Chatham Lodging Trust, a Palm Beach-based real estate investment trust, on Tuesday reported $1.4 million in first quarter net income, or 4 cents per share, compared to a loss of $1.7 million, or 7 cents per share, for the same period of 2014.
Chatham, which focuses on high-end extended-stay hotels and premium-branded hotels, owns 131 hotels in whole or through joint ventures. In South Florida, Chatham has interests in Courtyard Marriott Fort Lauderdale North/Cypress Creek and Courtyard West Palm Beach Airport.
During the first quarter of this year, Chatham acquired the 240-suite Residence Inn San Diego Downtown-Gaslamp District for $90 million, according to its quarterly earnings report.
Cushman & Wakefield announced in March that Chatham and its independent management firm Island Hospitality had signed a 27,516-square-foot lease at Esperanté Tower in West Palm Beach. The firms, which are currently based in Palm Beach, have not yet made the move, The Real Deal has learned.
Last week, REITs Duke Realty and Franklin Street Properties posted improved first quarter earnings, while Equity One’s net income dropped, compared to the first quarter of 2014. Each of the REITs has significant holdings in South Florida.