Core Insights - Ashford Hospitality Trust has successfully refinanced the mortgage loan for the 673-room Renaissance Hotel in Nashville, Tennessee, indicating positive developments in financing markets [1][4]. Financing Details - The new non-recourse loan has a balance of $218.1 million, with a two-year term and three one-year extension options, maturing in September 2030. The loan features an interest-only structure with a floating interest rate of SOFR + 2.26% [2]. - The previous loan was $267.2 million with a higher floating interest rate of SOFR + 3.98% [2]. Preferred Equity Investment - In conjunction with the refinancing, the preferred equity investment on the property was increased by $53.0 million, and the all-in rate of return on the preferred equity was reduced from 14% to 11.14% [3]. Management Commentary - The President and CEO of Ashford Trust expressed optimism regarding the improvement in financing markets, which facilitated the refinancing and is expected to result in significant annual interest expense savings [4].

Key Takeaways Ashford signed an agreement to sell the 150-room Residence Inn San Diego Sorrento Mesa for $42M.The deal implies a 5.7% cap rate with expected $16M capital spend, or 7.9% cap rate without the spend.CEO says the sale supports deleveraging efforts and enhances financial flexibility for AHT.Ashford Hospitality Trust (AHT) recently signed a definitive agreement to sell the 150-room Residence Inn San Diego Sorrento Mesa in San Diego, CA, for $42 million. Subject to closing conditions, the sale is e ...

Accessibility StatementSkip Navigation DALLAS, Sept. 11, 2025 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") announced today that it has signed a definitive agreement to sell the 150-room Residence Inn San Diego Sorrento Mesa located in San Diego, California for $42.0 million or $280,000 per key. The sale is expected to be completed in October 2025 and is subject to normal closing conditions. The Company provides no assurances that the sale will be completed o ...

Core Insights - The article discusses the investment landscape in the real estate sector, particularly focusing on the performance and potential of various real estate investment trusts (REITs) and housing-related companies [2][3]. Group 1: Company Insights - Hoya Capital Research & Index Innovations is affiliated with Hoya Capital Real Estate, which provides investment advisory services and focuses on publicly traded securities in the real estate industry [2]. - The commentary emphasizes that the information provided is for educational purposes and does not constitute investment advice [2][3]. Group 2: Industry Insights - The real estate industry is highlighted as having unique risks associated with investments in real estate companies and housing industry companies [2]. - The article notes that past performance of market data does not guarantee future results, indicating the volatile nature of the real estate market [3].

Core Viewpoint - Ashford Hospitality Trust, Inc. has completed the sale of two properties, enhancing shareholder value and improving financial metrics [3]. Group 1: Property Sales - The company sold the Hilton Houston NASA Clear Lake for $27 million and the Residence Inn Evansville East for $6 million [1]. - The combined sale price reflects a capitalization rate of 1.3% on net operating income when adjusted for anticipated capital expenditures, or a multiple of 45.3 times Hotel EBITDA for the twelve months ended July 31, 2025 [2]. Group 2: Financial Impact - Excluding anticipated capital expenditures, the combined sale price represents a 2.0% capitalization rate on net operating income or a multiple of 28.1 times Hotel EBITDA for the twelve months ended July 31, 2025 [2]. - The sale of these non-core assets has deleveraged the platform and improved the coverage metrics of the recently extended MS 17 loan pool, increasing portfolio cash flow after debt service [3]. Group 3: Future Strategy - The company anticipates pursuing similar opportunistic sales in the coming months as part of its strategy to create shareholder value [3].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number: 001-31775 ASHFORD HOSPITALITY TRUST, INC. (Registrant's telephone number, including area code) Indicate by ch ...

Core Viewpoint - Ashford Hospitality Trust, Inc. is conducting a conference call to discuss its second quarter 2025 results and recent developments [1][2]. Group 1: Company Overview - The conference call features key company executives including Deric S. Eubanks (CFO), Stephen Zsigray (CEO), and Chris Nixon (Head of Asset Management) [2]. - The results and details regarding the conference call were made available through a press release prior to the call [2]. Group 2: Forward-Looking Statements - The conference call includes forward-looking statements that are subject to various assumptions and uncertainties, which may lead to actual results differing from expectations [3]. - The company is not obligated to update or revise the forward-looking statements made during the call [4].

