Financial Data and Key Metrics Changes - The company reported a net loss attributable to common stockholders of $27.8 million or $4.91 per diluted share for Q1 2025, with total AFFO improving by $8.2 million compared to the prior year quarter [12][15] - Adjusted EBITDAre for the quarter was $61.7 million, reflecting a $2.2 million increase over the prior year quarter, despite total revenue being down by $26.5 million [12][13] - The company ended the quarter with cash and cash equivalents of $85.8 million and restricted cash of $139.2 million, with restricted cash increasing by $39 million from the previous quarter [13][14] Business Line Data and Key Metrics Changes - Comparable RevPAR grew by 3.2%, total revenue increased by 3.6%, and comparable hotel EBITDA rose by 8.7% in Q1 2025 [5][6] - La Pavion Hotel reported a total revenue growth of 78% over the prior year quarter, while La Concha Hotel achieved a 27% total revenue growth [6][7] - Hotel EBITDA across the entire portfolio grew by 9% during the first quarter compared to the prior year quarter [18][21] Market Data and Key Metrics Changes - The company experienced a 95% occupancy rate across its hotels in Washington D.C. during the presidential inauguration, generating over $1.6 million in incremental room revenue [17] - Group room revenue pace increased by 10% for the top five hotels in the portfolio compared to the prior year, with a 6% increase projected for the full year 2025 [19][20] Company Strategy and Development Direction - The company is focused on its Grow AHT initiative, aiming for a $50 million run rate EBITDA improvement, with expectations of achieving over $30 million of that goal [6][10] - The company plans to continue improving its capital structure by extending near-term debt maturities and exploring strategic dispositions [10][27] - The company is optimistic about the pipeline of event-driven opportunities, particularly with the upcoming FIFA World Cup in 2026 [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic uncertainties but emphasized a focus on controlling internal factors and maximizing hotel performance [10][27] - The company is confident in its ability to unlock additional value and improve operational performance through ongoing initiatives [27] Other Important Information - The company completed the sale of the Courtyard Boston Downtown for $123 million, which provided significant capital expenditure savings [8] - The company has fully repaid its corporate strategic financing, leaving it free of corporate debt [8][10] Q&A Session Summary Question: Can you help us think about the monthly RevPAR progression in the quarter and the impact of calendar shifts? - Management noted that January was the strongest month, with softening observed in February and March due to calendar shifts and other headwinds [30][31] Question: How much of the portfolio do you think is exposed to international inbound travel and government demand? - Management indicated that international demand is less than 5% of the portfolio, with government demand being a bit larger but still manageable [36][38] Question: Can you help us think about the AHT GROW initiative and areas of success? - Management stated that while low-hanging fruit has been harvested, there are still significant opportunities for improvement, particularly at the corporate level [39][40] Question: Is there any update on the Bammel Island loan? - Management confirmed a forbearance agreement is in place and they are working on refinancing options [41] Question: Any color about potential dispositions and current market pricing? - Management highlighted that they are now able to explore asset sales more opportunistically after paying off previous corporate financing, focusing on high-value assets [43][45]

分组1 - Ashford Hospitality Trust reported a quarterly loss of $0.98 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.53, and a significant improvement from a loss of $3.50 per share a year ago [1] - The company posted revenues of $277.36 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 1.82%, and down from $303.9 million year-over-year [2] - The stock has underperformed the market, losing about 14.7% since the beginning of the year compared to the S&P 500's decline of 3.9% [3] 分组2 - The current consensus FFO estimate for the coming quarter is $5.08 on revenues of $305.3 million, and for the current fiscal year, it is $5.24 on revenues of $1.14 billion [7] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the bottom 34% of over 250 Zacks industries, suggesting potential underperformance [8] - The estimate revisions trend for Ashford Hospitality Trust is currently unfavorable, resulting in a Zacks Rank 5 (Strong Sell) for the stock, indicating expected underperformance in the near future [6]

Core Insights - Ashford Hospitality Trust expects an occupancy rate of approximately 68% for Q1 2025, with an Average Daily Rate (ADR) of about $196, leading to a Revenue Per Available Room (RevPAR) of approximately $133, reflecting a 3.2% increase compared to Q1 2024 [1] - The Comparable RevPAR for January, February, and March 2025 increased by 3.8%, 4.3%, and 1.9% respectively compared to the same months in 2024 [2] - The company is optimistic about its RevPAR performance and attributes its success to the GRO AHT initiative, while also focusing on extending and refinancing loans [3] Financial Performance - The expected occupancy rate for Q1 2025 is 68% [1] - The Average Daily Rate (ADR) is projected at $196 [1] - The resulting RevPAR is approximately $133, marking a 3.2% increase from Q1 2024 [1] Monthly Performance Trends - January 2025 Comparable RevPAR increased by 3.8% compared to January 2024 [2] - February 2025 Comparable RevPAR saw a 4.3% increase versus February 2024 [2] - March 2025 Comparable RevPAR increased by 1.9% compared to March 2024 [2] Strategic Initiatives - The company is implementing the GRO AHT initiative, which is positively impacting both revenue and expenses [3] - There is a focus on maximizing revenues and minimizing expenses across the portfolio [3] - Progress is being made in extending and refinancing loans [3]

