Ashford Hospitality Trust ( (AHT) ) has released its Q3 earnings. Here is a breakdown of the information Ashford Hospitality Trust presented to its investors.
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Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels across the United States.
In its latest earnings report for the third quarter of 2024, Ashford Hospitality Trust reported a decrease in comparable Revenue Per Available Room (RevPAR) by 1.4% to $133, alongside a net loss attributable to common stockholders of $63.2 million. Despite these challenges, the company recorded adjusted EBITDAre of $52.4 million and ended the quarter with $119.7 million in cash and cash equivalents.
Key financial highlights included a 1.7% increase in the Average Daily Rate (ADR) and a 3.0% decrease in occupancy, contributing to a slight decline in RevPAR. The company has been actively working on strategic financing plans, successfully raising approximately $173 million through non-traded preferred stock issuance. Additionally, the conversion of the Crowne Plaza La Concha Hotel and Le Pavillon Hotel to Marriott-branded properties by the end of 2024 signals strategic repositioning efforts.
Ashford Hospitality Trust’s capital structure as of September 30, 2024, included $2.7 billion in total loans, with 83% effectively at a fixed rate. Although no common stock dividends were declared for the quarter, the company remains current on its preferred stock dividends.
Looking ahead, Ashford Hospitality Trust’s management remains optimistic about the company’s strategic path, focusing on reducing its outstanding strategic financing and enhancing asset value, with the expectation of improved financial performance from upcoming hotel conversions and a diverse portfolio poised for future growth.
