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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 announced its plans to release first-quarter earnings for the period ending March 31, 2023. The earnings report will be issued after market close on May 1, 2023, followed by a conference call on May 2, 2023, at 11:00 a.m. ET. Investors can participate via phone at (201) 389-0920, with a replay available until May 9, 2023. The conference call will also be streamed live on the company’s website and available for replay for approximately one year.
Ashford Hospitality Trust (NYSE: AHT) recently addressed its current cash holdings amid recent banking industry events. The company disclosed that approximately 42% of its cash is held in short-term U.S. Treasury Securities with less than 90 days to maturity. About 27% is in fully insured Insured Cash Sweep (ICS) accounts, while 30% pertains to property-level operating cash at designated Global Systemically Important Banks (G-SIBs). Ashford Trust is a real estate investment trust focused primarily on upper upscale, full-service hotels. The statement includes forward-looking risks affecting its strategy and performance.
Ashford Securities LLC, a subsidiary of Ashford Inc. (NYSE: AINC), has successfully closed its offering of Series E & M Redeemable Preferred Stock for Braemar Hotels & Resorts Inc. (NYSE: BHR), raising $460 million. C. Jay Steigerwald III, President of Ashford Securities, praised the team's efforts in creating a strong platform for investment. This capital will support further fundraising for Ashford Hospitality Trust, Inc. (NYSE: AHT) through upcoming Series J & K offerings. Ashford Securities aims to continue leveraging its relationships with broker-dealers and RIAs to enhance capital acquisition in the real estate and hospitality sectors.
Ashford Hospitality Trust (AHT) declared dividends for its preferred stocks for Q1 2023. The Board announced a dividend of $0.5281 per share for Series D, payable April 17, 2023. Series F and Series G each received a dividend of $0.4609 per share. Series H and Series I also each declared a dividend of $0.46875 per share. Additionally, monthly cash dividends for Series J and K are set at $0.50 and $0.5125 respectively. All dividends are payable to stockholders of record as of March 31, 2023.
Ashford Hospitality Trust (AHT) reported an expected occupancy rate of approximately 68% for Q4 2022, with an average daily rate of $175, resulting in a RevPAR of about $118. This figure represents a 25% increase from Q4 2021, though it is about 1% lower than Q4 2019. December 2022's RevPAR remained stable compared to December 2019, while November and October saw slight declines of 2% and 1%, respectively. CEO Rob Hays expressed confidence in the company’s diverse portfolio and positive market demand.
Ashford Hospitality Trust (NYSE: AHT) announced the release of its fourth-quarter earnings for the period ending December 31, 2022. The earnings release is scheduled for February 21, 2023, after market close. A conference call to discuss the results will take place on February 22, 2023, at 11:00 a.m. ET. Interested parties can join the call by dialing (201) 389-0920, with a replay available until March 1, 2023. The live broadcast will be accessible on the company’s website.
Ashford Hospitality Trust (AHT) successfully refinanced its $37 million mortgage loan for the Le Pavillon Hotel in New Orleans, extending the maturity date and maintaining the loan amount. The new loan features a two-year initial term with three potential one-year extensions, at a floating interest rate of SOFR + 4.00%, with a 0.50% floor. CEO Rob Hays expressed satisfaction with securing this financing despite challenging market conditions.
Ashford Hospitality Trust (AHT) announced its preliminary financial results for Q3 2022, projecting a net loss of approximately $(26.2) million to $(24.2) million, translating to $(0.76) to $(0.70) per share. Adjusted EBITDAre is estimated between $81.1 million and $83.1 million, with Adjusted FFO anticipated at $18.0 million to $20.0 million. For the nine months ended September 30, 2022, the net loss is estimated between $(94.0) million and $(92.0) million, or $(2.74) to $(2.68) per share. Final results will be disclosed on November 1, 2022.
Ashford Hospitality Trust (AHT) reported an expected occupancy rate of 71% for Q3 2022 and an average daily rate (ADR) of approximately $179, resulting in a RevPAR of $127. This RevPAR marks a 29% increase from Q3 2021 but a 4% decline from Q3 2019. September 2022 saw a 0.4% increase in RevPAR compared to September 2019, signaling a potential recovery in demand. CEO Rob Hays expressed optimism regarding the company’s diverse portfolio and market positioning as they head into Q4 and 2023.
Ashford Hospitality Trust (NYSE: AHT) has declared dividends for its various Series of Cumulative Preferred Stock for Q4 2022. The dividends include $0.5281 per share for Series D, $0.4609 for Series F and G, and $0.46875 for Series H and I, all payable on January 17, 2023. The company also announced monthly cash dividends for Series J ($0.50 total quarterly) and Series K ($0.5125 total quarterly) Preferred Stocks, with payments scheduled throughout the quarter. These moves signify Ashford Trust's commitment to returning value to shareholders amidst market uncertainties.
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