Jeffrey Fisher on REIT structure
From Chatham Lodging (CLDT) - Hoya Hotseat · · Hoya Capital
“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 that is in the private world.”
On , Jeffrey Fisher, Chairman, President & Chief Executive Officer at CHATHAM LODGING TRUST, spoke about REIT structure during Chatham Lodging (CLDT) - Hoya Hotseat on Hoya Capital.
About Jeffrey Fisher
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.
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