Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-12

Chatham Lodging Trust (CLDT)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$5,222,872
Jeffrey Fisher total, FY2025
27th
CEO pay percentile vs peers
37.5:1
CEO-to-median pay ratio
98.21%
Say-on-pay support, latest vote
Companies that benchmark against CLDT
11 companies name CLDT as a compensation peer

Each company listed discloses CLDT in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CLDT in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Jeffrey Fisher$670,000$0$2,854,168$0$1,082,000$0$616,704$5,222,872
Chairman, President & Chief Executive Officer
Dennis Craven438,00001,400,1700508,0000301,6102,647,780
Executive Vice President & Chief Operating Officer
Jeremy Wegner335,0000861,6390320,0000172,5961,689,235
Senior Vice President & Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Jeffrey Fisher$5,222,872$5,258,962$5,254,928−36,090
Dennis Craven2,647,7802,655,3732,649,405−7,593
Jeremy Wegner1,689,2351,698,7351,680,338−9,500

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Jeffrey FisherRSU2025-03-01131,190$976,054
Dennis CravenRSU2025-03-0164,359478,812
Jeremy WegnerRSU2025-03-0139,606294,669
Jeffrey FisherPSU2025-03-0198,932196,783196,783393,5661,843,857
Dennis CravenPSU2025-03-0147,76896,53596,535191,070904,530
Jeremy WegnerPSU2025-03-0129,70359,40659,406118,812556,634
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Jeffrey Fisher$976,054$1,843,857$065.4%
Dennis Craven478,812904,530065.4%
Jeremy Wegner294,669556,634065.4%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Dennis CravenRSU33,998$231,526
Jeremy WegnerRSU20,916142,438
Jeffrey FisherPSU196,7831,340,092
Dennis CravenPSU96,535657,403
Jeffrey FisherRSU69,282471,810
Dennis CravenRSU64,359438,285
Jeremy WegnerRSU8,73659,492
Jeremy WegnerRSU39,606269,717
Jeremy WegnerPSU47,059320,472
Jeffrey FisherPSU130,221886,805
Jeffrey FisherRSU28,938197,068
Jeffrey FisherPSU155,8831,061,563
Dennis CravenPSU63,882435,036
Jeremy WegnerPSU39,312267,715
Jeffrey FisherRSU131,190893,404
Dennis CravenPSU76,471520,768
Jeremy WegnerPSU59,406404,555
Dennis CravenRSU14,19696,675
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program is designed to (i) attract and retain executives capable of managing our hotel operations and assets, (ii) motivate management to successfully execute our business plan, and (iii) align management's interests with its shareholders. We believe our compensation program demonstrates a strong pay-for-performance alignment.

CEO STI target (% of salary)175%
CEO LTI target (% of salary)
Independent consultantFerguson Partners Consulting L.P.
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-1240,237,015732,58736,16398.21%Passed
20252025-05-0638,677,396701,04897,35598.22%Passed
20242024-05-1541,249,803626,71455,79098.5%Passed
20232023-05-1837,899,8141,621,54546,03895.9%Passed
20222022-05-2427,088,07811,472,790574,19870.25%Passed
20212021-05-1133,704,7801,256,28686,62296.41%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1298.21%a
20252025-05-0698.22%b
20242024-05-1598.5%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not be included in the total of votes cast and will not affect the outcome of the vote.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not be included in the total of votes cast and will not affect the outcome of the vote.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not be included in the total of votes cast and will not affect the outcome of the vote.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)37.5 : 1
CEO total compensation$5,222,872
Median employee compensation$139,156
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Mary Beth HigginsIndependent · Lead Independent Director · Audit Committee · Compensation Committee (Chair)$89,688$80,000$0$0$169,688
Edwin B. Brewer, JrIndependent · Audit Committee (Chair) · Nominating and Corporate Governance Committee (Chair)82,50080,00000162,500
David GrissenIndependent · Audit Committee · Compensation Committee · Corporate Sustainability and Responsibility Committee47,188107,50000154,688
Ethel Isaacs WilliamsIndependent · Nominating and Corporate Governance Committee · Corporate Sustainability and Responsibility Committee67,50080,00000147,500
Rolf E. RuhfusIndependent55,00080,00000135,000
Robert PerlmutterIndependent · Departed during FY55,8330055,833
Jeffrey H. FisherEmployee director · Board Chair · Corporate Sustainability and Responsibility Committee (Chair)00000
09

Board fee structure and ownership guideline

Annual cash retainer
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)650,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$397,709
Equity awards (grant-date value)$427,500
All other compensation$0
Total cost of the board$825,209

