Ladies and gentlemen, thank you for standing by and welcome to the Chatham Lodging Trust Fourth Quarter Earnings Conference call. During today's presentation all participants will be in a listen-only mode. Following the presentation the conference will be opened for your questions. (Operator Instructions) Today's conference is being recorded, February 20, 2013. I would now like to turn the conference over to Jerry Daly of Daly Gray. Please go ahead.

Thank you, Alicia and good morning, everyone and welcome to the Chatham Lodging Trust's fourth quarter and full year 2012 results conference call. Yesterday after the close of the market Chatham released results for the fourth quarter and full year ended December 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'll be happy to email one to you. Or you may view the release online at 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 Wednesday February 27, 2013 by dialing 1800-406-7325. And a reference number of 4594716. A replay of the conference call will be posted on Chatham's website. As a reminder this conference call is the property of Chatham Lodging Trust and any redistribution, retransmission or rebroadcast of this call in any form without the express written consent of Chatham is prohibited. Before we begin management has asked me to remind you that in keeping with the SEC's 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 markets 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. And our current and proposed market areas and the company's ability to manage integration and growth. Additional risks that are discussed in the company's filings with the Securities and Exchanges Commission. All information in this call is as of February 19, 2013 unless otherwise noted, and the company undertakes no obligation to update any forward-looking statement 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 as 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 have provided and encourage you to refer to the reconciliations of these measures to GAAP resulting in our earnings release. Now to provide you with some insights into Chatham's 2012 fourth quarter and full year results let me introduce you to Jeff Fisher, Chairman, President and Chief Executive Officer; and Dennis Craven, Executive Vice President and Chief Financial Officer. Jeff?

Thanks, Jerry and good morning, everyone. Dennis and I again are happy to be here with you this morning to report stronger than expected earnings for the fourth quarter and talk a little bit about our continued bullish outlook moving forward this year. Before Dennis and I talk specifically though about the fourth quarter, I wanted to spend a few minutes reflecting back on 2012. For us 2012 validated to many that our operating model is very strong and compelling as we saw operating performance and cash flow jump significantly. RevPAR grew 8%, well above industry performance, adjusted EBITDA rose 81%, and FFO advanced 52% to $1.30 per share, one of the highest amongst all hotel REITs. We spent a lot of time, money and efforts in 2010 and 2011, improving the condition of our portfolio to profit from what we believe will be a protracted up cycle. On the balance sheet side in late 2012 and early 2013 we executed some key refinancing initiatives that Dennis will talk to more specifically, but the goal here was to decrease our borrowing costs, make our capital structure more efficient and move out our maturities. We'll again – we'll walk you through that, but I am pleased to say we've accomplished all those goals. Additionally, as our multiple came up through the back half of 2012 and in January this year we were able to access the public markets raising approximately $53 million, which we used to acquire two very high quality hotels and what I think are fantastic locations for approximately $53 million in total. These are two great additions to our portfolio given their brand, their location, their growth opportunity and also their very young age. Additionally, we are in the process of converting our D.C. hotel to a Residence…

Thanks Jeff, and thanks everybody for participating. For the fourth quarter we reported a net loss of $2.4 million or $0.18 per diluted share compared to a net loss of $6.2 million or $0.45 per diluted share in the fourth quarter 2011. Fourth quarter RevPAR was up 7.6% to $102 at our 18 comparable hotels compared to our prior earnings guidance of plus 3% to 5%. As Jeff alluded earlier we benefited from the incremental demand associated with super storm Sandy that accounted for a couple of 100 basis points of the improvement. Additionally we did want to point out that we continued to gain market share with the RevPAR index up approximately 4% in 2012 attributable both to occupancy and rate indices increases. Adjusted EBITDA for the Company increased $0.8 million or just over 10% to $8.4 million from $7.6 million in 2011 with the jump attributable with continued improvement in our operating results, as well as the outperformance within the joint venture investment which closed during the 2011 fourth quarter. During the quarter the JV contributed approximately $1.9 million of adjusted EBITDA of Chatham with adjusted FFO rising approximately 13% to $2.9 million from $2.6 million in 2011, it drove a per share basis of adjusted FFO to $0.21 a share from $0.19 a share in 2011, above our guidance of $0.18 to $0.20 for the fourth quarter. Jeff has already provided key operating performance metrics for the joint venture, but I do want to provide a little color on the investment activity within the quarter. We did sell one hotel for approximately $5 million generating no net proceeds to Chatham as there was debt encumbering the hotel. To-date we have received distribution of approximately $21.2 million for almost 60% of our original investment within one-year of ownership.…

(Operator instructions) And our first question comes from the line of Nikhil Bhalla with FBR Capital Markets. Please go ahead.

Yes, hi. Good morning, guys.