Occupancy and Performance Metrics - Ashford Hospitality Trust, Inc. announced preliminary estimated occupancy for Q1 2025[5] - The average daily rate (ADR) for Q1 2025 was reported, indicating performance trends[5] - Revenue per available room (RevPAR) results for Q1 2025 were disclosed, reflecting operational efficiency[5]

Core Viewpoint - Ashford Hospitality Trust has successfully extended its mortgage loan with Morgan Stanley, enhancing its financial flexibility and extending the maturity of a significant portion of its debt [1][2]. Loan Extension Details - The mortgage loan, originally set to mature in November 2024, has been extended to an initial maturity in March 2026, with options for two additional one-year extensions, leading to a final maturity date in March 2028 [1]. - The current balance of the loan is $409.8 million, with an interest rate of SOFR + 3.39% [1]. Financial Strategy - Approximately 60% of Ashford Trust's outstanding debt will now have final maturities in 2027 and beyond, following this extension and the refinancing of 16 hotels completed in February [2]. - The company aims to strategically position its portfolio by refinancing and extending mortgage loans, thereby enhancing operational flexibility [2]. Company Profile - Ashford Hospitality Trust is a real estate investment trust (REIT) that primarily invests in upper-upscale, full-service hotels [2].

Core Viewpoint - Ashford Hospitality Trust, Inc. has declared multiple dividends for its preferred stock series for the second quarter ending June 30, 2025, with payments scheduled for July 15, 2025 [1][2][3][4][5][6][7]. Dividend Announcements - The Board declared a dividend of $0.5281 per diluted share for the 8.45% Series D Cumulative Preferred Stock [1]. - A dividend of $0.4609 per diluted share was declared for both the 7.375% Series F and Series G Cumulative Preferred Stocks [2]. - The 7.50% Series H and Series I Cumulative Preferred Stocks will each receive a dividend of $0.46875 per diluted share [3]. - For the Series J Redeemable Preferred Stock, a monthly cash dividend of $0.16667 per share will be paid on three separate dates: May 15, June 16, and July 15, 2025 [4]. - The Series K Redeemable Preferred Stock has multiple CUSIPs with dividends of $0.17500, $0.17292, and $0.17083 per share scheduled for payment on the same dates as the Series J [5][6][7]. Share Information - As of March 31, 2025, there were 7,677,717 shares of Series J Redeemable Preferred Stock and 759,086 shares of Series K Redeemable Preferred Stock issued and outstanding [8].