Financial Data and Key Metrics Changes - The company reported a net loss attributable to common stockholders of $39.9 million or $6.88 per diluted share for Q2 2025 [13] - Adjusted Funds From Operations (AFFO) per diluted share was $0.78, which would have been $1.93 if not for accrued default interest [13] - Adjusted EBITDAre for the quarter was $73.8 million [14] - The company had $2.7 billion in loans with a blended average interest rate of 8.1% [14] - Cash and cash equivalents at the end of the quarter were $100 million, with restricted cash of $153.9 million [14] Business Line Data and Key Metrics Changes - Comparable total revenue growth was 1.3% and comparable hotel EBITDA growth was 2.6% [6] - Comparable hotel RevPAR declined by 2.2% due to reduced demand from group and government-related travel [17] - Group revenue for the portfolio declined approximately 4% during the second quarter compared to the prior year [18] - Other revenue increased by 22% on a per occupied room basis compared to the prior year quarter [20] Market Data and Key Metrics Changes - Government room nights were down approximately 26% compared to the prior year period, impacting RevPAR performance [17] - The company expects group demand to remain healthy, with group revenue currently pacing ahead of the prior year [19] - 42% of the portfolio's hotel rooms are located in host cities for the upcoming 2026 FIFA World Cup, positioning the company to capture outsized demand [19] Company Strategy and Development Direction - The company announced a transformative initiative called GrowAHT aimed at driving $50 million in run rate EBITDA improvement [6] - Strategic asset sales are ongoing to reduce leverage and improve cash flow after debt service [11] - The company plans to continue making improvements to its capital structure and explore opportunistic dispositions [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of the year, expecting demand headwinds to subside and benefiting from anticipated interest rate cuts [11] - The company remains focused on controlling operational aspects and driving outsized performance despite broader market challenges [11] - Management highlighted the importance of high-margin revenue strategies and targeted cost reductions as part of the GrowAHT initiative [20] Other Important Information - The company completed significant renovations and brand conversions, leading to a 19% increase in hotel RevPAR for properties that underwent such changes [22] - For the full year 2025, the company anticipates spending between $90 million and $110 million on capital expenditures [26] Q&A Session Summary - There were no questions during the Q&A session, indicating a lack of inquiries from analysts or investors [27]

Core Viewpoint - Ashford Hospitality Trust has successfully extended its Highland mortgage loan secured by 18 hotels, providing the company with additional time to benefit from anticipated interest rate cuts and improved financial metrics ahead of a longer-term refinancing [1][2]. Group 1: Loan Extension Details - The original final maturity date of the Highland mortgage loan was April 9, 2025, which has now been extended to January 9, 2026, with a potential further extension to July 9, 2026, subject to certain conditions [1]. - The current balance of the loan has been reduced to $733.6 million, representing approximately 68% of the appraised value of nearly $1.1 billion [2]. Group 2: Company Overview - Ashford Hospitality Trust is a real estate investment trust (REIT) that primarily invests in upper upscale, full-service hotels [3].

[Executive Summary](index=1&type=section&id=Executive%20Summary) Ashford Trust reported a Q2 2025 net loss of **$(39.9) million**, with **1.3%** comparable total revenue growth and 'GRO AHT' initiative progress [Second Quarter 2025 Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) Ashford Trust reported a Q2 2025 net loss of **$(39.9) million** or **$(6.88)** per diluted share, with **1.3%** comparable total revenue growth and **2.6%** Hotel EBITDA growth | Metric | Q2 2025 | Change YoY | | :-------------------------------- | :-------- | :--------- | | Comparable RevPAR | $145 | -2.2% | | Comparable ADR | - | -2.7% | | Comparable Occupancy | - | +0.5% | | Comparable Total Revenue | - | +1.3% | | Net Loss Attributable to Common Stockholders | $(39.9) million | - | | Net Loss Per Diluted Share | $(6.88) | - | | Adjusted EBITDAre | $73.8 million | - | | Adjusted FFO Per Diluted Share | $0.78 | - | | Comparable Hotel EBITDA | $91.0 million | +2.6% | | Cash and Cash Equivalents | $100.0 million | - | | Restricted Cash | $153.9 million | - | | Net Working Capital | $184.2 million | - | | Capex Invested | $19.9 million | - | - The Company accrued approximately **$6.8 million** of default interest on its **$744 million** Highland loan during the quarter, which, if eliminated post-quarter end, would have increased AFFO to **$11.4 million** and AFFO per diluted share to **$1.93**[3](index=3&type=chunk) [Recent Operating Highlights](index=2&type=section&id=Recent%20Operating%20Highlights) Ashford Trust is advancing its 'GRO AHT' initiative for **$50 million** annual EBITDA improvement, extended a **$409.8 million** loan, and agreed to sell a hotel for **$27.0 million** - The "GRO AHT" initiative targets **$50 million** in annual run-rate EBITDA improvement, with current