Ashford Hospitality Trust (AHT)
NYSE:AHT
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Ashford Hospitality
(NYSE:AHT)
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Rating:45Neutral
Price Target:
$3.00
â–¼(-16.90% Downside)
Action:ReiteratedDate:03/23/26
The score is held down primarily by weak financial performance (negative equity, heavy debt, and recently negative operating/free cash flow). Technicals also remain bearish with the stock below key moving averages. Offsetting factors include management’s reported operating improvements and deleveraging actions through asset sales/refinancings, but high leverage, negative AFFO, and financing risk keep the overall rating low.
Positive Factors
Brand-affiliated full-service portfolio
Owning upper-upscale, major-brand hotels gives durable demand and distribution advantages: loyalty programs, central reservations, and brand standards help sustain RevPAR and occupancy over cycles. Third-party managers reduce corporate operating burden while enabling scale benefits across 73 hotels.
Negative Factors
Negative equity and high leverage
A persistent equity deficit signals structural balance sheet weakness: it limits covenant headroom, reduces refinancing options, and raises the risk of dilution or distressed asset sales in downturns. For a cyclical hotel REIT, negative equity materially heightens refinancing and solvency sensitivity over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Brand-affiliated full-service portfolio
Owning upper-upscale, major-brand hotels gives durable demand and distribution advantages: loyalty programs, central reservations, and brand standards help sustain RevPAR and occupancy over cycles. Third-party managers reduce corporate operating burden while enabling scale benefits across 73 hotels.
Read all positive factors
Ashford Hospitality (AHT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$18.46M
Dividend YieldN/A
Average Volume (3M)329.35K
Price to Earnings (P/E)―
Beta (1Y)0.78
Revenue Growth-7.89%
EPS Growth-833.99%
CountryUS
Employees116
SectorReal Estate
Sector Strength53
IndustryREIT - Hotel & Motel
Share Statistics
EPS (TTM)-12.33
Shares Outstanding6,476,491
10 Day Avg. Volume851,301
30 Day Avg. Volume329,347
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)-0.06
Price to Sales (P/S)0.02
P/FCF Ratio-1.16
Enterprise Value/Market Cap155.71
Enterprise Value/Revenue2.60
Enterprise Value/Gross Profit16.51
Enterprise Value/Ebitda11.58
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-39.41
Revenue Forecast (FY)$1.10B
Ashford Hospitality Business Overview & Revenue Model
Company Description
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels....
How the Company Makes Money
AHT primarily makes money through hotel-level operating cash flow generated by the properties it owns. Hotels earn room revenue (driven by occupancy and average daily rate), along with food & beverage, meeting and event, resort/amenity, and other ...
Ashford Hospitality Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Neutral
The call presents a mix of encouraging operating momentum and portfolio-level execution (EBITDA growth, RevPAR gains, outperformance from conversions, margin expansion, accretive asset sale and debt paydown) alongside material balance-sheet and cash-flow challenges (large reported net loss, negative AFFO, high leverage and sizable floating-rate exposure). Management highlighted meaningful progress on GrowAHT initiatives and refinancing actions that are improving liquidity and outlook, but near-term refinancing and cash-flow risks remain. Overall the positives in operating performance and asset-level value-creation are balanced by significant financial headwinds and negative AFFO, yielding a cautious/neutral stance.Positive Updates
Comparable Hotel EBITDA Growth
Comparable hotel EBITDA grew 6.2% (management stated), with December showing a particularly strong 12% increase in hotel EBITDA versus prior-year, reflecting traction from GrowAHT initiatives and revenue management.
Negative Updates
Large Reported Net Losses
Net loss attributable to common stockholders for Q4 was $131.1M (−$23.83 per diluted share); full-year net loss was $82.5M (−$17.54 per diluted share), indicating significant non-cash/operational hits or markdowns in the period.
Read all updates
Q4-2025 Updates
Positive
Negative
Comparable Hotel EBITDA Growth
Comparable hotel EBITDA grew 6.2% (management stated), with December showing a particularly strong 12% increase in hotel EBITDA versus prior-year, reflecting traction from GrowAHT initiatives and revenue management.
