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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 Inc. (NYSE American: AINC) has announced the retirement of Robert Haiman, Executive VP, General Counsel, and Secretary, effective June 30, 2021, after nearly 17 years with the company. Alex Rose will succeed him as Executive VP, General Counsel, and Secretary starting July 1, 2021. Haiman will remain available for consultation for three years. Rose brings extensive legal experience from Kirkland & Ellis, where he handled complex transactions. This leadership change aims to ensure continuity and strengthen the company's legal strategy.
Ashford Hospitality Trust (NYSE: AHT) announced its inclusion in the Russell 2000®, Russell 3000®, and Russell Microcap® indexes, effective June 28, 2021. CEO Rob Hays expressed positivity regarding this milestone, noting it enhances visibility for institutional investors. The Russell indexes benchmark about $10.6 trillion in assets, highlighting Ashford Trust's market significance. These indexes represent the largest U.S. companies based on market capitalization. The reconstitution supports Ashford's strategic priorities and aligns with its focus on upscale, full-service hotels.
Ashford Hospitality Trust (NYSE: AHT) CEO Rob Hays appeared on CW33's "Morning After" to discuss the company's diverse hotel portfolio, emphasizing its focus on transient leisure customers and the role of leisure travel in industry recovery. Hays also noted his engagement with investors through Twitter. The company, a real estate investment trust (REIT), concentrates on upper upscale, full-service hotels. Forward-looking statements include concerns over COVID-19 impacts, SEC investigations, and market volatility.
Ashford Hospitality Trust (NYSE: AHT) will present at Nareit's REITweek 2021 Virtual Investor Conference on June 10, 2021, at 11:15 a.m. Eastern Time. Interested investors can access the live presentation by completing complimentary registration through the provided link. An on-demand recording will be available throughout the conference. The company primarily invests in upscale, full-service hotels. Forward-looking statements in the release highlight various risks, including impacts from COVID-19 and market volatility, which could affect future performance and strategy.
Ashford Hospitality Trust (NYSE: AHT) announced its first quarter earnings release date, set for May 4, 2021, after market close. A conference call will be held on May 5, 2021, at 12:00 p.m. ET, where investors can inquire about financial performance. The call will be available for replay until May 12, 2021. The company specializes in upper upscale, full-service hotels and has launched the Ashford App for investors, available on major platforms.
Cygnus Capital, owning approximately 2.7% of Ashford Hospitality Trust (AHT), has commented on AHT's lawsuit to block its board nominations. Cygnus has nominated five independent candidates for AHT's Board of Directors, claiming the lawsuit is a strategy to entrench current management. Cygnus's CEO, Christopher Swann, criticized AHT's leadership for undermining shareholder rights and misusing resources. He highlighted recent actions, including granting stock to CEO Rob Hays and amending advisory agreements, as moves that harm shareholders. Cygnus emphasizes its commitment to seeking change during the upcoming Annual Meeting.
Ashford Hospitality Trust (NYSE: AHT) announced the closing of strategic financing with Oaktree Capital Management, securing $200 million initially, with an option for an additional $250 million. This optional drawdown is an increase of $100 million from earlier terms. The company aims to leverage this partnership to enhance profitability as vaccine distribution increases. Further details are available in their SEC Form 8-K. Ashford is a REIT focusing on upper upscale, full-service hotels.
Cygnus Capital, owning 2.8% of Ashford Hospitality Trust (AHT), has announced plans to nominate five independent director candidates for AHT's Board at the 2021 Annual Meeting. Cygnus cites AHT's poor governance and financial performance, highlighting negative total stockholder returns of -90.72% over one year. The firm criticizes the Board's conflicts of interest and questionable financial decisions and aims to initiate significant reforms to enhance shareholder value. Their campaign for boardroom change is backed by a slate of qualified candidates with substantial industry expertise.
Ashford Hospitality Trust (AHT) announced a strategic financing commitment from Oaktree Capital Management, providing a $200 million senior secured term loan, with the possibility to upsize to $350 million. The loan, aimed at enhancing liquidity and strengthening the balance sheet, has a 3-year term and allows interest to be accrued for two years. Ashford Trust's CEO expressed confidence in the company's recovery in the hospitality sector post-pandemic, attributing potential growth to this financing. The deal is expected to close soon with customary conditions.
Ashford Hospitality Trust (NYSE: AHT) announced the completion of its Exchange Offers for the company's Preferred Stock, which expired on November 20, 2020. Approximately 30% of the Preferred Stock participated, resulting in the conversion of shares into newly issued Common Stock at a rate of 5.58 shares per each Preferred Stock. Notably, 24% of the Series D, 37% of the Series F, 27% of the Series G, 27% of the Series H, and 34% of the Series I Preferred Stock participated. The remaining shares of each series will continue to remain outstanding.
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