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Chatham Lodging Trust names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Chatham Lodging Trust.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Park Hotels & Resorts, Inc.2025Thomas Baltimore Jr.$1,100,000$5,967,307$0$2,661,505$9,729,412
2RLJ Lodging Trust2025Leslie Hale882,0006,900,25001,622,1169,460,014
3Xenia Hotels & Resorts, Inc.2025Marcel Verbaas900,0004,264,49001,863,1387,048,188
4Pebblebrook Hotel Trust2025Jon Bortz840,0003,592,19302,085,0006,589,254
5DiamondRock Hospitality Company2025Jeffrey Donnelly750,0004,086,87701,582,2816,433,158
6Ryman Hospitality Properties, Inc.2025Mark Fioravanti938,6263,325,12501,782,5336,246,483
7Sila Realty Trust, Inc.2024Michael Seton825,0002,275,00001,949,0635,510,455
8Summit Hotel Properties, Inc.2025Jonathan Stanner800,0003,747,7000900,0005,461,700
9Chatham Lodging Trust2025Jeffrey Fisher670,0002,854,16801,082,0005,222,872
10Apple Hospitality REIT, Inc.2025Justin Knight660,5913,800,5780419,0625,075,148
11Sunstone Hotel Investors, Inc.2025Bryan Giglia700,0002,755,9930948,2814,516,098
12CTO Realty Growth, Inc.2025John Albright870,0001,778,42101,239,7503,905,735

