Strong Revenue and EBITDA Growth
Ashford Hospitality Trust reported 3.2% comparable RevPAR growth, 3.6% comparable total revenue growth, and an 8.7% increase in comparable hotel EBITDA, demonstrating the effectiveness of strategic decisions.
Successful Hotel Conversions
The conversions of the La Concha Hotel in Key West and the Le Pavillon Hotel in New Orleans to Marriott's collections resulted in significant revenue growth, with La Concha seeing a 27% increase and Le Pavillon achieving a 78% rise in total revenue.
GRO AHT Initiative Progress
The GRO AHT initiative has contributed over $30 million of the $50 million run rate EBITDA improvement goal, with significant cost reductions at both property and corporate levels.
Capital Structure Improvements
The sale of the Courtyard Boston Downtown for $123 million and refinancing efforts have improved the capital structure, leaving Ashford Trust free of corporate debt.
Strategic Cost Reductions
Corporate expenses were reduced, including a 50% reduction in cash compensation for Board members and significant cuts to incentive awards, contributing to financial improvements.