initiatives expected to contribute over **$30 million** per year[4](index=4&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) - The Company successfully extended its Morgan Stanley Pool mortgage loan (**$409.8 million**, 17 hotels) to an initial maturity in March 2026[6](index=6&type=chunk)[10](index=10&type=chunk) - A definitive agreement was signed to sell the 242-room Hilton Houston NASA Clear Lake for **$27.0 million**, representing a **3.2%** capitalization rate on net operating income[7](index=7&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) [Capital Structure & Debt Management](index=2&type=section&id=Capital%20Structure%20%26%20Debt%20Management) As of June 30, 2025, Ashford Trust had **$2.7 billion** in total loans at **8.1%** average interest, with **76%** floating and significant 2025 maturities [Capital Structure Overview](index=2&type=section&id=Capital%20Structure%20Overview) As of June 30, 2025, Ashford Trust had **$2.7 billion** in total loans at **8.1%** average interest, with **76%** floating and **24%** fixed | Metric | Value | | :-------------------------------- | :---------- | | Total Loans (as of June 30, 2025) | $2.7 billion | | Blended Average Interest Rate | 8.1% | | Effectively Fixed Debt | 24% | | Effectively Floating Debt | 76% | [Debt Summary](index=8&type=section&id=Debt%20Summary) Total indebtedness is **$2.65 billion**, predominantly floating-rate (**97.8%**), with several loans in default as of June 30, 2025 | Indebtedness Type | Amount (in thousands) | Percentage | | :-------------------------------- | :-------------------- | :--------- | | Fixed-Rate Debt | $57,156 | 2.2% | | Floating-Rate Debt | $2,594,855 | 97.8% | | Total Indebtedness | $2,652,011 | 100.0% | | Weighted Average Interest Rate | 8.14% | - | - As of June 30, 2025, the US Bank Hilton Santa Cruz/Scotts Valley mortgage loan and the BAML Highland Pool mortgage loan were in default, accruing default interest[29](index=29&type=chunk)[33](index=33&type=chunk) - The Company entered into a preferred equity transaction for the Renaissance Nashville property, receiving **$35.0 million** with a **14.00%** fixed preferred equity rate[30](index=30&type=chunk) [Indebtedness by Maturity](index=9&type=section&id=Indebtedness%20by%20Maturity) With extensions, **$765.6 million** of debt is due in 2025, primarily from BAML Highland Pool, and **$580 million** due in 2030 and thereafter | Year | Principal Due (in thousands) | | :--- | :--------------------------- | | 2025 | $765,596 | | 2026 | $325,000 | | 2027 | $47,330 | | 2028 | $508,200 | | 2029 | $423,885 | | Thereafter | $580,000 | | Total Indebtedness | $2,652,011 | - The BAML Highland Pool loan, with a balance of **$743.6 million**, was amended on July 30, 2025, extending its current maturity from July 2025 to January 2026[33](index=33&type=chunk) [Investor Relations & Disclosures](index=3&type=section&id=Investor%20Relations%20%26%20Disclosures) Ashford Trust will host a Q2 earnings call on July 31, 2025, using non-GAAP measures and cautioning on forward-looking statements [Investor Conference Call](index=3&type=section&id=Investor%20Conference%20Call) A Q2 2025 earnings conference call is scheduled for July 31, 2025, at 11:00 a.m. ET, with replay available - Conference call scheduled for Thursday, July 31, 2025, at 11:00 a.m. ET, with replay available until August 7, 2025, and online simulcast on www.ahtreit.com[12](index=12&type=chunk)[13](index=13&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP measures like FFO, AFFO, and EBITDA enhance operational understanding and peer comparisons, not replacing GAAP - Non-GAAP financial measures used include FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA, which are believed to improve understanding of operational results and peer comparisons[14](index=14&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) Forward-looking statements on strategy and plans are subject to risks including debt, asset sales, operating results, and market trends - Forward-looking statements are based on beliefs, assumptions, and expectations, subject to numerous risks and uncertainties, including debt repayment, asset sales, operating results, market trends, and interest rates[16](index=16&type=chunk)[17](index=17&type=chunk)[18](index=18&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) As of June 30, 2025, total assets decreased to **$3.06 billion**, total liabilities to **$3.31 billion**, increasing the equity deficit, and Q2 2025 reported a net loss of **$(39.9) million** [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets decreased to **$3.06 billion** and liabilities to **$3.31 billion**, increasing the total equity deficit | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Investments in hotel properties, net | $2,243,537 | $2,319,207 | | Cash and cash equivalents | $99,965 | $112,907 | | Restricted cash | $153,870 | $99,695 | | Assets held for sale | $18,904 | $96,628 | | Total assets | $3,059,352 | $3,160,985 | | Indebtedness, net | $2,644,765 | $2,629,289 | | Total liabilities | $3,307,418 | $3,372,771 | | Total equity (deficit) | $(473,309) | $(405,835) | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) For Q2 2025, the Company reported a net loss of **$(39.9) million**, with total revenue decreasing by **4.6%** year-over-year | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenue | $302,001 | $316,482 | $579,360 | $620,378 | | Total operating expenses | $280,146 | $269,289 | $527,028 | $572,414 | | Operating income (loss) | $87,441 | $38,552 | $6,684 | $94,397 | | Net income (loss) | $(32,439) | $50,811 | $(54,637) | $123,216 | | Net income (loss) attributable to common stockholders | $(39,943) | $44,328 | $(67,700) | $111,769 | | Net income (loss) per diluted share | $(6.88) | $2.50 | $(11.82) | $7.67 | [Non-GAAP Financial Reconciliations](index=7&type=section&id=Non-GAAP%20Financial%20Reconciliations) Q2 2025 Adjusted EBITDAre was **$73.8 million**, a decrease from Q2 2024, and Adjusted FFO per diluted share decreased to **$0.78** from **$2.69** [Reconciliation of Net Income (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre](index=7&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20EBITDA%2C%20EBITDAre%20and%20Adjusted%20EBITDAre) Q2 2025 Adjusted EBITDAre was **$73.8 million**, down from **$78.7 million** in Q2 2024, due to lower net income and reduced gains on asset disposition | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) | $(32,439) | $50,811 | $(54,637) | $123,216 | | EBITDA | $83,907 | $172,190 | $176,764 | $371,868 | | EBITDAre | $68,770 | $73,024 | $119,713 | $131,837 | | Adjusted EBITDAre | $73,832 | $78,658 | $135,497 | $138,303 | [Reconciliation of Net Income (Loss) to Funds From Operations (FFO) and Adjusted FFO](index=7&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Funds%20From%20Operations%20%28FFO%29%20and%20Adjusted%20FFO) Q2 2025 Adjusted FFO per diluted share decreased to **$0.78** from **$2.69** in Q2 2024, driven by net loss and lower gains | Metric (in thousands, except per share) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) attributable to common stockholders | $(39,943) | $44,328 | $(67,700) | $111,769 | | FFO available to common stockholders and OP unitholders | $(21,117) | $(16,971) | $(54,491) | $(48,872) | | Adjusted FFO available to common stockholders and OP unitholders | $4,621 | $11,792 | $(1,003) | $(1,820) | | Adjusted FFO per diluted share | $0.78 | $2.69 | $(0.17) | $(0.44) | [Key Performance Indicators (KPIs)](index=10&type=section&id=Key%20Performance%20Indicators%20%28KPIs%29) Q2 2025 comparable RevPAR for all hotels decreased **2.2%** to **$144.73**, and for hotels not under renovation, it decreased **1.73%** to **$146.34** [All Hotels Performance](index=10&type=section&id=All%20Hotels%20Performance) Q2 2025 comparable RevPAR for all hotels decreased **2.2%** to **$144.73**, driven by a **2.7%** ADR decrease and **0.5%** occupancy increase | Metric | Q2 2025 Comparable | Q2 2024 Comparable | % Variance | | :---------------- | :----------------- | :----------------- | :--------- | | Rooms revenue (in thousands) | $222,901 | $225,337 | (1.08)% | | RevPAR | $144.73 | $147.98 | (2.20)% | | Occupancy | 75.13% | 74.78% | 0.47% | | ADR | $192.65 | $197.90 | (2.65)% | | Metric | YTD Q2 2025 Comparable | YTD Q2 2024 Comparable | % Variance | | :---------------- | :--------------------- | :--------------------- | :--------- | | Rooms revenue (in thousands) | $425,042 | $421,161 | 0.92% | | RevPAR | $138.76 | $138.29 | 0.33% | | Occupancy | 71.47% | 71.01% | 0.65% | | ADR | $194.14 | $194.75 | (0.31)% | [All Hotels Not Under Renovation Performance](index=10&type=section&id=All%20Hotels%20Not%20Under%20Renovation%20Performance) Q2 2025 comparable RevPAR for hotels not under renovation decreased **1.73%** to **$146.34**, with a **2.30%** ADR decrease and **0.58%** occupancy increase | Metric | Q2 2025 Comparable | Q2 2024 Comparable | % Variance | | :---------------- | :----------------- | :----------------- | :--------- | | Rooms revenue (in thousands) | $218,565 | $219,827 | (0.57)% | | RevPAR | $146.34 | $148.91 | (1.73)% | | Occupancy | 75.49% | 75.05% | 0.58% | | ADR | $193.86 | $198.41 | (2.30)% | | Metric | YTD Q2 2025 Comparable | YTD Q2 2024 Comparable | % Variance | | :---------------- | :--------------------- | :--------------------- | :--------- | | Rooms revenue (in thousands) | $416,024 | $410,894 | 1.25% | | RevPAR | $140.04 | $139.17 | 0.62% | | Occupancy | 71.82% | 71.31% | 0.71% | | ADR | $194.98 | $195.16 | (0.09)% | [Hotel Financial Performance](index=11&type=section&id=Hotel%20Financial%20Performance) Q2 2025 comparable total hotel revenue increased **1.30%** to **$297.1 million**, Hotel EBITDA grew **2.60%** to **$91.0 million**, with strong RevPAR growth in key markets [Overall Hotel Net Income (Loss) & EBITDA](index=11&type=section&id=Overall%20Hotel%20Net%20Income%20%28Loss%29%20%26%20EBITDA) Q2 2025 comparable total hotel revenue increased **1.30%** to **$297.1 million**, and comparable hotel EBITDA grew **2.60%** to **$91.0 million** | Metric (in thousands) | Q2 2025 Comparable | Q2 2024 Comparable | % Variance | | :-------------------------------- | :----------------- | :----------------- | :--------- | | Total hotel revenue | $297,143 | $293,342 | 1.30% | | Hotel net income (loss) | $57,359 | $51,079 | 12.29% | | Hotel net income (loss) margin | 19.30% | 17.41% | 1.89% | | Hotel EBITDA | $91,019 | $88,710 | 2.60% | | Hotel EBITDA margin | 30.63% | 30.24% | 0.39% | | Metric (in thousands) | YTD Q2 2025 Comparable | YTD Q2 2024 Comparable | % Variance | | :-------------------------------- | :--------------------- | :--------------------- | :--------- | | Total hotel revenue | $569,914 | $556,592 | 2.39% | | Hotel net income (loss) | $93,622 | $83,773 | 11.76% | | Hotel net income (loss) margin | 16.43% | 15.05% | 1.38% | | Hotel EBITDA | $168,169 | $159,718 | 5.29% | | Hotel EBITDA margin | 29.51% | 28.70% | 0.81% | [Hotel Net Income (Loss) & EBITDA for Hotels Not Under Renovation](index=11&type=section&id=Hotel%20Net%20Income%20%28Loss%29%20%26%20EBITDA%20for%20Hotels%20Not%20Under%20Renovation) Q2 2025 comparable total hotel revenue for hotels not under renovation increased **1.73%** to **$292.2 million**, with EBITDA growing **3.53%** to **$89.9 million** | Metric (in thousands) | Q2 2025 Comparable | Q2 2024 Comparable | % Variance | | :-------------------------------- | :----------------- | :----------------- | :--------- | | Total hotel revenue | $292,195 | $287,212 | 1.73% | | Hotel net income (loss) | $57,533 | $50,172 | 14.67% | | Hotel net income (loss) margin | 19.69% | 17.47% | 2.22% | | Hotel EBITDA | $89,923 | $86,856 | 3.53% | | Hotel EBITDA margin | 30.77% | 30.24% | 0.53% | | Metric (in thousands) | YTD Q2 2025 Comparable | YTD Q2 2024 Comparable | % Variance | | :-------------------------------- | :--------------------- | :--------------------- | :--------- | | Total hotel revenue | $559,667 | $545,138 | 2.67% | | Hotel net income (loss) | $92,920 | $82,375 | 12.80% | | Hotel net income (loss) margin | 16.60% | 15.11% | 1.49% | | Hotel EBITDA | $165,537 | $156,392 | 5.85% | | Hotel EBITDA margin | 29.58% | 28.69% | 0.89% | [Hotel Revenue, Net Income (Loss) & EBITDA for Trailing Twelve Months (TTM)](index=12&type=section&id=Hotel%20Revenue%2C%20Net%20Income%20%28Loss%29%20%26%20EBITDA%20for%20Trailing%20Twelve%20Months%20%28TTM%29) TTM ended June 30, 2025, comparable total hotel revenue was **$1.096 billion**, with net income of **$81.8 million** and EBITDA of **$300.4 million** | Metric (in thousands) | TTM Ended June 30, 2025 Comparable | | :-------------------------------- | :--------------------------------- | | Total hotel revenue | $1,095,944 | | Hotel net income (loss) | $81,824 | | Hotel net income (loss) margin | 7.47% | | Hotel EBITDA | $300,350 | | Hotel EBITDA margin | 27.41% | [Hotel RevPAR by Market](index=14&type=section&id=Hotel%20RevPAR%20by%20Market) Q2 2025 saw strong comparable RevPAR growth in Miami (+**11.6%**), Houston (+**7.4%**), and Tampa (+**6.3%**), with declines in Nashville and Washington D.C. | Market | Q2 2025 Comparable RevPAR | Q2 2024 Comparable RevPAR | % Variance | | :-------------------------------- | :------------------------ | :------------------------ | :--------- | | Atlanta, GA Area | $140.81 | $144.07 | (2.3)% | | Houston, TX Area | $117.64 | $109.49 | 7.4% | | Los Angeles, CA Metro Area | $154.24 | $150.03 | 2.8% | | Miami, FL Metro Area | $174.80 | $156.58 | 11.6% | | Nashville, TN Area | $246.56 | $260.93 | (5.5)% | | San Francisco - Oakland, CA Metro Area | $144.07 | $137.79 | 4.6% | | Tampa, FL Area | $144.52 | $135.91 | 6.3% | | Washington D.C. - MD - VA Area | $175.51 | $185.91 | (5.6)% | | Total Portfolio | $144.73 | $147.98 | (2.2)% | | Market | YTD Q2 2025 Comparable RevPAR | YTD Q2 2024 Comparable RevPAR | % Variance | | :-------------------------------- | :-------------------------- | :-------------------------- | :--------- | | Atlanta, GA Area | $146.13 | $140.17 | 4.3% | | Houston, TX Area | $114.63 | $103.37 | 10.9% | | Miami, FL Metro Area | $211.42 | $200.62 | 5.4% | | San Francisco - Oakland, CA Metro Area | $134.84 | $131.17 | 2.8% | | Tampa, FL Area | $171.77 | $160.66 | 6.9% | | Total Portfolio | $138.76 | $138.29 | 0.3% | [Hotel Net Income (Loss) by Market](index=15&type=section&id=Hotel%20Net%20Income%20%28Loss%29%20by%20Market) Q2 2025 saw significant comparable hotel net income growth in Orlando (+**972.3%**), Minneapolis-St. Paul (+**1,207.5%**), and San Francisco-Oakland (+**128.8%**) | Market | Q2 2025 Comparable Net Income (in thousands) | Q2 2024 Comparable Net Income (in thousands) | % Variance | | :-------------------------------- | :----------------------------------------- | :----------------------------------------- | :--------- | | Atlanta, GA Area | $1,767 | $1,394 | 26.8% | | Houston, TX Area | $441 | $229 | 92.6% | | Los Angeles, CA Metro Area | $4,308 | $2,651 | 62.5% | | Miami, FL Metro Area | $1,503 | $1,100 | 36.6% | | Minneapolis - St. Paul, MN Area | $693 | $53 | 1,207.5% | | Orlando, FL Area | $7,388 | $689 | 972.3% | | San Francisco - Oakland, CA Metro Area | $1,160 | $507 | 128.8% | | Total Portfolio | $57,359 | $51,079 | 12.3% | | Market | YTD Q2 2025 Comparable Net Income (in thousands) | YTD Q2 2024 Comparable Net Income (in thousands) | % Variance | | :-------------------------------- | :----------------------------------------- | :----------------------------------------- | :--------- | | Houston, TX Area | $1,153 | $331 | 248.3% | | Los Angeles, CA Metro Area | $8,881 | $7,097 | 25.1% | | Miami, FL Metro Area | $5,604 | $5,221 | 7.3% | | Minneapolis - St. Paul, MN Area | $(402) | $(1,235) | 67.4% | | Orlando, FL Area | $9,458 | $2,441 | 287.5% | | San Francisco - Oakland, CA Metro Area | $1,286 | $726 | 77.1% | | Total Portfolio | $93,622 | $83,773 | 11.8% | [Hotel EBITDA by Market](index=16&type=section&id=Hotel%20EBITDA%20by%20Market) Q2 2025 saw strong comparable hotel EBITDA growth in Minneapolis-St. Paul (+**67.5%**), Miami (+**30.9%**), and