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Chatham Lodging Trust92%LTIP Units 100Yes — Relative TSR vs. Lodging/Resort REIT constituents of the FTSE Nareit All REITs IndexFerguson Partners Consulting L.P.
Apple Hospitality REIT, Inc.49.4%RSU 75 · Cash LTI 25NoFPC
CTO Realty Growth, Inc.150%PSU 61 · RSU 39Yes — Relative TSRFerguson Partners Consulting
DiamondRock Hospitality Company141%PSU 60 · RSU 40NoFrederic W. Cook & Co., Inc.
Park Hotels & Resorts, Inc.138%PSU 65 · RSU 35Yes — Relative Total Stockholder Return (TSR) vs. FTSE Nareit Lodging/Resorts IndexFerguson Partners Consulting L.P.
Pebblebrook Hotel Trust150%PSU 60 · LTIP Units 40Yes — Relative TSRnot disclosed
RLJ Lodging Trust105.1%RSU 50 · PSU 50Yes — Relative TSRFerguson Partners
Ryman Hospitality Properties, Inc.188%PSU 50 · RSU 50Yes — TSR performance relative to designated peer groupsAon
Sila Realty Trust, Inc.175%PSU 50 · RSU 50NoFPC
Summit Hotel Properties, Inc.75%PSU 60 · RSU 40NoFW Cook
Sunstone Hotel Investors, Inc.not disclosedPSU 75 · RSU 25Yes — Relative Total Stockholder Return (RTSR) vs FTSE Nareit Lodging/Resorts Index (over $500 Million Market Cap)Ferguson Partners Consulting (FPC)
Xenia Hotels & Resorts, Inc.207%LTIP Units 100Yes — Absolute TSRFPC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Jeffrey FisherDEF 14A2026-03-310001437749-26-010650Section “Summary Compensation Table”. As printed: 5,222,872. Filing ↗machine: span 588604–588614
2Section 01, Dennis CravenDEF 14A2026-03-310001437749-26-010650Section “Summary Compensation Table”. As printed: 2,647,780. Filing ↗machine: span 601544–601554
3Section 01, Jeremy WegnerDEF 14A2026-03-310001437749-26-010650Section “Summary Compensation Table”. As printed: 1,689,235. Filing ↗machine: span 614450–614460
4Section 03, Jeffrey Fisher RSUDEF 14A2026-03-310001437749-26-010650Section “EXECUTIVE COMPENSATION COMPENSATION DISCUSSION AND ANALYSIS &” · grants of plan-based awards table. Filing ↗machine: t93 · r2 · c16 · span 654786–654793
5Section 03, Dennis Craven RSUDEF 14A2026-03-310001437749-26-010650Section “EXECUTIVE COMPENSATION COMPENSATION DISCUSSION AND ANALYSIS &” · grants of plan-based awards table. Filing ↗machine: t93 · r4 · c16 · span 660284–660291
6Section 03, Jeremy Wegner RSUDEF 14A2026-03-310001437749-26-010650Section “EXECUTIVE COMPENSATION COMPENSATION DISCUSSION AND ANALYSIS &” · grants of plan-based awards table. Filing ↗machine: t93 · r6 · c16 · span 665776–665783
7Section 03, Jeffrey Fisher PSUDEF 14A2026-03-310001437749-26-010650Section “EXECUTIVE COMPENSATION COMPENSATION DISCUSSION AND ANALYSIS &” · grants of plan-based awards table. Filing ↗machine: t93 · r3 · c16 · span 657501–657510
8Section 03, Dennis Craven PSUDEF 14A2026-03-310001437749-26-010650Section “EXECUTIVE COMPENSATION COMPENSATION DISCUSSION AND ANALYSIS &” · grants of plan-based awards table. Filing ↗machine: t93 · r5 · c16 · span 662998–663005
9Section 03, Jeremy Wegner PSUDEF 14A2026-03-310001437749-26-010650Section “EXECUTIVE COMPENSATION COMPENSATION DISCUSSION AND ANALYSIS &” · grants of plan-based awards table. Filing ↗machine: t93 · r7 · c16 · span 668490–668497
10Section 07, pay ratioDEF 14A2026-03-310001437749-26-010650Section “CEO Pay Ratio”. As printed: 37.5 : 1. Filing ↗
11Section 08, Mary Beth HigginsDEF 14A2026-03-310001437749-26-010650Section “Director Compensation”. As printed: 169,688. Filing ↗machine: t12 · r3 · c8 · span 249115–249122
12Section 08, Edwin B. Brewer, JrDEF 14A2026-03-310001437749-26-010650Section “Director Compensation”. As printed: 162,500. Filing ↗machine: t12 · r1 · c8 · span 245730–245737
13Section 08, David GrissenDEF 14A2026-03-310001437749-26-010650Section “Director Compensation”. As printed: 154,688. Filing ↗machine: t12 · r2 · c8 · span 247421–247428
14Section 08, Ethel Isaacs WilliamsDEF 14A2026-03-310001437749-26-010650Section “Director Compensation”. As printed: 147,500. Filing ↗machine: t12 · r6 · c8 · span 254353–254360
15Section 08, Rolf E. RuhfusDEF 14A2026-03-310001437749-26-010650Section “Director Compensation”. As printed: 135,000. Filing ↗machine: t12 · r5 · c8 · span 252655–252662
16Section 08, Robert PerlmutterDEF 14A2026-03-310001437749-26-010650Section “Director Compensation”. As printed: 55,833. Filing ↗machine: t12 · r4 · c2 · span 250006–250012
17Section 08, Jeffrey H. FisherDEF 14A2026-03-310001437749-26-010650Section “Director Compensation”. As printed: 0. Filing ↗
18Section 06, 2026 voteForm 8-K2026-05-120001437749-26-016450Item 5.07 · say-on-pay result. As reported: 98.21% (votes for as printed: 40,237,015). Filing ↗
19Section 06, 2025 voteForm 8-K2025-05-060001437749-25-014768Item 5.07 · say-on-pay result. As reported: 98.22% (votes for as printed: 38,677,396). Filing ↗
20Section 06, 2024 voteForm 8-K2024-05-150001476045-24-000037Item 5.07 · say-on-pay result. As reported: 98.5% (votes for as printed: 41,249,803). Filing ↗
21Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
22Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
23Section 09b board cost (computed)ComputedcomputedCash 397,709 + equity 427,500 + all other 0 = 825,209, summed across the director compensation table rows.machine: formula: Σ = 825,209
