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Ashford Hospitality Trust, Inc. (NYSE: AHT) is a self-advised real estate investment trust (REIT) specializing in the hospitality sector. Established in 2003, Ashford's strategy focuses on investing opportunistically in upper upscale, full-service hotels across the United States. The company operates through its subsidiary, Ashford Hospitality Limited Partnership, and holds its lodging investments under brands like Marriott, Hilton, Hyatt, Crowne Plaza, and Sheraton.
The company's core investments include direct real estate acquisitions, securities, equity, and debt, targeting assets expected to generate revenue per available room (RevPAR) below twice the national average. Ashford's revenue streams are primarily derived from room revenue, food and beverage sales, and other ancillary services.
Recently, Ashford has been actively managing its portfolio to improve financial stability and reduce debt. The company announced the sale of multiple hotel properties, including the Hilton Boston Back Bay and Courtyard Manchester, generating significant proceeds for debt reduction. In addition, Ashford has undertaken refinancing efforts, such as the recent loan secured for the Renaissance Hotel in Nashville, Tennessee, to enhance liquidity and financial flexibility.
Ashford's leadership is also experiencing changes, with Rob Hays stepping down as CEO and Stephen Zsigray taking over. This transition aims to bring fresh perspectives and continue the company's growth trajectory.
Committed to maintaining a high-quality, geographically diverse portfolio, Ashford is well-positioned to benefit from increasing corporate and group travel demand. The company's ongoing deleveraging plan and strategic asset sales are expected to strengthen its financial health and support future growth initiatives.
Ashford Hospitality Trust (NYSE: AHT) has released its tax reporting information for 2024 preferred share distributions. The announcement covers Series D, F, G, H, I, J, and K preferred shares. The distributions are characterized by two main components: approximately 44.42% as Capital Gain Distribution and 55.58% as Return of Capital, with no Ordinary Taxable Dividend or Section 199A Dividend components.
The distributions vary by series, with Series D having the highest distribution at $2.1124 per share, followed by various Series K distributions ranging from $0.3416 to $2.0792 per share. Series F and G both distributed $1.8436 per share, while Series H and I each distributed $1.8750 per share. Series J distributed $2.0000 per share.
Ashford Hospitality Trust (NYSE: AHT) has completed the sale of the Courtyard Boston Downtown for $123.0 million, equivalent to $390,500 per key for the 315-room property. The transaction contributes to deleveraging the company's BAML Highland Pool loan and reduces future capital expenditure requirements.
CEO Stephen Zsigray noted improved sentiment in transaction and financing markets, highlighting strong revenue growth in December as part of their GRO AHT initiative progress.
Ashford Hospitality Trust (NYSE: AHT) has announced its preferred stock dividend declarations for Q1 2025. The company declared dividends for multiple series of preferred stock:
- Series D (8.45%): $0.5281 per share
- Series F & G (7.375%): $0.4609 per share
- Series H & I (7.50%): $0.46875 per share
- Series J: Monthly payments of $0.16667 per share
- Series K: Various monthly payments ranging from $0.17083 to $0.17500 per share depending on CUSIP
All dividends will be paid on April 15, 2025, to stockholders of record as of March 31, 2025, except for monthly dividends which have payments in February, March, and April. As of December 31, 2024, there were 6,799,638 Series J shares and 601,175 Series K shares outstanding.
Ashford Hospitality Trust (NYSE: AHT) announced preliminary results for Q4 2024, reporting an Occupancy rate of approximately 66% with an Average Daily Rate of $190, leading to a RevPAR of $126. This represents a 3.0% increase in Comparable RevPAR compared to Q4 2023. Monthly breakdowns show a 4.5% increase for October, 0.4% for November, and 3.8% for December compared to the same months in 2023.
CEO Stephen Zsigray highlighted strong corporate and group demand and the success of the GRO AHT initiative, which contributed to a 4.4% rise in total hotel revenue for the quarter and a 6.9% increase in December. The company is also approaching the repayment of its corporate strategic financing.
