Chatham
Lodging Trust (NYSE: CLDT), a lodging real estate investment trust
(REIT) that invests in upscale, extended-stay hotels and
premium-branded, select-service hotels and owns 134 hotels wholly or
through joint ventures, today announced that it has suspended its
monthly dividend and will not declare a March dividend which would have
been paid in April.
"Facing
unprecedented operating conditions in the travel industry and little
visibility, we believe it is most prudent to suspend our monthly
dividend as a means of preserving shareholder value," commented Jeffrey
H. Fisher, Chatham’s president and chief executive officer. "We are
hopeful that the effects from COVID-19 will prove to be short-term and
people will have the confidence to resume travel sooner rather than
later. Our teams at Chatham and Island Hospitality have the experience
to persevere through these situations, and we are thankful to have this
platform that enables us to move aggressively and quickly. We are
working vigorously to maximize revenue, and we are aggressively cutting
operating costs and deferring all non-essential capital expenditures to
minimize the adverse effects on cash flow."
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