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Investor Presentation September 2026
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2 Safe Harbor Disclosure We make forward-looking statements in this presentation that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, cash flow and plans and objectives. When we use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may” or similar expressions, we intend to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: the terms of the proposed financing, market trends in our industry, interest rates, real estate values, the debt financing markets or the general economy or the demand for commercial real estate loans; our business and investment strategy; our projected operating results; actions and initiatives of the U.S.government and changes to U.S. government policies and the execution and impact of these actions, initiatives and policies; the state of the U.S. economy generally or in specific geographic regions; economic trends and economic recoveries; our ability to obtain and maintain financing arrangements; changes in the value of our hotel portfolio; the degree to which our hedging strategies may or may not protect us from interest rate volatility; impact of and changes in governmental regulations, tax law and rates, accounting guidance and similar matters; our ability to satisfy the REIT qualification requirements for U.S. federal income tax purposes; availability of qualified personnel; estimates relating to our ability to make distributions to our shareholders in the future; general volatility of the capital markets and the market price of our common shares; and degree and nature of our competition. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Included in this presentation are certain “non-GAAP financial measures,” within the meaning of Securities and Exchange Commission (SEC) rules and regulations, that are different from measures calculated and presented in accordance with GAAP (generally accepted accounting principles). The company considers the following non-GAAP financial measures useful to investors as key supplemental measures of its operating performance: (1) FFO, (2) Adjusted FFO, (3) EBITDA, (4) Adjusted EBITDA and (5) Hotel EBITDA. These non-GAAP financial measures could be considered along with, but not as alternatives to, net income or loss, cash flows from operations or any other measures of the company’s operating performance prescribed by GAAP .
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3 Business Highlights Outperforming peers and industry on top and bottom line Chatham’s RevPAR growth has exceeded industry for four consecutive years 2026 RevPAR growth is accelerating with RevPAR up 9% in June, 10% in July, and 8% in August Chatham’s hotel EBITDA margin of 37% is highest of all lodging REITs; margins up 210 bps in 2026 Increased 2026 dividend by 11%, the second consecutive year of double-digit raises Q2 YTD ‘26 RevPAR increase of 15% at two Sunnyvale and San Mateo properties (Mt. View under reno) Capital recycling has enhanced portfolio quality, strengthened balance sheet and increased returns through external growth and share repurchases Sold seven hotels for $119 million since the start of 2024 at average cap rate of 6% including $34 million of forgone capital expenditures March 2026 acquisition of portfolio of six hotels for $92 million at a 10% cap rate expected to be approximately $0.10 accretive to FFO/share on an annual run-rate basis Repurchased 2.5 million shares for $18 million at an average price of $7.29 (hotel NOI cap rate of ~11%) Many drivers to increase shareholder value Recovery of Silicon Valley / Bellevue properties would materially increase EBITDA and FFO Meaningful capacity to grow externally through acquisitions Very limited supply growth of ~1% in Chatham’s sub-markets provides protected upcycle Home2 Portland development estimated in open in Q2 2028 expected to generate immediate FFO accretion and double-digit unlevered returns $10 million of share repurchases at current price is 1% accretive to FFO / share
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4 Chatham Monthly RevPAR Performance RevPAR figures are pro forma for all acquisitions and dispositions. Chatham’s RevPAR growth has accelerated with June up 8.7%, July up 9.7% and August up 7.7% 79% 80% 82% 73% 66% 65% 75% 78% 79% 81% 83% 80% 78% 78% 79% 81% 72% 68% 64% 74% 80% 80% 80% 83% 84% 82% $186 $194 $196 $170 $162 $166 $176 $183 $182 $188 $194 $193 $182$182 $191 $194 $169 $158 $161 $179 $187 $185 $190 $210 $201 $187 $142 $151 $158 $122 $107 $103 $133 $150 $147 $152 $175 $169 $153 $0 $50 $100 $150 $200 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Aug '25 Sep '25 Oct '25 Nov '25 Dec '25 Jan '26 Feb '26 Mar '26 Apr '26 May '26 Jun '26 Jul '26 Aug '26 Occ - Prior Yr Occ ADR - Prior Yr ADR RevPAR -3.1% -2.8% -2.4% -1.0% -0.7% -5.1% 1.5% 5.3% 1.8% -0.8% 8.7% 9.7% % change in RevPAR compared to same period of prior year 7.7%
