Chatham Lodging Trust (CLDT) PT Drops $1 After Dallas Acquisition - Barclays

Barclays analyst, Anthony Powell, reiterated his Equalweight rating on shares of Chatham Lodging Trust (NYSE: CLDT) and cut his price target to $21 from $22 after the company announced the acquisition of the Courtyard by Mariott Downtown Dallas. Longer term, the acquisition achieves an important capital recycling goal for the company and adds a property that should benefit from a post opening ramp up period and growth in the submarket in 2019 but the PT comes down by $1 to reflect a more conservative multiple.

The analyst stated " In 2017 and YTD 2018,Chatham raised $173 million in equity and sold an asset for $13 million and has redepoloyed that capital into $208 million of acquisitions, including three newly constructed hotels (the Courtyard Downtown Dallas and adjacent Residence Inn / Courtyard properties in Charleston, South Carollna)".

For an analyst ratings summary and ratings history on Chatham Lodging Trust click here. For more ratings news on Chatham Lodging Trust click here.

Shares of Chatham Lodging Trust closed at $19.40 yesterday.

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