Read all positive updates
Company Guidance
Management guided that post‑conversion RevPAR upside should be meaningful (they expect a 10%–20% RevPAR premium for the Tribute conversion and have cited conversion outperformance like La Pavion running >40% above underwriting in January), and reiterated GrowAHT initiatives aimed at driving up to ~$50.0M of incremental hotel EBITDA while noting more than half of initiatives are rolled out and December results already showed momentum (comparable hotel RevPAR +3% in Q4, December hotel EBITDA +12% YoY, Embassy Suites Crystal City EBITDA +22% in Q4, gross operating margins +141 bps YoY). They expect 2025 group room revenue pace to be ~+5% and added >$13.0M of group room revenue for 2025 in Q4 (~+6% vs prior-year quarter), plan $95.0M–$115.0M of 2025 capex, and highlighted recent conversion spend of $35.0M (La Concha) and $19.0M (La Pavion). On balance sheet and financing guidance, the company finished Q4 with $112.9M cash, $107.6M restricted cash, ~$122.0M net working capital, a 73‑hotel/17,644‑room portfolio, ~$2.6B of loans at a blended 7.9% (77% effectively floating), completed a $580.0M refinancing and other asset sales (e.g., Courtyard Boston for $123.0M, $1.07M per key), used ~$72.0M of excess proceeds to pay off strategic financing, has raised ~$195.0M of Series J/K preferred proceeds, and does not expect to reinstate a common dividend in 2025.Ashford Hospitality Financial Statement Overview
Summary
Income Statement
36
Negative
Balance Sheet
12
Very Negative
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.10B | 1.17B | 1.37B | 1.24B | 805.41M |
| Gross Profit | -6.26M | 234.39M | 322.94M | 287.63M | 108.39M |
| EBITDA | 248.26M | 407.71M | 374.12M | 294.17M | 110.00M |
| Net Income | -179.84M | -60.30M | -178.49M | -139.82M | -267.00M |
Balance Sheet | |||||
| Total Assets | 2.83B | 3.16B | 3.46B | 3.92B | 4.10B |
| Cash, Cash Equivalents and Short-Term Investments | 66.35M | 112.91M | 165.23M | 417.06M | 592.11M |
| Total Debt | 2.92B | 2.69B | 3.10B | 3.90B | 3.93B |
| Total Liabilities | 3.21B | 3.37B | 3.69B | 4.04B | 4.08B |
| Stockholders Equity | -409.27M | -247.70M | -261.14M | -148.34M | -2.65M |
Cash Flow | |||||
| Free Cash Flow | -21.87M | -23.79M | 13.79M | -64.53M | -144.28M |
| Operating Cash Flow | 49.28M | -23.59M | 14.39M | 39.22M | -144.19M |
| Investing Cash Flow | 190.76M | 191.28M | -89.75M | -70.33M | -34.04M |
| Financing Cash Flow | -179.17M | -258.75M | -172.13M | -101.51M | 702.56M |
Ashford Hospitality Technical Analysis
Negative
3.61
Price Trends
3.47
Negative
3.72
Negative
4.89
Negative
Market Momentum
-0.12
Positive
33.75
Neutral
25.47
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AHT, the sentiment is Negative. The current price of 3.61 is above the 20-day moving average (MA) of 3.09, above the 50-day MA of 3.47, and below the 200-day MA of 4.89, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 33.75 is Neutral, neither overbought nor oversold. The STOCH value of 25.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AHT.
Ashford Hospitality Risk Analysis
Ashford Hospitality disclosed 111 risk factors in its most recent earnings report. Ashford Hospitality reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ashford Hospitality Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $374.25M | 22.07 | 1.13% | 5.00% | -3.79% | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
46 Neutral | $299.15M | ― | -29.70% | 2.31% | -0.56% | -14.18% | |
45 Neutral | $18.46M | -0.10 | 56.27% | ― | -7.89% | -833.99% | |
44 Neutral | $157.96M | -8.70 | -4.39% | 7.17% | -2.84% | -11.92% | |
41 Neutral | $12.70M | -9.33 | -32.79% | 1.52% | -3.23% | -66.23% |
* Real Estate Sector Average
AHT
Ashford Hospitality
2.85
-4.43
-60.85%
SVC
Service Properties
1.78
-0.87
-32.83%
CLDT
Chatham Lodging
7.92
0.90
12.82%
BHR
Braemar Hotels & Resorts
2.30
-0.24
-9.48%
IHT
InnSuites Hospitality
1.03
-1.28
-55.59%
Ashford Hospitality Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Ashford Hospitality Sells La Posada Hotel, Reduces Debt
Positive
Mar 19, 2026
On March 17, 2026, Ashford Hospitality Trust completed the sale of the 157-room La Posada de Santa Fe hotel in Santa Fe, New Mexico, for approximately $56.8 million in cash, net of selling expenses, through its indirect subsidiary Ashford Posada L...
