging Trust beats by $0.02, misses on revenue (July 30)
- CHSP flat after hours
Thu, Jul. 30, 4:42 PM
Thu, Jul. 30, 4:21 PM
Wed, May 20, 2:10 PM
Fri, May 1, 12:36 PM
- Q1 adjusted FFO of $14.3M or $0.26 per share vs. $12.2M and $0.25 one year ago.
- Occupancy of 71.7% down 300 bps from a year ago. ADR of $213 up 7.2%. RevPAR of $152.80 up 3%.
- Adjusted hotel EBITDA of $29.6M up 2.4%. Adjusted hotel EBITDA margin of 24.7% down 20 bps.
- Management takes note to the impact on Q1 and early Q2 results from renovations at three hotels in San Francisco and Boston.
- 2015 guidance: AFFO per share of $0.63-$0.67. For the 22-hotel portfolio, RevPAR growth of 5.5-7.5%, with hotel EBITDA margins up 40-90 bps.
- Previously: Chesapeake Lodging Trust beats by $0.02, beats on revenue (April 30)
- CHSP -1.25%
Thu, Apr. 30, 5:15 PM
Fri, Apr. 17, 12:19 PM
- For the first time in nearly a year, writes Susan Persin, weekly U.S. RevPAR fell as of April 4, and results were mixed for the following week, with lower occupancy offsetting ADR growth.
- According to STR, which compiles the data, the RevPAR weakness is likely temporary thanks to Passover and Easter. The company notes fundamentals - an improving economy, low gasoline prices, and limited supply - remain in place.
- Could be, says Persin, but investors - eyeing the strong dollar and its effect on foreign travel to the U.S. - had turned somewhat negative on the previously hot sector before April's data. Host Hotels and Resorts (NYSE:HST) is the largest lodging REIT by far, contributing more than 25% of the sector's market cap. Its stock peaked in December and is lower by 14.3% YTD, despite a Q4 earnings beat and raised guidance.
- There's also supply concerns, with the 126K rooms under construction in March up 23% from a year ago. NYC has the largest number of rooms under construction/planned, followed by Houston, Miami, and Chicago.
- Other sector names: Hospitality Properties (NYSE:HPT), Ashford Hospitality (NYSE:AHT), Strategic Hotels (NYSE:BEE), Sunstone Hotel (NYSE:SHO), LaSalle Hotel (NYSE:LHO), Pebblebrook Hotel (NYSE:PEB), Chesapeake Lodging (NYSE:CHSP), Summit Hotels (NYSE:INN), RLJ Lodging (NYSE:RLJ), Chatham Lodging (NYSE:CLDT), Hersha Hospitality (NYSE:HT).
Tue, Mar. 24, 7:54 AM
Wed, Mar. 18, 4:42 PM
Mon, Mar. 9, 12:32 PM
- The Royal Palm contains 393 guestrooms, was purchased by for $707K per key, and marks Chesapeake Lodging Trust's (CHSP -0.9%) entry into the Miami-South Beach market. The property underwent a major redevelopment and reconstruction from 1998-2002, and then a $50M renovation beginning in 2010.
- HEI Hotel and Resorts is the hotel's new manager, and now manages about 1.2K rooms for the Trust, and an interim franchise agreement has been reached with Starwood under its Luxury Collection brand.
- The purchase was funded with cash on hand, borrowing on the company revolver, and a new $125M two-year term loan from Wells Fargo, with the interest rate effectively fixed at 3.34%.
- Source: Press Release
Wed, Mar. 4, 4:38 PM
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