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
Thu, Feb. 19, 4:28 PM
- Q4 adjusted FFO of $24M or $0.44 per share vs. $21.6M and $0.44 one year ago. Full-year FFO of $100.4M or $1.97 per share.
- RevPAR growth of 7.5% for the 17-hotel portfolio and 4.9% for the 20-hotel portfolio. Adjusted EBITDA margin of 31% for the 17-hotel portfolio, up 70 basis points, and up 20 bps to 30.5% for the 20-hotel portfolio.
- Since quarter-end, company has entered the Miami South Beach market with an agreement to buy the 393-room James Royal Palm for $278M.
- Outlook: Full-year AFFO per share of $2.20-$2.30, with Q1 at $0.22-$0.24.
- Conference call at 5 ET
- Previously: Chesapeake Lodging Trust misses by $0.01, misses on revenue (Feb. 19)
- CHSP flat after hours
Thu, Feb. 19, 4:20 PM
Mon, Feb. 9, 10:38 AM
- Chesapeake Lodging Trust (CHSP -0.4%) is up about 50% over the past year, but has stumbled since two weeks ago warning Q4 AFFO will come in at the low end of guidance, and full-year AFFO will miss thanks to the slower-than-expected ramp at the Hyatt Herald Square New York.
- JMP downgrades to Market Perform from Outperform. The $35 price target is removed.
- Previously: Chesapeake Lodging's Q4 to come in at low end of guidance (Jan. 26)
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