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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) will host an Investor & Analyst Day on October 12, 2021, in New York City at the Park Lane Hotel. Investors and analysts can join the event via a live webcast available on the company’s website, with a replay accessible for one year after. Interested parties are encouraged to contact Investor Relations for attendance details. Ashford Trust focuses on investing primarily in upper upscale, full-service hotels, navigating various market risks and uncertainties that may affect its strategies.
Ashford Hospitality Trust (AHT) reported a preliminary portfolio occupancy of 59.7% for September 2021 and an average daily rate (ADR) of approximately $158, resulting in a RevPAR of about $94. This RevPAR shows a significant increase of 145.0% from September 2020, though it is down 28.2% from September 2019. For the third quarter, AHT anticipates an occupancy of 62.8% with an ADR of $156 and a RevPAR of approximately $98, reflecting a 165.7% increase compared to Q3 2020 but a 25.6% decrease compared to Q3 2019.
Ashford Hospitality Trust (AHT) announced the release of its third-quarter earnings results for the period ending September 30, 2021. The earnings release will be available after market close on October 26, 2021. A conference call to discuss the results will take place on October 27, 2021, at 11:00 a.m. ET, with details to be accessed via their website or by phone. Ashford Trust specializes in investments primarily in upper upscale, full-service hotels.
Ashford Hospitality Trust (NYSE: AHT) reported an August portfolio occupancy of 61.3%, with an average daily rate (ADR) of $153.69 and a revenue per available room (RevPAR) of $94.16. This RevPAR reflects an 11% decrease from July and a 27% decrease from August 2019. Hotel Net Income stood at $0.9 million, while comparable Hotel EBITDA decreased by 30% from July to $18.6 million, and by 44% from August 2019's $33.3 million. The decline was attributed to a rise in COVID-19 cases, though demand for weekend leisure travel remains strong.
Ashford Hospitality Trust (NYSE: AHT) announced the successful refinancing of its mortgage loan for the 390-room Hilton Boston Back Bay, maturing in November 2022. The $98 million non-recourse loan has a four-year term, with a floating interest rate of LIBOR + 3.80% and quarterly amortization of $500,000 in the extension term. This refinancing reflects proactive management of the company's balance sheet, positioning the trust favorably for economic recovery. The deal was facilitated by real estate advisory firm Robert Douglas.
Ashford Hospitality Trust (NYSE: AHT) announced preliminary operating results for July, reporting a Comparable Hotel Net Income of $7.9 million and Comparable Hotel EBITDA of $26.4 million, a 27% increase from June's $20.8 million. As of June 30, 2021, the company had net working capital of $531 million, or $18.32 per share. The company highlights strong demand in their portfolio, while expressing that their stock is undervalued relative to cash value. Caution is advised regarding the preliminary nature of these results.
Ashford Hospitality Trust (NYSE: AHT) reported preliminary second-quarter 2021 results, expecting a net loss attributable to common stockholders of approximately $(70.5) million to $(68.5) million or $(4.42) to $(4.29) per share. Adjusted EBITDAre is estimated between $30.3 million and $32.3 million, with Adjusted FFO ranging from $(0.3) million to $1.7 million. The company noted strong leisure demand, achieving positive Hotel EBITDA for two consecutive quarters. The final results will be released on July 28, 2021.
Ashford Hospitality Trust (NYSE: AHT) announced a 1-for-10 reverse stock split effective July 16, 2021. This adjustment reduced outstanding shares from approximately 265.1 million to 26.5 million, while maintaining stockholder ownership percentages. Trading on a split-adjusted basis will begin on July 19, 2021. The company aims to enhance demand for its shares and attract institutional investors. Additionally, a similar reverse split of partnership units occurred, decreasing units from 4.0 million to 402,222.
Ashford Hospitality Trust (AHT) reported preliminary RevPAR of approximately $91.27 for June 2021, marking a 256% increase from June 2020 but a 37% decline from June 2019. The second quarter of 2021 showed an expected 372% increase compared to Q2 2020, with a 46% decrease compared to Q2 2019. CEO Rob Hays attributes this growth to pent-up leisure demand and expresses confidence in recovery due to their geographically diverse portfolio focused on transient leisure customers.
Ashford Hospitality Trust (NYSE: AHT) announced a 1-for-10 reverse stock split, effective July 16, 2021, aimed at increasing share price above $5, which is preferred by institutional investors. This decision was made by the Board of Directors without needing shareholder approval. The split is expected to reduce transaction costs and enhance the attractiveness of AHT shares for broader investment. Furthermore, AHT was recently added to the Russell 2000, Russell 3000, and Russell Microcap indexes, increasing its visibility to institutional investors.
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