Chatham Lodging Trust is a hotel REIT that owns 33 upscale, select-service and extended-stay hotels totaling 5,021 rooms across 15 states and D.C. The portfolio skews heavily toward extended-stay formats, with Residence Inn as the dominant brand (16 of 33 hotels), alongside Courtyard, Hampton Inn, Hilton Garden Inn, and Hyatt Place. Chatham targets business travelers — both transient and extended-stay — in the 25 largest U.S. metros, with a heavy concentration in technology-driven markets, particularly Silicon Valley. As a REIT, Chatham cannot operate hotels directly; instead, hotels are leased to taxable REIT subsidiaries, which contract with Island Hospitality Management, a third-party manager wholly owned by Chatham's CEO. Chatham itself employs only 16 people. Revenue is driven primarily by room revenue, with RevPAR and GOP margin as the key performance metrics. Labor is the largest operating cost, and Chatham argues it leads select-service lodging REITs on GOP margins through active labor management. Chatham pays franchise fees to Marriott, Hilton, and Hyatt, and pays IHM a base management fee of 3% of gross room revenues. Because REIT rules require distributing at least 90% of taxable income, growth is financed through debt, equity, and asset recycling — selling older, lower-RevPAR hotels and redeploying proceeds into share repurchases, deleveraging, or acquisitions. Chatham has also announced plans to develop a new hotel in Portland, Maine, expected to open before summer 2028.