Hey, Nikhil.

Hi, Nkihil.

How are you? All good, all good. In term of what happen in New York have the have the FEMA crews and everybody else kind of left now are they or is there, still some residual benefit from those people who are staying in that hotels in 4Q?

Yeah, Nikhil. With respect to the White Plains in the New Rochelle hotels, most of that business was out by the end of [fade] by the end year once we got the holidays. Long Island Holtsville hotel still has a little bit of that business in their in January, but it's continued to fade to fade as we've moved through the year. So a little bit less but nothing significant.

Got it. And just on the rebranding of DoubleTree here in D.C. do you expect the rate growth to be accelerating just after you finish the repositioning as a Residence Inn or if you can just give us a little color on that?

Yeah. I'll take and I'll Jeff step in. I mean I think if you saw from our press release related to that hotel. The one of the things that we do expect is that hotel to grab a more significant share of the market as a resident. Then as opposed to a DoubleTree knowing that that hotel in particular from an index perspective, was really close to about 100, which is well below where the brand historically operates. So I know just from a market share perspective, regardless of rate I think there will be certainly some rate, I'm sure, Jeff wants to talk about that, but we do expect there to be a very healthy pick up in terms of just gathering, gathering and gaining market share.

But the issue there, I think is just honestly when to start penciling that end because no. 1, we're kind of stuck with the fire marshal with the fire life safety work that is supposed to happen that needs to happen, to meet Marriott brand standards, that hadn't even started yet. So, you know what, like a of complicated renovations this does not just [soft] goods, this is fairly major because it's an older building. The time that it's complete, we'll probably push into the third quarter, and that of course, once you turned the (inaudible) system on, you don't get the immediate bounce, so frankly I'd be and we're being careful in terms of expecting too much too soon, I would hope that as you enter the fourth quarter, we're starting to get some traction there from an operating perspective and, we would look for double digit RevPAR gains without a doubt.

That's great. And just a quick follow up on that, when you think about the residents brand residents in brand overall versus as a DoubleTree, how much of a lift would you expect, all things being equal in terms of rate, given to your RevPAR, (Inaudible) all the metrics?

I mean this one as a DoubleTree because it's only a 104 to 105 rooms, in the (Inaudible) in the 80s any way. So there isn't going to be much of an occupancy pick up, we would expect. And I'd to look back at our budget but even if we did we're not going to tell you the number of - but I would certainly expect in some $8 to $10 ADR range anyway, in terms of pickup could be more.

Great. Thank you very much.

Thank you. (Operator Instructions). And our next question comes from the line of Whitney Stevenson with JMP Securities please go ahead.

Hi there. Good morning.

Good morning.

Hey, Whitney.

Hi, there. Okay. So I hear your point on no dispositions in 2013 but I was wondering if you could maybe talk a little bit about what you could be targeting on acquisitions front, both for the owned hotels and in the JV?

Yeah. The question is -- specifically is what we see on the acquisitions ftont?

Yeah. And may be on specifically what markets you see [holds] and they could be trying to sell acquisition targets?

Well, I think we are always in more or less a by-coastal approach, no 1. We'll always trying to be in top MSAs, like most folks but for us that's specifically, continuous to be focused in looking for California to some extent. Particularly, if for Chatham, if Chatham could get a Silicon Valley asset or two I think I'd be thrilled. Just because we see with the joint venture assets and our operating experience there still lots of upside and growth. So that's where it is definitely a target market for us. But we're also having to be opportunistic too there the deal flow this year seems to be a little better certainly than same time last year and we're going to -- trying to make deals that allow us to grow externally but also give us at least as good RevPAR growth or better as we talked about when we bought the Portland asset a little bit. Then the -- let's say the current portfolio experiences, so we're trying to get overall NAV accretion, as a result of whatever we buy and we're -- we hope we can be pretty active this year because we see this as a year, with our multiple allowing us to make accretive acquisitions. We see this as a year that we can continue to grow and push up market cap up and get more liquidity for our shareholders as well.

Okay. Thank you.

Thank you. (Operator Instructions). And I'm showing no further questions in the queue. At this time, I'd like to turn the conference back to management for any final remarks.

Alright well, listen we -- again we appreciate being here and able to talk to you to report the results that we've just reported. We're looking forward to having a good 2013 and frankly we're looking forward to having a good 2014 as well. We think internal growth, we think external growth, ought to be strong for us, we will be cognizant as we always are of our balance sheet, but the opportunity to - you know, to continue on a property specific basis to lock down some great long term financings at rates of course that are historically low, should be something that we continue to avail ourselves up. And again goal is to comfortably grow this company and be what we thought we always an [inception] could be which is the biggest player and certainly the most profitable player on our per share basis in this select service arena. So we will talk to you soon. Thank you.