Hotel REITs are beginning to announce third quarter earning results. While many REITs are reporting some improvement compared to earlier in the pandemic, the results are varied. While there is yet to be a clear picture of the hotel market, hotels are beginning to show signs of recovery with positive EBITDA and improving RevPAR.

Chatham Lodging Trust, which focuses on select-service hotels, has outperformed the greater hotel market. In the third quarter, EBITDA turned positive and occupancy rebounded into the 50% range. RevPAR and ADR also showed improvement. The REIT also reports liquidity of $109 million including cash of $32 million and remaining capacity of $77 million on the credit facility. This gives Chatham 64 months of liquidity, excluding capex. While the third quarter showed improvement, October has already reversed direction with lower occupancy compared to September, which could be related to the rise in COVID cases in the US.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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