Chairman, President & Chief Executive Officer, Chatham Lodging
Search every verified Jeffrey Fisher interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. On Chatham Lodging Trust's third quarter 2025 earnings call, Fisher reported that the company completed the sale of five older hotels at an approximate 6% capitalization rate, repurchased about 1% of its outstanding shares, and upsized its credit facility. He stated that the company plans to begin site work on a development in Portland, Maine in 2026, with an expected opening in early 2028. Fisher said the company is "somewhat more bullish on our ability to grow externally" than in the previous 18 months, noting that seller pricing expectations are "becoming more reasonable" in some cases. He also said that forecasts for "super-cycle capital investments, limited supply growth, and moderating wage increases" favor RevPAR and margin expansion, adding that "good years are ahead." In a separate interview, Fisher described Chatham Lodging as having a strong emphasis on upscale extended-stay hotels, which he called a "key differentiator." He noted that the company's portfolio is heavily concentrated in Silicon Valley, a market he said is still in recovery mode from the COVID-19 pandemic. Fisher stated that the company has "outperformed in terms of same-store revenue growth all the other hotel REITs" over the prior three years, and said he expects that to continue. He also pointed to low hotel supply growth, which he attributed in part to tariffs and high construction costs, as a factor that should support increasing revenue per available room.
“Earlier this year, we completed the sale of five hotels with an average age of 25 years at an approximate 6% capitalization rate, and each of these five hotels were among the six lowest rated hotels in our portfolio; these opportunistic sales add liquidity to execute on other value-enhancing opportunities for the compa...”
“We've now repurchased approximately 500,000, or 1%, of our outstanding shares of stock at an average price of $6.85 and intend to remain active repurchasers of shares moving forward since we believe we are trading at a meaningful discount.”
“We completed an upsized and recast syndication of our credit facility and term loan, further enhancing our financial condition and lowering overall borrowing costs — we are one of the lowest leveraged lodging REITs and have great flexibility to create value by using that capacity to repurchase shares, acquire hotels an...”
“With respect to acquiring hotels, we are somewhat more bullish on our ability to grow externally than we've been in the last 18 months; deal flow and underwriting have been steady and seller pricing expectations in some cases are becoming more reasonable, though we will continue to exercise patience and discipline as o...”
“We want to invest in markets that are going to benefit from continued population migration and business investment — the U.S. is poised to benefit from this potential capital expenditure 'super cycle' based on announced investments from companies based here and abroad, with the central and southeastern U.S. expected to...”
“Given the underlying health of the Sunnyvale market, when one of our larger corporate accounts asked us to substantially discount our room rates, we declined to participate — we believe the better long-term option is to maintain our rate integrity and that will benefit us in the future.”
“Encouraging business demand growth across the portfolio in the first quarter has been adversely impacted since then by reduced travel spending, tariff threats, inbound international travel — especially from Canada — being down substantially, and now with the government shutdown certainly doesn't help matters.”
“Forecasts for super-cycle capital investments, limited supply growth, and moderating wage increases all tilt in favor of RevPAR and margin expansion next year; coupled with a projected favorable interest rate curve and thus lower borrowing costs, this should enable us to accretively grow as we move forward — good years...”
“We'll start site work on the Portland, Maine development in 2026 with a roughly 21–24 month construction timeline, implying an early 2028 opening, and we'll be careful about timing (seasonality and operating the existing hotel on the same parcel) when we dig up the parking lot.”
“Two-thirds of our portfolio I would characterize as Extended Stay, so I think a key differentiator there for us is being in that business and having been in that business for many, many years.”
“I have obviously believed since now this is the second Hotel REIT that I've been the CEO of and founder of that is a superior structure primarily because of the low leverage that we maintain, the ability to act very quickly and have access to capital that in most cases is better than anybody else's access to capital th...”
“Right now we're in a pretty unusual situation... we're in a very low supply environment right now that ought to continue for the next two or three years anyway. Supply is less than 1% and that's very, very seldom occurs over any 30 or 40 year period that you look at.”
“If you look at the effect of tariffs and increase in construction cost for almost everything that goes into building a hotel, never mind the already existing high cost to deliver a room today in our space, as compared to prior, very few hotels are getting built.”
“That means increasing RevPAR and that ought to be the case as we move through the next few years and as hotels, especially in the business environment such as our company, continue to recover from COVID blows.”
“We are still recovering from COVID lows because one-third of our portfolio prior to COVID was centered in Silicon Valley. That's a very big key differentiator for our company and that's still in a recovery mode.”
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