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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 (AHT) announced that the SEC has concluded its investigation without recommending any action against the company. Braemar Hotels & Resorts Inc. (BHR) and Ashford Inc. (AINC) also received similar notifications from the SEC. This marks a significant relief for these companies, particularly for AHT, which focuses on investing in upper upscale, full-service hotels. The announcement may positively influence investor sentiment, as regulatory uncertainties have been resolved.
Braemar Hotels & Resorts (NYSE: BHR) announced the conclusion of an SEC investigation without any recommended actions against the company. Both Ashford Hospitality Trust (NYSE: AHT) and Ashford Inc. (NYSE American: AINC) received similar letters confirming the closure of their investigations. This news signifies a positive outcome for all three companies, allowing them to move forward without pending legal concerns.
Ashford Hospitality Trust (AHT) announced preliminary portfolio occupancy of 56% for December 2021, with an ADR of approximately $149 and RevPAR of about $83. This RevPAR shows a 170% increase from December 2020 but a 13% decline from December 2019. For Q4 2021, occupancy is expected to be 60% with an ADR of around $157, leading to a RevPAR of approximately $95, reflecting a 164% rise compared to Q4 2020 but a 21% decline versus Q4 2019. The company remains optimistic about a strong recovery in 2022.
Ashford Hospitality Trust (NYSE: AHT) announced plans to release its fourth-quarter earnings on February 23, 2022, after market close. A conference call for investors will follow on February 24, 2022, at 11:00 a.m. ET, accessible via phone and online. The replay will be available until March 3, 2022. Ashford Trust focuses on investing in upper upscale, full-service hotels, providing insights into its financial performance and strategic direction during this earnings season.
Ashford Hospitality Trust (NYSE: AHT) reported November 2021 portfolio occupancy at 61.6% and an average daily rate (ADR) of $155, resulting in a RevPAR of approximately $95. This RevPAR marks a 21% decrease from November 2019 but is the best performance since early 2020. Hotel Net Income for November was $0.6 million, with Comparable Hotel EBITDA rising 407% to $19.2 million compared to November 2020. The company expressed optimism about the ongoing recovery driven by strong leisure demand.
Ashford Hospitality Trust (AHT) announced the declaration of cash dividends for its Series D, F, G, H, and I cumulative preferred stock, covering unpaid dividends from June 2020 to September 2021. The dividends are as follows: $3.1686 per Series D share, $2.7654 per Series F and G, and $2.8125 per Series H and I, payable on December 10, 2021. Additionally, for the fourth quarter ending December 31, 2021, dividends of $0.5281, $0.4609, $0.46875 per share will be paid on January 14, 2022. Shareholders are encouraged to note the record date of December 31, 2021.
Ashford Hospitality Trust (AHT) reported preliminary results for October 2021, marking a portfolio occupancy of 63.7% and an average daily rate (ADR) of $167, yielding a RevPAR of $106. This represents a 12% increase from September 2021 but a 27% decrease from October 2019. Hotel Net Income stood at $9.8 million, with Comparable Hotel EBITDA at $28.4 million, up 67% compared to September 2021. The company cites strong leisure demand as a key driver for improved performance.
Ashford Hospitality Trust (AHT) has successfully refinanced its mortgage loan for the Marriott Gateway Crystal City, totaling $86.0 million. This non-recourse loan has a three-year term with two possible one-year extensions and features a floating interest rate of LIBOR + 4.65%. The refinancing addresses the company's only debt maturity in 2021, ensuring liquidity through the initial funding of $84.0 million and $2.0 million for potential debt service support. The next maturity is not until June 2023, securing financial stability for Ashford Trust.
Ashford Hospitality Trust (AHT) announced an amendment to its financing agreement with Oaktree Capital Management. The amendment extends Oaktree's $250 million delayed draw commitment to June 2024, contingent on the repayment of a $200 million term loan before June 2023. Additionally, the exit fee terms were modified, allowing Oaktree to choose between warrants or cash upon loan repayment. CEO Rob Hays stated this amendment improves financial flexibility and liquidity.
Ashford Hospitality Trust (NYSE: AHT) will ring the NYSE Opening Bell on October 13, 2021, during its 2021 Investor & Analyst Day. The event will be broadcast live at 9:30 a.m. ET. As a real estate investment trust (REIT), Ashford Trust focuses primarily on upper upscale, full-service hotels. The company highlighted its ongoing strategies while emphasizing potential risks, including the impacts of COVID-19 and regulatory investigations. Investors are advised to consider these factors when evaluating the company's future performance.
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