Ashford Hospitality announces review of strategic alternatives

Ashford Hospitality (AHT) Trust announced that its Board of Directors has formed a Special Committee to evaluate strategic alternatives to maximize shareholder value, including a potential transaction. “We’ve been highly encouraged by our success to date in executing our plan to drive outsized EBITDA growth, strategically sell assets, and strengthen our balance sheet,” said President and Chief Executive Officer Stephen Zsigray. “However, we remain frustrated by the discrepancy between the value of our underlying portfolio and the market value of our common stock, and the Board has tasked the Special Committee with proactively exploring alternatives to bridge that gap.” In conjunction with forming the Special Committee, the company has also terminated the current offering of its Series L and M Non-Traded Preferred Stock and suspended redemptions for all of its outstanding non-traded preferred stock.