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5 Industry Leading EBITDA Margins Chatham’s intense focus on cost control and superior portfolio of extended stay and upscale limited-service hotels in markets with high RevPAR generate industry leading EBITDA margins EBITDA Margin – 2026 Q2 YTD YTD 2026 hotel EBITDA margins increased 210 bps 36.9% 36.6% 35.4% 35.4% 32.3% 32.0% 31.4% 31.0% 29.2% 29.1% 29.0% 28.3% 27.5% 12.3% CLDT RHP APLE INN HST BHR DRH AHT XHR PK RLJ SHO PEB SVC
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6 Significant Upside From Recovery in Business Travel CLDT has significant upside at its largest hotels where demand is driven by business travel Hotel EBITDA in Selected Hotels ($ in 1,000s) Chatham’s five Residence Inns located in Silicon Valley and Bellevue generated $24.0 million of EBITDA for the LTM ended 6/30/26 versus $35.0 million in 2019 Recovery of 50-100% of this shortfall would add $6-11 million to LTM EBITDA / $0.11-0.22 per share of FFO (increases of approximately 5-11% and 8-17% relative to midpoint of 2026 guidance) LTM RevPAR in Selected Hotels ($) RevPAR figures LTM average for Residence Inn Sunnyvale I, Residence Inn Sunnyvale II, Residence Inn Mt. View, Residence Inn San Mateo and Residence Inn Bellevue. $8,649 $5,428 $10,072 $6,337 $6,427 $3,255 $3,807 $3,528 $6,063 $5,420 2019 EBITDA LTM 6/30/26 Sunnyvale I Sunnyvale II Mt. View San Mateo Bellevue $35,018 $23,968 $45 $54 $63 $70 $75 $93 $118 $126 $134$133 $123$126 $131$134$137$140$141$141$139$140 $144$147 3/31/21 6/30/21 9/30/21 12/31/21 3/31/22 6/30/22 9/30/22 12/31/22 3/31/23 6/30/23 9/30/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 2019 RevPAR $174
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7 Capitalization / Enterprise Value Implied corporate cap rate of 7.5% and EV/EBITDA multiple of 11.6x based on midpoint of 2026 guidance Stock price as of 8/31/26, balance sheet data as of 6/30/26. Common Shares 46,566 Vested Units 2,399 Total Shares and Units 48,965 Stock Price (as of 8/31/26) $13.03 Equity Market Capitalization $638,009 Revolving Credit Facility $75,000 Term Loan 200,000 CMBS 143,225 Total Debt @ 6/30/26 $418,225 Preferred Equity $120,000 Less Unrestricted Cash ($11,342) Net Debt and Preferred $526,883 Enterprise Value $1,164,892
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8 Successful Capital Recycling Dispositions Additions Proceeds: $266 million and $46 million of capital savings Investment: $308 million with minimal capital needs for years Average Age: 24.7 years Average RePAR: $91 Average Age: 5.5 years Average RevPAR: $128 Hilton Garden Inn Burlington Courtyard Houston West U Residence Inn Houston West U Homewood Dallas Market Center Residence Inn Mission Valley Hilton Garden Inn Denver Tech Home2 Warner Center Residence Inn Austin TownePlace Suites Austin Hilton Garden Inn Destin Home2 Phoenix Downtown Homewood Bloomington Homewood Maitland Homewood Brentwood Hampton Houston Courtyard Houston Homewood Billerica Homewood Joplin Home2 Joplin Home2 Effingham Hampton Effingham Homewood Paducah Hampton Paducah
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9 Midwest Portfolio Acquisition On 3/3/26 Chatham acquired a portfolio of six high-quality Hilton branded hotels with 589 rooms in the Midwest for $92 million Hotels operate under the Homewood Suites, Home2 Suites and Hampton Inn & Suites Brands 66% of portfolio’s room are extended stay Average age of 10 years; very limited near-term capital needs Portfolio RevPAR of $116 is in line with other limited-service lodging REITs, and EBITDA margin of 42% is much higher Portfolio hotels are generating solid RevPAR growth and are located in stable markets Portfolio RevPAR CAGR of 4.2% from 2019 to 2025 Market growth and positive outlook due to diverse demand generators (distribution, manufacturing, healthcare, youth sports and leisure travel) and all three markets stand to benefit from any super-cycle investment into the US Business friendly markets that have faced less cost pressures Portfolio acquired at an attractive price and is expected to generate strong financial returns 2025 cap rate of approximately 10% / $156k per room Approximately $0.10 accretive to FFO/share on an annual run-rate basis Portfolio performance has exceeded expectations; March – July average RevPAR growth of 9% with GOP margin of 48.4% / up 160 bps
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10 Midwest Portfolio Hotel Locations 70 44 435 35 70 64 72 55 55 69 51 50 65 24 67 65 412 63 Champaign Decatur 55 Alton Quincy Springfield Springfield Butler 54 Sedalia Columbia Marceline Trenton Mexico Carrollton Savannah Jefferson City Rolla Olathe Joplin Branson Ozark 41 2 Fayetteville Jonesboro Pocahontas Cave City PiedmontCabool Mountain Home Harrison Miami 79 Dyersburg Humboldt Cape Girardeau Carbondale 45 57 6 0 Farmington Festus Washington 50 Licking Camdenton Illinois 57 Paducah Kentucky Missouri Arkansas Tennessee St. Louis Kansas City Overland Park HamptonInn & Suites Paducah Home2 Suites Joplin Homewood Suites Joplin HamptonInn & Suites Effingham Homewood Suites Paducah Butler 54 Home2 Suites Effingham