24Park Hotels & Resorts, Inc., Section 10b CEO totalDEF 14A2026-03-120001617406-26-000021CEO total compensation as printed in Park Hotels & Resorts, Inc.'s own proxy. As printed: 9,729,412. Filing ↗machine: r4 · c17 · span 2212468–2212477
25RLJ Lodging Trust, Section 10b CEO totalDEF 14A2026-03-230001104659-26-033293CEO total compensation as printed in RLJ Lodging Trust's own proxy. As printed: 9,460,014. Filing ↗machine: t103 · r4 · c36 · span 1609030–1609039
26Xenia Hotels & Resorts, Inc., Section 10b CEO totalDEF 14A2026-03-310001628280-26-022425CEO total compensation as printed in Xenia Hotels & Resorts, Inc.'s own proxy. As printed: 7,048,188. Filing ↗machine: span 682839–682848
27Pebblebrook Hotel Trust, Section 10b CEO totalDEF 14A2026-04-170001474098-26-000030CEO total compensation as printed in Pebblebrook Hotel Trust's own proxy. As printed: 6,589,254. Filing ↗machine: t79 · r2 · c12 · span 636311–636320
28DiamondRock Hospitality Company, Section 10b CEO totalDEF 14A2026-03-160001298946-26-000019CEO total compensation as printed in DiamondRock Hospitality Company's own proxy. As printed: 6,433,158. Filing ↗machine: r3 · c21 · span 748955–748964
29Ryman Hospitality Properties, Inc., Section 10b CEO totalDEF 14A2026-04-020001140361-26-012894CEO total compensation as printed in Ryman Hospitality Properties, Inc.'s own proxy. As printed: 6,246,483. Filing ↗machine: r2 · c28 · span 1272440–1272449
30Sila Realty Trust, Inc., Section 10b CEO totalDEF 14A2025-04-040001567925-25-000036CEO total compensation as printed in Sila Realty Trust, Inc.'s own proxy. As printed: 5,510,455. Filing ↗machine: span 1479805–1479814
31Summit Hotel Properties, Inc., Section 10b CEO totalDEF 14A2026-04-010001497645-26-000031CEO total compensation as printed in Summit Hotel Properties, Inc.'s own proxy. As printed: 5,461,700. Filing ↗machine: r2 · c36 · span 470625–470634
32Chatham Lodging Trust (subject), Section 10b CEO totalDEF 14A2026-03-310001437749-26-010650CEO total compensation as printed in Chatham Lodging Trust's own proxy. As printed: 5,222,872. Filing ↗machine: span 588604–588614
33Apple Hospitality REIT, Inc., Section 10b CEO totalDEF 14A2026-04-020001193125-26-140145CEO total compensation as printed in Apple Hospitality REIT, Inc.'s own proxy. As printed: 5,075,148. Filing ↗machine: t94 · r2 · c19 · span 1074682–1074691
34Sunstone Hotel Investors, Inc., Section 10b CEO totalDEF 14A2026-03-180001104659-26-031060CEO total compensation as printed in Sunstone Hotel Investors, Inc.'s own proxy. As printed: 4,516,098. Filing ↗machine: t176 · r5 · c12 · span 1215367–1215376
35CTO Realty Growth, Inc., Section 10b CEO totalDEF 14A2026-04-280001104659-26-050405CEO total compensation as printed in CTO Realty Growth, Inc.'s own proxy. As printed: 3,905,735. Filing ↗machine: t23 · r1 · c35 · span 620653–620662
36Section 10a, Pebblebrook Hotel Trust reciprocityDEF 14A0001474098-26-000030Pebblebrook Hotel Trust names Chatham Lodging Trust in its own disclosed peer group (read from its most recent proxy). Filing ↗
37Section 10a, DiamondRock Hospitality Company reciprocityDEF 14A0001298946-26-000019DiamondRock Hospitality Company names Chatham Lodging Trust in its own disclosed peer group (read from its most recent proxy). Filing ↗
38Section 10a, Apple Hospitality REIT, Inc. reciprocityDEF 14A0001193125-26-140145Apple Hospitality REIT, Inc.'s most recent proxy was read; its disclosed peer group does not include Chatham Lodging Trust. Filing ↗
39Section 10a, CTO Realty Growth, Inc. reciprocityDEF 14A0001104659-26-050405CTO Realty Growth, Inc. names Chatham Lodging Trust in its own disclosed peer group (read from its most recent proxy). Filing ↗
40Section 10a, Ryman Hospitality Properties, Inc. reciprocityDEF 14A0001140361-26-012894Ryman Hospitality Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include Chatham Lodging Trust. Filing ↗
41Section 10a, Sunstone Hotel Investors, Inc. reciprocityDEF 14A0001104659-26-031060Sunstone Hotel Investors, Inc. names Chatham Lodging Trust in its own disclosed peer group (read from its most recent proxy). Filing ↗
42Section 10a, Park Hotels & Resorts, Inc. reciprocityDEF 14A0001617406-26-000021Park Hotels & Resorts, Inc.'s most recent proxy was read; its disclosed peer group does not include Chatham Lodging Trust. Filing ↗
43Section 10a, Xenia Hotels & Resorts, Inc. reciprocityDEF 14A0001628280-26-022425Xenia Hotels & Resorts, Inc.'s most recent proxy was read; its disclosed peer group does not include Chatham Lodging Trust. Filing ↗
44Section 10a, RLJ Lodging Trust reciprocityDEF 14A0001104659-26-033293RLJ Lodging Trust's most recent proxy was read; its disclosed peer group does not include Chatham Lodging Trust. Filing ↗
45Section 10a, Sila Realty Trust, Inc. reciprocityDEF 14A0001567925-25-000036Sila Realty Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include Chatham Lodging Trust. Filing ↗
46Section 10a, Summit Hotel Properties, Inc. reciprocityDEF 14A0001497645-26-000031Summit Hotel Properties, Inc. names Chatham Lodging Trust in its own disclosed peer group (read from its most recent proxy). Filing ↗