Ashford Trust will close its offering of Series J and Series K non-traded preferred stock on March 31, 2025. Since the launch in 2022, the company raised approximately $185 million in gross proceeds. By December 31, 2024, there were 6,799,638 shares of Series J and 601,175 shares of Series K outstanding.
Ashford Hospitality Trust (NYSE: AHT) has announced its schedule for fourth quarter 2024 earnings release and conference call. The company will release its Q4 results after market close on Tuesday, February 25, 2025, followed by a conference call on Wednesday, February 26, 2025, at 11:00 a.m. ET.
Investors can join the interactive teleconference by calling (646) 307-1963. A replay will be available through March 5, 2025, via (609) 800-9909 with confirmation number 9481675. The live broadcast will be accessible on the company's website at www.ahtreit.com, with an online replay available for approximately one year.
Ashford Trust operates as a real estate investment trust (REIT) with a primary focus on investing in upper upscale, full-service hotels.
Ashford Hospitality Trust (NYSE: AHT) has successfully extended its mortgage loan for the 226-room Le Pavillon Hotel in New Orleans, Louisiana. The loan, maintaining its $37.0 million balance with no paydown requirement, had an initial maturity date in December 2024 and now includes two additional one-year extension options, potentially extending to December 2027. The company also announced the hotel's recent conversion to Marriott's Tribute Portfolio, with expectations of improved performance post-conversion.
Ashford Hospitality Trust (NYSE: AHT) has announced 'GRO AHT', a strategic initiative targeting $50 million in incremental EBITDA improvement, representing a 20% increase to run-rate corporate EBITDA. The plan focuses on three core pillars: G&A Reduction, Revenue Maximization, and Operational Efficiency.
The G&A Reduction includes cutting management compensation and reducing advisory fees. Revenue Maximization aims to grow room revenue market share by over 200 basis points in 2025. Operational Efficiency focuses on reducing costs through workforce adjustments, contract renegotiations, and energy-saving initiatives. The company also plans to pay off its Oaktree financing in early Q1.
Ashford Hospitality Trust (NYSE: AHT) has announced the completion of its Crowne Plaza La Concha Hotel conversion to the Autograph La Concha, joining Marriott's Autograph Collection®. The Key West property underwent a $35 million renovation, upgrading various facilities including the lobby, bar, restaurant, exterior, guestrooms, and converting the spa into premium roof-top suites.
Located on Duval Street in Old Town Key West, the 160-room hotel is expected to drive 20-30% premiums to pre-conversion RevPAR. The historic landmark hotel, which has hosted notable guests like Ernest Hemingway and Harry Truman, is strategically positioned near major attractions, shopping, and entertainment venues.
Ashford Hospitality Trust (NYSE: AHT) has announced a definitive agreement to sell the Courtyard Boston Downtown for $123.0 million ($390,500 per key). The 315-room hotel sale is expected to close in January 2025, subject to conditions.
When adjusted for anticipated capital expenditures, the sale represents a 5.9% capitalization rate on net operating income and 14.3x Hotel EBITDA for the trailing twelve months ended September 30, 2024. Without capital spend adjustments, these figures are 6.9% and 12.3x respectively.
The property generated $8.5 million in Hotel Net Operating Income and $10.0 million in Hotel EBITDA during this period, with a net loss of $1.8 million after accounting for interest expense and depreciation.
Ashford Hospitality Trust (NYSE: AHT) has announced the planned closure of its Series J and Series K non-traded preferred stock offering on March 31, 2025. The offering, launched in 2022, has successfully raised approximately $180.0 million in gross proceeds. CEO Stephen Zsigray highlighted that this offering provided substantial capital during challenging market conditions and cited the company's improved financial condition as a factor in the decision to close the offering. Ashford Trust operates as a REIT specializing in upper upscale, full-service hotels.
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