Chatham primarily invests in upscale extended-stay hotels and premium-branded, select-service hotels.
Fisher attributed the better-than-expected revenue per available room (RevPAR) result in the first quarter to a boost in corporate demand in selected markets. While expectations of a large upswing in the business climate following last year’s general election have yet to materialize, “it’s still firmer than expected,” he added.
Fisher also observed that one of the main challenges for Chatham and other hotel companies is the cost and availability of labor. “That’s becoming an issue in a lot of markets around the country,” he said.
Fisher noted that the shortage of labor is occurring in part due to staff being hired away from existing hotels as new properties enter the market.