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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) has announced the sale of two select-service hotels, the 90-room SpringHill Suites and the 86-room Fairfield Inn in Kennesaw, Georgia, for $17.5 million.
The sale price reflects a 4.8% capitalization rate on the trailing 12-month net operating income through April 2024. The properties were carrying a mortgage loan with an outstanding balance of roughly $10.8 million.
Proceeds from the sale will be used for general corporate purposes, including the pay down of strategic financing.
Ashford Hospitality Trust (NYSE: AHT) has appointed Dave Johnson, an experienced hospitality and real estate executive, to its Board of Directors. Johnson will also serve on the Audit and Compensation Committees. Johnson is the Co-Founder and Managing Director of Horizon Capital Partners and previously founded Aimbridge Hospitality, where he was CEO from 2003 to 2021. He has extensive experience in senior roles at Wyndham International and currently serves on various boards, including Hilton Grand Vacations and Sonida Senior Living. Ashford Trust's Chairman, Monty J. Bennett, emphasized Johnson's valuable experience and perspective, which is expected to contribute significantly to the company's strategy and shareholder value.
Ashford Hospitality Trust (NYSE: AHT) announced the sale of the 90-room Courtyard in Manchester, Connecticut for $8.0 million. The sale helps reduce the company's debt, with the property having a mortgage loan balance of $5.6 million. Additionally, Ashford has agreed to sell the 193-room One Ocean Resort in Atlantic Beach, Florida for $87.0 million, expected to close in June, pending normal closing conditions. Proceeds from both sales will be used for general corporate purposes, including paying down the company's $102 million strategic financing. Ashford's President and CEO, Rob Hays, highlighted the progress in the company's deleveraging plan and mentioned ongoing asset sales in the market.
Ashford Hospitality Trust (AHT) announced preliminary results from its 2024 Annual Meeting of Stockholders, revealing that Blackwells Capital's proxy campaign had minimal impact, with only 7% of shares voting in favor. Seven nominees, including Amish Gupta and J. Robison Hays, III, were elected to the Board. Despite ISS recommendations, Monty J. Bennett and Kamal Jafarnia did not secure majority votes but will remain on the Board following the Nominating and Corporate Governance Committee's decision. Stockholders approved the executive compensation resolution and ratified BDO USA, P.C. as the independent auditors for 2024.
Ashford Hospitality Trust, Inc. (NYSE: AHT) has completed the refinancing of the mortgage loan for the Renaissance Hotel in Nashville, Tennessee. The new $267.2 million loan has a two-year initial term with three one-year extension options. The loan is interest only with a floating interest rate of SOFR + 3.98%. Part of the refinancing includes listing the Westin Hotel in Princeton for sale to use the excess proceeds for general corporate purposes.
Ashford Hospitality Trust, Inc. (NYSE: AHT) announced preliminary first-quarter results for 2024, with estimated net income of $66.4-68.4 million, Adjusted EBITDAre of $58.5-60.5 million, and Adjusted FFO of $(14.7)-$(12.7) million. Final results will be released on May 7, 2024.
Ashford Hospitality Trust, Inc. (NYSE: AHT) announced the sale of the 85-room Hampton Inn in Lawrenceville, Georgia for $8.1 million, representing a 6.0% capitalization rate. Proceeds will be used for corporate purposes and strategic financing. The Company transferred possession of hotel properties to a court-appointed receiver. Ashford Trust is progressing on its deleveraging plan.
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