Financial Position - As of December 31, 2024, the company owned 69 hotel properties with a total of 17,051 rooms and held interests in four additional properties representing 405 rooms[20]. - The company reported cash and cash equivalents of $112.9 million and restricted cash of $107.6 million as of December 31, 2024[24]. - The company has a deficit in stockholders' equity of approximately $419.2 million as of December 31, 2024, and has not generated current earnings from which a dividend can be paid since December 31, 2015[35]. - As of December 31, 2024, the company's outstanding indebtedness is approximately $2.7 billion, including about $2.5 billion in variable interest rate debt[92]. - The company did not pay dividends on its common stock in fiscal year 2024 and does not expect to pay dividends for the foreseeable future[59]. Investment Strategy - The company’s investment strategy focuses on upper upscale full-service hotels with revenue per available room (RevPAR) generally less than twice the U.S. national average[25]. - The company’s strategy includes the acquisition of hotel properties that are expected to be accretive to its portfolio and the disposition of non-core hotel properties[26]. - The company plans to pursue capital market activities and implement strategies to enhance long-term stockholder value, including accessing cost-effective capital through non-traded preferred securities[26]. - The company intends to selectively pursue debt financing on individual properties and debt investments to meet working capital needs and distribution requirements[33]. - Competition for hotel acquisitions is intense, which may limit suitable investment opportunities and increase costs[80]. Operational Management - The company is advised by Ashford LLC, which manages all hotel properties in its portfolio under management contracts[18]. - The company has management agreements with Remington Hospitality for 50 out of 69 hotel properties, relying on third-party managers for operations[75]. - The company has a master hotel management agreement with Remington Hospitality, which requires independent directors to approve any changes to management, potentially limiting flexibility[137]. - The company relies on Ashford LLC and its affiliates for advisory services, with approximately 101 full-time employees providing these services[41]. Competitive Landscape - The company’s principal competitors include other hotel operating companies and alternative accommodations such as home-sharing services[40]. - The hotel industry is highly competitive, with the company facing competition from other hotels and services such as home sharing companies[58]. - The performance of the lodging industry is closely linked to the general economy, with upscale and upper upscale hotels being more susceptible to revenue decreases during economic downturns[54]. Regulatory and Compliance Risks - The company believes its properties are in compliance with all material federal, state, and local ordinances regarding hazardous or toxic substances[45]. - The company must comply with franchisor standards, and failure to do so could result in loss of franchise licenses, adversely affecting operations[70]. - Changes in laws and regulations could adversely affect the company's operations and financial condition, with unpredictable impacts[89]. - The company generally does not require borrowers to obtain environmental insurance, increasing potential exposure to environmental liabilities[172]. Financial Risks - Higher interest rates have negatively impacted the company, increasing interest costs on variable-rate debt and reducing cash available for distributions[94]. - The company may incur additional debt for future hotel acquisitions and capital improvements, which could increase financial risks[95]. - The company faces risks from joint ventures due to lack of sole decision-making authority and reliance on co-venturers' financial conditions[65]. - The leveraged capital structure of hospitality entities increases exposure to adverse economic factors, potentially leading to defaults and capital loss[147]. Cybersecurity and Technology Risks - The company is increasingly dependent on information technology, facing risks from cyber-attacks and evolving privacy regulations[85]. - The company has experienced a cyber incident that resulted in potential exposure of personal information, highlighting increased privacy and information security risks[86]. Environmental and Natural Disaster Risks - Severe weather conditions and natural disasters pose risks to the company's properties, potentially leading to property damage and reduced guest visits[90]. - The presence of hazardous substances or mold in properties could lead to liability and costly remediation efforts[175]. Tax and REIT Compliance - The company must distribute at least 90% of REIT taxable income, limiting retained earnings for acquisitions and growth[78]. - The company may face penalties if transactions with TRS lessees are not conducted on arm's-length terms, potentially leading to a 100% excise tax[190]. - The company must ensure that hotel management companies qualify as "eligible independent contractors" to maintain REIT status, with ownership limits set at 35%[194]. - The company may face a 100% tax on net income from prohibited transactions, which could limit property disposals[207]. Market and Economic Risks - The health of the worldwide travel industry significantly impacts the company's financial performance, with economic downturns leading to decreased travel expenditures[104]. - The cyclical nature of the lodging industry may cause fluctuations in operating performance, with adverse changes potentially resulting in returns below expectations[112]. - The hotel business is seasonal, leading to fluctuations in financial condition and operating results, potentially requiring short-term borrowings to maintain distributions[111].

Core Points - Ashford Hospitality Trust, Inc. will release its first quarter results for the period ending March 31, 2025, after market close on May 6, 2025 [1][2] - A conference call to discuss the earnings will be held on May 7, 2025, at 11:00 a.m. ET, with a call-in number provided for participants [2] - The conference call will be available for live broadcast on the company's website, and a replay will be accessible for approximately one year [3] Company Overview - Ashford Hospitality Trust is a real estate investment trust (REIT) that primarily invests in upper upscale, full-service hotels [3]

Core Insights - Ashford Hospitality Trust is implementing strategic cost reductions through its property manager Remington to enhance Hotel EBITDA, aiming for a $50 million annual run-rate EBITDA improvement [1][2][3] - The expense reductions are projected to generate over $11 million in incremental Hotel EBITDA, contributing to a total of over $30 million per year in incremental EBITDA from various initiatives [2][3] - The company's strategic vision focuses on optimizing performance and creating long-term shareholder value, with ongoing partnerships with property managers and advisors [3][4]

Core Viewpoint - Ashford Hospitality Trust is implementing cost-saving measures to enhance EBITDA and improve financial performance as part of its "GRO AHT" initiative, aiming for a $50 million annual run-rate EBITDA improvement [1][2]. Group 1: Cost-Saving Measures - The company has reduced legal spend, accounting and consulting fees, subscriptions and dues, general office expenses, and consolidated bank fees, expecting over $4 million in annual savings from these initiatives [2]. - Combined with previously announced initiatives, these reductions are projected to deliver more than $18 million in incremental EBITDA [2]. Group 2: Strategic Initiatives - Ashford Hospitality Trust continues to collaborate with property managers and Ashford Inc. on various initiatives under the "GRO AHT" strategy, with further updates to be provided as the plan progresses [3]. - The company focuses on investing predominantly in upper-upscale, full-service hotels as part of its real estate investment trust (REIT) strategy [3].