PALM BEACH, FL-The hotel business is recovering, and Chatham Lodging Trust is seeing the fruit of the turnaround. Still, the hotel REIT reported a net loss on the second quarter.
Chatham posted a 3.3% increase in revenue per available room to $96.49 for the second quarter. Occupancy across the portfolio was up 2.6% to 83.2% and average daily rate was up 0.7% to $115.97.
However, Chatham reported a net loss of $1.9 million, or $0.14 per diluted share, in the 2011 second quarter. That compares to a net loss of $0.6 million, or $0.09 per diluted share, in the year-ago period. Gross operating profit margins were strong at 44.4%. The losses stem largely from significant renovations on five of the company’s 13 hotels.
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