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11 Midwest Portfolio Summary RevPAR ($) Age (Years) EBITDA Margin (%) Extended Stay (% of Rooms) The Midwest portfolio compares favorably to Chatham’s existing portfolio and the hotels it has sold over the last two years Trading older, lower RevPAR hotels for newer, higher RevPAR / higher margin hotels enhances portfolio value $142 $101 $116 Portfolio Pre- Acquisition Recent Asset Sales Midwest Portfolio 21 25 10 Portfolio Pre- Acquisition Recent Asset Sales Midwest Portfolio 35% 27% 42% Portfolio Pre- Acquisition Recent Asset Sales Midwest Portfolio 64% 53% 66% Portfolio Pre- Acquisition Recent Asset Sales Midwest Portfolio
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12 Hilton Midwest Portfolio
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13 Hilton Midwest Portfolio
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14 Solid Liquidity and Limited Debt Maturities Chatham had $231 million of liquidity at 6/30/26 Chatham Debt Maturities at 6/30/26 ($ in millions) Maturities include all extension options. Liquidity calculated as unrestricted cash of $6 million plus $225 million of undrawn revolving credit facility. Chatham’s credit facility refinancing in September 2025 increased liquidity and extended debt maturities $25 $23 $58 $37 $200 $75 $225 2026 2027 2028 2029 2030 2031 2032 2033 2034 Mortgage Term Loan Revolver (Undrawn)
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15 Significant Debt Reduction Chatham reduced its net debt by $359 million since 3/31/20 % Change in Net Debt (3/31/20 to 6/30/26) Chatham has a strong balance sheet that positions the company for future growth -56% -46% -18% -15% -7% -3% 2% 11% 14% 18% 23% 110% AHT CLDT PK BHR PEB DRH XHR APLE INN HST RLJ SHO
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16 Chatham Has Low Leverage Debt / Enterprise Value (6/30/26) Chatham has capacity to meaningfully increase FFO/share through acquisitions and share repurchases Stock price as of 8/31/26, balance sheet data as of 6/30/26. 17% 28% 28% 28% 42% 35% 54% 41% 47% 50% 62% 83% 8% 10% 14% 9% 15% 27% 16% 83% 72% 72% 65% 58% 54% 46% 45% 44% 34% 11% 1% HST DRH APLE SHO XHR CLDT PK PEB RLJ INN BHR AHT Net Debt Preferred Equity
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Portfolio Overview
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18 High Quality Hotels in Attractive Markets
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19 High Quality Hotels in Attractive Markets
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20 High Quality Hotels in High Quality Markets Chatham’s superior portfolio is reflected by its top brands and attractive markets Significant upside as key markets (Silicon Valley / Bellevue) recover Chatham Markets (% of LTM 6/30/26 Hotel EBITDA) Chatham Markets (% of 2019 Hotel EBITDA) Silicon Valley 25% DC 9% NH / ME 8% Los Angeles 7%Greater NY 6% San Diego 6% Seattle 5% Denver 4% Dallas 4% Houston 4% Other 22% Figures reflect pro forma impact of asset sales and impact of acquisitions since date of acquisition. Silicon Valley 17% Greater New York 9% Los Angeles 9% DC 9%NH / ME 9% San Diego 5% Seattle 5% Dallas 5% Charleston 4% Phoenix 3% Savannah 3% Pittsburgh 3% Other 18%
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21 High Quality Hotels in High Quality Markets Chatham’s superior portfolio is reflected by its top brands and attractive markets 66% of Chatham’s LTM EBITDA was generated by extended stay hotels Chatham Brands (% of LTM 6/30/26 Hotel EBITDA) Chatham Brands (% of 2019 Hotel EBITDA) Figures reflect pro forma impact of asset sales and impact of acquisitions since date of acquisition. Residence Inn 56% Homewood 10% Hilton Garden 8% Courtyard 8% Hampton 6% Hyatt Place 5% Other 7% Residence Inn 52% Home2 7% Hampton Inn 7% Courtyard 7% Hilton Garden 6% Homewood 6% Hyatt Place 6% Other 9%
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22 Pure Play Limited-Service Portfolio with High RevPAR Chatham has the highest RevPAR of the three lodging REITs that are focused almost entirely on the limited-service segment and the most upside as business recovers High quality assets in top markets Limited-Service Rooms as % of Total RevPAR 42% 92% 96% 96% RLJ INN APLE CLDT $118 $122 $140 2025 APLE INN CLDT Chatham figures reflect pro forma impact of acquisitions / dispositions.
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23 Most Extended Stay Rooms of All Lodging REITs Chatham has a unique portfolio with a significantly larger concentration of extended stay rooms than other lodging REITs Extended stay room product performs well in all lodging environments and dramatically outperformed during the pandemic Extended stay and limited-service hotels have less exposure to labor cost increases than full-service hotels Extended Stay Rooms as % of Total 64% 31% 25% 13.0% 0% 0% 0% 0% 0% 0% 0% 0% CLDT APLE INN RLJ PK XHR RHP HST PEB SHO DRH BHR