Chatham Lodging Trust : Investor Presentation - August 2023

Investor Presentation

August 2023

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.

2

Business Highlights

• Operating performance continuing to improve
• • April / May RevPAR relative to 2019 at best levels in the past six months
  • Excluding our tech driven hotels, RevPAR up over 5% for the last five months
• Significant upside as business travel recovers in tech focused markets
• • Recovery of Silicon Valley / Bellevue properties to '19 levels would add $12.4 million to LTM EBITDA / $0.25 per share of FFO (increases of approximately 12% and 21% relative to consensus 2023 estimates)
• Current share price / valuation provides meaningful upside opportunity
• • Implied cap rate of 9.0% on LTM actual corporate NOI and 10.1% on pro forma NOI assuming a full recovery of Silicon Valley and Bellevue hotels
• Performance should benefit from very limited supply growth in coming years
• Intense cost control drives outstanding margins
• Capital recycling has enhanced portfolio quality, increased returns and will drive future earnings growth
• Significant debt reduction and new undrawn $260 million credit facility have strengthened balance sheet and provide capacity for future growth

3

Travel Is Recovering

Air travel has recovered to 2019 levels in 2023 even though there is room for improvement in key segments (business / international)

TSA Checkpoint Traveler Numbers (7-Day Moving Average)

3,000,000

2,500,000

2,000,000

1,500,000

1,000,000

500,000

0

1/1 1/8 1/15 1/22 1/29 2/5 2/12 2/19 2/26 3/5 3/12 3/19 3/26 4/2 4/9 4/16 4/23 4/30	5/7 5/14 5/21 5/28 6/4	6/11 6/18 6/25 7/2 7/9	7/16 7/23 7/30 8/6	8/13 8/20 8/27 9/3 9/10 9/17 9/24 10/1 10/8 10/15 10/22 10/29 11/5 11/12 11/19 11/26 12/3 12/10 12/17 12/24 12/31
2019	2020	2021	2022	2023

4

Operating Performance Is Improving

Chatham's RevPAR has started to increase significantly after the seasonally low period from December to mid-February

RevPAR ($)	Occupancy %
$180		100%
$160		90%
$140		80%
	70%
$120
	60%
$100
	50%
$80
	40%
$60
	30%
$40
	20%
$20
	10%
$-		0%
3/1/20 5/1/20 7/1/20 9/1/20 11/1/20 1/1/21 3/1/21 5/1/21 7/1/21 9/1/21 11/1/21 1/1/22 3/1/22 5/1/22 7/1/22 9/1/22 11/1/22 1/1/23 3/1/23 5/1/23 7/1/23	3/1/20	5/1/20	7/1/20	9/1/20	11/1/20	1/1/21	3/1/21	5/1/21	7/1/21	9/1/21	11/1/21	1/1/22	3/1/22	5/1/22	7/1/22	9/1/22	11/1/22	1/1/23	3/1/23	5/1/23	7/1/23

RevPAR and occupancy data in charts reflect 7-day rolling average results, results through 8/9/23.	5