Houston (+**26.2%**), with declines in Nashville and Philadelphia | Market | Q2 2025 Comparable EBITDA (in thousands) | Q2 2024 Comparable EBITDA (in thousands) | % Variance | | :-------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------- | | Atlanta, GA Area | $4,091 | $4,003 | 2.2% | | Houston, TX Area | $2,546 | $2,017 | 26.2% | | Los Angeles, CA Metro Area | $5,498 | $4,862 | 13.1% | | Miami, FL Metro Area | $2,939 | $2,245 | 30.9% | | Minneapolis - St. Paul, MN Area | $1,479 | $883 | 67.5% | | Nashville, TN Area | $10,208 | $11,058 | (7.7)% | | San Francisco - Oakland, CA Metro Area | $3,685 | $3,055 | 20.6% | | Total Portfolio | $91,019 | $88,710 | 2.6% | | Market | YTD Q2 2025 Comparable EBITDA (in thousands) | YTD Q2 2024 Comparable EBITDA (in thousands) | % Variance | | :-------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------- | | Atlanta, GA Area | $9,136 | $7,975 | 14.6% | | Houston, TX Area | $4,926 | $3,786 | 30.1% | | Los Angeles, CA Metro Area | $12,320 | $11,483 | 7.3% | | Miami, FL Metro Area | $8,497 | $7,448 | 14.1% | | Minneapolis - St. Paul, MN Area | $1,116 | $379 | 194.5% | | San Francisco - Oakland, CA Metro Area | $6,403 | $5,873 | 9.0% | | Total Portfolio | $168,169 | $159,718 | 5.3% | [Total Enterprise Value](index=17&type=section&id=Total%20Enterprise%20Value) As of June 30, 2025, Ashford Trust's total enterprise value (TEV) was **$2.864 billion**, comprising market capitalization, preferred stock, indebtedness, and net working capital | Metric (in thousands, except share price) | June 30, 2025 | | :---------------------------------------- | :------------ | | Common stock shares outstanding | 5,909 | | Common stock price | $6.02 | | Market capitalization | $36,301 | | Total Preferred Stock (sum of Series D-M) | $373,893 | | Indebtedness | $2,652,011 | | Net working capital | $184,193 | | Total enterprise value (TEV) | $2,864,020 | [Capital Expenditures](index=18&type=section&id=Capital%20Expenditures) Nine hotels are identified for significant capital expenditures in 2025, potentially causing displacement, with spending planned across all four quarters | Hotel | Rooms | Q1 2025 Actual | Q2 2025 Actual | Q3 2025 Estimated | Q4 2025 Estimated | | :-------------------------------- | :---- | :------------- | :------------- | :---------------- | :---------------- | | Courtyard Bloomington | 117 | x | x | | x | | Embassy Suites Palm Beach | 160 | x | | | | | Hampton Inn Evansville | 140 | x | x | | | | Hilton Garden Inn Austin Downtown | 254 | | x | x | | | Hilton Garden Inn Virginia Beach | 176 | | | | x | | Residence Inn Evansville | 78 | x | | | x | | Sheraton Anchorage | 370 | | | | x | | Sheraton Misson Valley | 260 | | | | x | | Westin Princeton | 296 | | | | x | | Total Hotels with Capex | - | 4 | 3 | 1 | 6 | [Detailed Hotel EBITDA Reconciliations](index=19&type=section&id=Detailed%20Hotel%20EBITDA%20Reconciliations) This section details reconciliations of net income (loss) to Hotel EBITDA across periods, markets, and hotel pools, highlighting depreciation and non-comparable adjustments [Reconciliation of Net Income (Loss) to Hotel EBITDA (TTM Ended June 30, 2025)](index=19&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20%28TTM%20Ended%20June%2030%2C%202025%29) TTM ended June 30, 2025, comparable hotel EBITDA was **$300.4 million**, derived from **$122.2 million** net income after various adjustments | Metric (in thousands) | TTM Ended June 30, 2025 | | :--------------------------------------- | :---------------------- | | Net income (loss) | $122,240 | | Depreciation and amortization | $147,465 | | Hotel EBITDA including noncontrolling interest | $312,000 | | Non-comparable adjustments | $(11,650) | | Comparable hotel EBITDA | $300,350 | [Reconciliation of Net Income (Loss) to Hotel EBITDA (Three Months Ended June 30, 2025)](index=20&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20%28Three%20Months%20Ended%20June%2030%2C%202025%29) Q2 2025 comparable hotel EBITDA was **$91.0 million**, calculated from **$57.6 million** hotel net income, with **$89.9 million** from hotels not under renovation | Metric (in thousands) | Hotel Properties Not Under Renovation | Hotel Properties Under Renovation | Hotel Total | | :--------------------------------------- | :------------------------------------ | :-------------------------------- | :---------- | | Net income (loss) | $57,735 | $(174) | $57,561 | | Depreciation and amortization | $34,005 | $1,223 | $35,228 | | Hotel EBITDA including noncontrolling interest | $91,183 | $1,096 | $92,279 | | Non-comparable adjustments | $(1,260) | — | $(1,260) | | Comparable hotel EBITDA | $89,923 | $1,096 | $91,019 | [Reconciliation of Net Income (Loss) to Hotel EBITDA (Three Months Ended March 31, 2025)](index=21&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20%28Three%20Months%20Ended%20March%2031%2C%202025%29) Q1 2025 comparable hotel EBITDA was **$77.2 million**, derived from **$69.1 million** total hotel net income after various adjustments | Metric (in thousands) | Hotel Total | | :--------------------------------------- | :---------- | | Net income (loss) | $69,126 | | Depreciation and amortization | $37,290 | | Hotel EBITDA including noncontrolling interest | $78,473 | | Non-comparable adjustments | $(1,323) | | Comparable hotel EBITDA | $77,150 | [Reconciliation of Net Income (Loss) to Hotel EBITDA (Three Months Ended December 31, 2024)](index=22&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20%28Three%20Months%20Ended%20December%2031%2C%202024%29) Q4 2024 comparable hotel EBITDA was **$65.5 million**, derived from **$(37.1) million** total hotel net loss after significant adjustments | Metric (in thousands) | Hotel Total | | :--------------------------------------- | :---------- | | Net income (loss) | $(37,125) | | Depreciation and amortization | $37,256 | | Hotel EBITDA including noncontrolling interest | $69,415 | | Non-comparable adjustments | $(3,897) | | Comparable hotel EBITDA | $65,518 | [Reconciliation of Net Income (Loss) to Hotel EBITDA (Three Months Ended September 30, 2024)](index=23&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20%28Three%20Months%20Ended%20September%2030%2C%202024%29) Q3 2024 comparable hotel EBITDA was **$66.7 million**, derived from **$32.7 million** total hotel net income after various adjustments | Metric (in thousands) | Hotel Total | | :--------------------------------------- | :---------- | | Net income (loss) | $32,678 | | Depreciation and amortization | $37,691 | | Hotel EBITDA including noncontrolling interest | $71,833 | | Non-comparable adjustments | $(5,170) | | Comparable hotel EBITDA | $66,663 | [Reconciliation of Net Income (Loss) to Hotel EBITDA (Three Months Ended June 30, 2024)](index=24&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20%28Three%20Months%20Ended%20June%2030%2C%202024%29) Q2 2024 comparable hotel EBITDA was **$88.7 million**, derived from **$140.7 million** total hotel net income after significant adjustments | Metric (in thousands) | Hotel Properties Not Under Renovation | Hotel Properties Under Renovation | Hotel Total | | :--------------------------------------- | :------------------------------------ | :-------------------------------- | :---------- | | Net income (loss) | $139,772 | $907 | $140,679 | | Depreciation and amortization | $36,231 | $908 | $37,139 | | Hotel EBITDA including noncontrolling interest | $93,280 | $1,854 | $95,134 | | Non-comparable adjustments | $(6,424) | — | $(6,424) | | Comparable hotel EBITDA | $86,856 | $1,854 | $88,710 | [Reconciliation of Net Income (Loss) to Hotel EBITDA (Six Months Ended June 30, 2025)](index=25&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20%28Six%20Months%20Ended%20June%2030%2C%202025%29) Six months ended June 30, 2025, comparable hotel EBITDA was **$168.2 million**, derived from **$126.7 million** total hotel net income after substantial adjustments | Metric (in thousands) | Hotel Properties Not Under Renovation | Hotel Properties Under Renovation | Hotel Total | | :--------------------------------------- | :------------------------------------ | :-------------------------------- | :---------- | | Net income (loss) | $125,986 | $701 | $126,687 | | Depreciation and amortization | $70,067 | $2,451 | $72,518 | | Hotel EBITDA including noncontrolling interest | $168,120 | $2,632 | $170,752 | | Non-comparable adjustments | $(2,583) | — | $(2,583) | | Comparable hotel EBITDA | $165,537 | $2,632 | $168,169 | [Reconciliation of Net Income (Loss) to Hotel EBITDA (Six Months Ended June 30, 2024)](index=26&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20%28Six%20Months%20Ended%20June%2030%2C%202024%29) Six months ended June 30, 2024, comparable hotel EBITDA was **$159.7 million**, derived from **$171.1 million** total hotel net income after significant adjustments | Metric (in thousands) | Hotel Properties Not Under Renovation | Hotel Properties Under Renovation | Hotel Total | | :--------------------------------------- | :------------------------------------ | :-------------------------------- | :---------- | | Net income (loss) | $169,715 | $1,399 | $171,114 | | Depreciation and amortization | $75,506 | $1,853 | $77,359 | | Hotel EBITDA including noncontrolling interest | $170,120 | $3,326 | $173,446 | | Non-comparable adjustments | $(13,728) | — | $(13,728) | | Comparable hotel EBITDA | $156,392 | $3,326 | $159,718 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Market (Three Months Ended June 30, 2025)](index=27&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Market%20%28Three%20Months%20Ended%20June%2030%2C%202025%29) Q2 2025: Nashville, TN Area generated highest comparable hotel EBITDA at **$10.2 million**, followed by Washington D.C. - MD - VA Area at **$17.6 million** | Market | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | Atlanta, GA Area | $4,091 | | Dallas / Ft. Worth, TX Area | $6,631 | | Houston, TX Area | $2,546 | | Los Angeles, CA Metro Area | $5,498 | | Miami, FL Metro Area | $2,939 | | Nashville, TN Area | $10,208 | | Washington D.C. - MD - VA Area | $17,634 | | Other Areas | $25,027 | | Total Portfolio | $91,019 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Market (Three Months Ended June 30, 2024)](index=28&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Market%20%28Three%20Months%20Ended%20June%2030%2C%202024%29) Q2 2024: Washington D.C. - MD - VA Area had highest comparable hotel EBITDA at **$18.5 million**, followed by Nashville, TN Area at **$11.1 million** | Market | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | Atlanta, GA Area | $4,003 | | Dallas / Ft. Worth, TX Area | $6,483 | | Houston, TX Area | $2,017 | | Los Angeles, CA Metro Area | $4,862 | | Miami, FL Metro Area | $2,245 | | Nashville, TN Area | $11,058 | | Washington D.C. - MD - VA Area | $18,461 | | Other Areas | $24,370 | | Total Portfolio | $88,710 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Market (Six Months Ended June 30, 2025)](index=29&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Market%20%28Six%20Months%20Ended%20June%2030%2C%202025%29) Six months ended June 30, 2025: Washington D.C. - MD - VA Area led with **$28.9 million** in comparable hotel EBITDA, followed by Nashville, TN Area at **$19.7 million** | Market | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | Atlanta, GA Area | $9,136 | | Dallas / Ft. Worth, TX Area | $14,520 | | Houston, TX Area | $4,926 | | Los Angeles, CA Metro Area | $12,320 | | Miami, FL Metro Area | $8,497 | | Nashville, TN Area | $19,684 | | Washington D.C. - MD - VA Area | $28,874 | | Other Areas | $39,039 | | Total Portfolio | $168,169 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Market (Six Months Ended June 30, 2024)](index=30&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Market%20%28Six%20Months%20Ended%20June%2030%2C%202024%29) Six months ended June 30, 2024: Washington D.C. - MD - VA Area generated highest comparable hotel EBITDA at **$29.1 million**, followed by Nashville, TN Area at **$19.3 million** | Market | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | Atlanta, GA Area | $7,975 | | Dallas / Ft. Worth, TX Area | $12,959 | | Houston, TX Area | $3,786 | | Los Angeles, CA Metro Area | $11,483 | | Miami, FL Metro Area | $7,448 | | Nashville, TN Area | $19,342 | | Washington D.C. - MD - VA Area | $29,091 | | Other Areas | $38,870 | | Total Portfolio | $159,718 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Hotel Pool (TTM Ended June 30, 2025)](index=31&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Hotel%20Pool%20%28TTM%20Ended%20June%2030%2C%202025%29) TTM ended June 30, 2025: BAML Highland Pool generated highest comparable hotel EBITDA at **$87.6 million**, followed by BAML/Sculptor KEYS Pool at **$70.5 million** | Hotel Pool | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | BAML/Sculptor KEYS Pool - 16 hotels | $70,476 | | BAML Highland Pool - 18 hotels | $87,567 | | Morgan Stanley Pool - 17 hotels | $42,363 | | JP Morgan Chase - 8 hotels | $25,160 | | BAML Nashville - 1 hotel | $35,669 | | Torchlight Marriott Gateway - 1 hotel | $17,020 | | Total Portfolio | $300,350 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Hotel Pool (Three Months Ended June 30, 2025)](index=32&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Hotel%20Pool%20%28Three%20Months%20Ended%20June%2030%2C%202025%29) Q2 2025: BAML Highland Pool generated highest comparable hotel EBITDA at **$25.9 million**, followed by BAML/Sculptor KEYS Pool at **$23.1 million** | Hotel Pool | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | BAML/Sculptor KEYS Pool - 16 hotels | $23,141 | | BAML Highland Pool - 18 hotels | $25,932 | | Morgan Stanley Pool - 17 hotels | $11,668 | | JP Morgan Chase - 8 hotels | $7,557 | | BAML Nashville - 1 hotel | $10,208 | | Torchlight Marriott Gateway - 1 hotel | $5,608 | | Total Portfolio | $91,019 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Hotel Pool (Three Months Ended March 31, 2025)](index=33&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Hotel%20Pool%20%28Three%20Months%20Ended%20March%2031%2C%202025%29) Q1 2025: BAML Highland Pool generated highest comparable hotel EBITDA at **$22.4 million**, followed by BAML/Sculptor KEYS Pool at **$16.1 million** | Hotel Pool | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | BAML/Sculptor KEYS Pool - 16 hotels | $16,064 | | BAML Highland Pool - 18 hotels | $22,418 | | Morgan Stanley Pool - 17 hotels | $12,466 | | JP Morgan Chase - 8 hotels | $7,193 | | BAML Nashville - 1 hotel | $9,476 | | Torchlight Marriott Gateway - 1 hotel | $4,067 | | Total Portfolio | $77,150 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Hotel Pool (Three Months Ended December 31, 2024)](index=34&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Hotel%20Pool%20%28Three%20Months%20Ended%20December%2031%2C%202024%29) Q4 2024: BAML Highland Pool generated highest comparable hotel EBITDA at **$20.9 million**, followed by BAML/Sculptor KEYS Pool at **$14.2 million** | Hotel Pool | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | BAML/Sculptor KEYS Pool - 16 hotels | $14,226 | | BAML Highland Pool - 18 hotels | $20,927 | | Morgan Stanley Pool - 17 hotels | $9,351 | | JP Morgan Chase - 8 hotels | $4,918 | | BAML Nashville - 1 hotel | $8,515 | | Torchlight Marriott Gateway - 1 hotel | $3,435 | | Total Portfolio | $65,518 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Hotel Pool (Three Months Ended September 30, 2024)](index=35&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Hotel%20Pool%20%28Three%20Months%20Ended%20September%2030%2C%202024%29) Q3 2024: BAML Highland Pool generated highest comparable hotel EBITDA at **$18.3 million**, followed by BAML/Sculptor KEYS Pool at **$17.0 million** | Hotel Pool | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | BAML/Sculptor KEYS Pool - 16 hotels | $17,045 | | BAML Highland Pool - 18 hotels | $18,290 | | Morgan Stanley Pool - 17 hotels | $8,878 | | JP Morgan Chase - 8 hotels | $5,492 | | BAML Nashville - 1 hotel | $7,470 | | Torchlight Marriott Gateway - 1 hotel | $3,910 | | Total Portfolio | $66,663 |