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Chesapeake Lodging Trust (CHSP)

  • Tue, Mar. 24, 7:54 AM
    • The offering size of 4M shares was upsized from 3M. Gross proceeds of about $136M suggests a price of about $34 per share. The underwriter greenshoe is for another 600K shares.
    • Source: Press Release
    • CHSP -1.5% to $34 premarket.
    | Comment!
  • Wed, Mar. 18, 4:42 PM
    • D. Rick Adams joined CHSP in 2009 prior to the IPO as SVP and CIO and was subsequently promoted to EVP and CIO. He's promoted today to EVP and COO.
    • Source: Press release
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  • 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
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  • Wed, Mar. 4, 4:38 PM
    • 1) The credit facility has been converted to unsecured from secured; 2) The maximum borrowing size has been boosted to $300M from $250M, and could go as high as $450M; 3) The interest rate has been cut to Libor plus 1.55-2.30%.
    • Source: Press Release
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  • 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
    | Comment!
  • Thu, Feb. 19, 4:20 PM
    • Chesapeake Lodging Trust (NYSE:CHSP): Q4 FFO of $0.44 misses by $0.01.
    • Revenue of $123.5M (+10.7% Y/Y) misses by $0.54M.
    • Press Release
    | Comment!
  • Mon, Feb. 9, 10:38 AM
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  • Mon, Jan. 26, 8:20 AM
    • For 2015, CHSP management is expecting the company's hotel portfolio RevPAR growth rate forecast to meaningfully exceed that of the overall industry, and the quarterly dividend is boosted by 17% to $0.35 per share.
    • 2015 AFFO per share is expected at $2.20-$2.30 on a RevPAR growth rate of 7.5-9.5%.
    • Q4 and full-year 2014 RevPAR growth should be 7.5-9.5%, but Q4 AFFO will be at the low end of previous guidance, and full-year AFFO will miss guidance. The miss is mostly due to the slower-than-expected ramp at the Hyatt Herald Square New York, and higher-than-expected dilution thanks to stock-based compensation after 2014's big run higher.
    • Source: Press Release
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  • Mon, Jan. 26, 8:08 AM
    • Chesapeake Lodging Trust (NYSE:CHSP) declares $0.35/share quarterly dividend, 16.7% increase from prior dividend of $0.30.
    • Forward yield 3.6%
    • Payable April 15; for shareholders of record March 31; ex-div March 27.
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  • Tue, Jan. 6, 2:30 PM
    • Equity REIT names are higher nearly across the board as the 10-year Treasury yield tumbles below 2%, but the hotel REITs aren't joining in the fun, suggesting maybe plunging oil prices (now at $47.76 per barrel) are foreshadowing a weak economy?
    • Ashford Hospitality (AHT -1.9%), Strategic Hotels (BEE -1.3%), LaSalle Hotel (LHO -0.9%), Chesapeake Lodging (CHSP -1.7%), Summit Hotel (INN -1.2%).
    • Previously: Equity REITs add to gains as long-term yields dive (Jan. 6)
    | Comment!
  • Dec. 12, 2014, 1:45 PM
    • Chesapeake Lodging Trust (NYSE:CHSP) declares $0.30/share quarterly dividend, in line with previous.
    • Forward yield 3.41%
    • Payable Jan. 15; for shareholders of record Dec. 31; ex-div Dec. 29.
    | Comment!
  • Nov. 3, 2014, 4:30 PM
    • Q3 adjusted FFO of $32.8M or $0.65 per share vs. $29.1M and $0.61 one year ago. Share count of 50.6M vs. 47.9M.
    • 16-hotel portfolio (strips out those undergoing renovations in 2014): RevPAR of $204.51 up 11.4% Y/Y Average daily rate of $230.18 up 9.3%. Occupancy of 88.8% up 160 basis points. Adjusted hotel EBITDA of $42.406M up 15.1%. Adjusted hotel EBITDA margin of 37.7% up 160 basis points.
    • Full-year AFFO guidance is narrowed with the midpoint slightly higher at $1.98-$2.01 per share vs. $1.95-$2.03 previously.
    • Conference call at 5 ET
    • Previously: Chesapeake Lodging Trust beats by $0.01, beats on revenue
    • CHSP flat after-hours
    | Comment!
  • Nov. 3, 2014, 4:21 PM
    • Chesapeake Lodging Trust (NYSE:CHSP): Q3 AFFO of $0.65 beats by $0.01.
    • Revenue of $130.8M (+6.8% Y/Y) beats by $2.63M.
    • Press Release
    | Comment!
  • Oct. 20, 2014, 10:01 AM
    • Stifel steps into the Ebola-related downdraft in the lodging sector, upgrading the largest (by market cap) such REIT, Hospitality Property Trust (HPT +2.1%) to Buy with $30 price target.
    • Other names: Ashford (AHT +1.2%), Strategic Hotels (BEE +0.8%), Sunstone Hotel (SHO +1.1%), LaSalle Hotel (LHO +0.6%), Chesapeake Lodging (CHSP +0.6%), Summit Hotel (INN +1.2%), Pebblebrook Hotel (PEB +0.7%).
    | Comment!
  • Oct. 1, 2014, 2:51 PM
    • The JW Marriott Union Square was purchased by Chesapeake Lodging Trust (CHSP -1.1%) for $147.2M, or about $437K per key. The trust assumed the existing management agreement with Marriott International.
    • The acquisition brings Chesapeake's San Francisco footprint to about 1.2K keys.
    • Source: Press Release
    | Comment!
  • Sep. 30, 2014, 3:51 PM
    • The Courtyard Anaheim at Disneyland Resort sold for $32.5M, or $212K per key. It's one of Chesapeake's (CHSP -0.8%) earliest investments, purchased in 2010 for $25M. The sale price represents a 7.1% trailing cap rate and produced an unlevered 13.3% annual IRR during the ownership period.
    • Alas, the property (purchased in 2010 alongside a downtown L.A. hotel) is considered a non-strategic asset by Chesapeake thanks to its non-core CBD location.
    • Source: Press Release
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Company Description
Chesapeake Lodging Trust is a self-advised real estate investment trust. The Company invests in upper-upscale hotels in business and convention markets and select-service hotels in urban settings in USA.
Sector: Financial
Country: United States