Ladies and gentlemen, welcome to the Chatham Lodging Trust First Quarter Results Conference Call on the May 8, 2012. [Operator Instructions] I will now hand the conference over to Jerry Daly. Please go ahead sir.

Thank you, Patricia, and good morning to everyone, and welcome to the Chatham Lodging Trust First Quarter 2012 Results Conference Call. Yesterday, after the close of the market, Chatham released results for the first quarter ended March 31, 2012 and I hope you've had a chance to review the press release. If you did not receive a copy of the release or you would like a copy please call my office at 703-435-6293 and we will be happy to email one to you or you may view the release online of Chatham’s website www.chathamlodgingtrust.com. Today's conference call is being transmitted live via telephone and by webcast over Chatham’s website and Streetevents.com. A recording of the call will be available by telephone until Midnight on Tuesday May 15, 2012 by dialing 1-800-406-7325 with a reference number of 4532674. The replay of the conference call will be posted on Chatham’s website. As a reminder, the conference call is the property of Chatham Lodging Trust and any redistribution, retransmission or rebroadcast of this call in any form without the expressed written consent of Chatham is prohibited. Before we begin, management has asked me to remind you that in keeping with the SEC Safe Harbor Guidelines, today’s conference call may contain forward-looking statements about Chatham Lodging Trust, including statements regarding future operating results and the timing and composition of revenues among others. Except for historical information these forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially including the volatility of the national economy, economic conditions generally and the hotel and real estate market specifically. International and geopolitical difficulties or health concerns, governmental actions, legislative and regulatory changes, availability of debt and equity capital, interest rates, competition, weather conditions or natural disasters, supply and demand for lodging facilities in our current and proposed market areas and the company’s ability to manage integration and growth. Additional risks are discussed in the company’s filings with the Security and Exchange Commission. All information in this call is as of May the 7, 2012 unless otherwise noted and the company undertakes no obligations to update any forward-looking statements to conform the statement to actual results or changes in the company’s expectations. During this call, we may refer to certain non-GAAP financial measures such EBITDA and adjusted EBITDA which we believe to be common in the industry and helpful indicators of our performance. In keeping with SEC regulations we provided and encourage you to refer to the reconciliation of these measures to GAAP results in our earnings release. Now to provide you with some insights in Chatham’s 2012 first quarter results, I would like to introduce Jeff Fisher, President and Chief Executive Officer and Dennis Craven, Chief Financial Officer. Now let me turn the session over to you Jeff.

Thanks, Jerry good morning everyone. We’re excited to be here this morning to talk you about our solid first quarter results and equally as excited to announce a 14% increase in our quarterly dividend. We know dividends are the key driver of lodging REIT returns over time and our commitment to shareholders at our IPO was to provide and maintain an attractive sustainable dividend over time. We’ve delivered on that commitment every quarter since our first full quarter following our IPO. Our confidence to increase the dividend was based on Chatham’s strong operating results for the first quarter and our expectation for a strong 2012 together with very favorable underlying supply and demand fundamentals for the industry. Our business plan is to build a high quality portfolio of premium branded select service and upscale extended stay hotels in great markets with high barriers-to-entry that will provide industry leading cash flow and strong revenue and EBITDA growth. The investments we’ve made with our 18 wholly owned hotels as well as our investment in the joint venture with Cerberus in the Innkeepers portfolio are right in line with our plan. A very important component of our original investment decision was how and when to complete the improvements that were needed to position our hotels for optimal success. We made the conscious decision to expedite the renovations during the early phases of the lodging recovery and we are seeing those benefits now. We believe Chatham is well positioned to benefit handsomely in 2012 and beyond with minimal renovations needed through 2016. Displacement will be the de minimis, margins will continue to outperform and thus cash flows and cash returns to our shareholders will be strong. I want to talk about our strong first quarter results for a few minutes. For the quarter, we…

First quarter RevPAR was up 12.5% on an increase in occupancy of 8.5% to 77% and an increase in average daily rate of 3.6% to $128. We expected occupancy to make up the larger components of the RevPAR gains in the 2011 first quarter because of the renovations that we completed in the 2011 first quarter. We more than made up for the market share we lost last year during the renovations, and as a result our RevPAR growth pleasantly exceeded the upper end of the range we previously provided. As we move through 2012 and beyond, we expect the mix of ADR and occupancy gains to shift to be more driven by rates versus occupancy. Adjusted EBITDA almost tripled for the quarter to $8.6 million from $2.2 million in 2011 due to the significant acquisitions we made in 2011, primarily the 5 hotels that we bought outright from Innkeepers in July 2011, and the $37 million joint venture investment that closed in late October 2011. Adjusted FFO was up 93% to $2.9 million or $0.21 a share, $0.02 ahead of consensus estimates of $0.19 and $0.13 per share in the 2011 first quarter. For the quarter, we reported net loss of $1.7 million or $0.13 per diluted share. Included in this loss is a net loss of $0.6 million related to the GAAP net loss of the joint venture. Non-cash charges for depreciation and amortization of $3.3 million were the primary drivers of Chatham’s net loss in the 2011 first quarter. I do want to point out a new line item within our revenue expenses on our income statement which is cost reimbursements from unconsolidated real-estate entities. It is merely line items that are shown to present on a gross basis, the cost reimbursed to Chatham for employees of…

[Operator Instructions] There appears to be no audio questions at this time. Please continue with any other points you wish to raise.

Okay, well we will wrap it up. It is unusual there is no questions, but we will be -- Dennis and I will be of course be in the office here available to anybody that has any follow up. To wrap it up 2012 should be a great year for Chatham. Our operating team is strong and our hotels are well positioned to benefit from our continued surge in RevPAR with industry leading margins, cash flow and dividends which will be strong and meaningful and sustainable. Thank you all for your support and we look forward to talking with you soon.

This concludes Chatham Lodging Trust's First Quarter Results Conference Call. Thank you for participating. You may now disconnect.