Business Operations and StrategyExecutive/Board Changes
Ashford Hospitality Updates Executive Incentive and Deferred Compensation
Positive
Mar 17, 2026
On March 13, 2026, Ashford Hospitality Trust entered into a limited waiver under its advisory agreement with its operating partnership, TRS, and external advisor, temporarily lifting restrictions that could limit the company’s discretion to ...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Ashford Hospitality Sells Hilton St. Petersburg Bayfront Hotel
Positive
Mar 11, 2026
On March 5, 2026, Ashford Hospitality Trust completed the sale of the 333-room Hilton St. Petersburg Bayfront in St. Petersburg, Florida, for approximately $95.3 million in cash, net of selling expenses. The transaction followed a December 12, 202...
Business Operations and StrategyExecutive/Board Changes
Ashford Hospitality Announces CFO Transition and Succession Plan
Neutral
Mar 6, 2026
On March 5, 2026, Ashford Hospitality Advisors and parent Ashford Inc. agreed that long-serving finance chief Deric Eubanks will voluntarily leave his roles as Chief Financial Officer of Ashford Advisors, Ashford Inc., Ashford Hospitality Trust, a...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Ashford Hospitality Reports 2025 Results, Strategic Review Ongoing
Negative
Feb 26, 2026
Ashford Hospitality Trust reported fourth-quarter and full-year 2025 results on a February 26, 2026 conference call, highlighting ongoing industry headwinds including negative RevPAR growth, margin compression, reduced government spending, and ele...
Business Operations and StrategyDividendsFinancial DisclosuresM&A Transactions
Ashford Hospitality Pursues Strategic Actions to Deleverage Balance Sheet
Negative
Feb 25, 2026
Ashford Hospitality Trust reported that for the fourth quarter and full year ended Dec. 31, 2025, comparable RevPAR declined modestly while occupancy edged higher, contributing to a net loss attributable to common stockholders of $78.3 million for...
Executive/Board Changes
Ashford Hospitality Director Sonny Sra Retires From Board
Negative
Feb 25, 2026
On February 24, 2026, Ashford Hospitality Trust, Inc. announced that director Sonny Sra retired from its Board of Directors due to health reasons. The company publicly expressed appreciation for Sra’s dedicated service and contributions, sig...
Business Operations and StrategyM&A Transactions
Ashford Hospitality Advances Strategic Hotel Asset Dispositions
Positive
Feb 24, 2026
On February 24, 2026, Ashford Hospitality Trust announced a series of hotel asset transactions that underscore strong buyer demand for its upper-upscale properties. The company has signed definitive agreements to sell the 157-room La Posada de San...
Business Operations and StrategyM&A Transactions
Ashford Hospitality Moves Forward With Hilton St. Petersburg Sale
Neutral
Feb 20, 2026
On December 12, 2025, subsidiaries of Ashford Hospitality Trust, Inc. agreed to sell the Hilton St. Petersburg Bayfront hotel in St. Petersburg, Florida, to Kolter Group Acquisitions LLC for $96 million in cash, subject to customary prorations and...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Ashford Hospitality Sells Austin Hotel, Reduces Debt Load
Positive
Feb 20, 2026
On February 17, 2026, Ashford Hospitality Trust, Inc., through its indirect subsidiary Ashford Austin LP, completed the sale of the 150-room Embassy Suites Austin in Austin, Texas, for approximately $13.2 million in cash net of selling expenses, a...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
Ashford Hospitality Loan Default Triggers Debt Acceleration Notice
Negative
Feb 18, 2026
Ashford Hospitality Trust disclosed that on February 11, 2026, several of its hotel-owning subsidiaries received a notice from Wilmington Trust, as trustee for a commercial mortgage securities trust, after they defaulted on a large mortgage loan t...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Ashford Hospitality Sells Houston Hotel, Reduces Debt Load
Positive
Feb 12, 2026
On February 9, 2026, Ashford Hospitality Trust completed the sale of the 150-room Embassy Suites Houston Near the Galleria in Houston, Texas, for approximately $13.1 million in cash net of selling expenses, following an agreement originally signed...
DividendsRegulatory Filings and Compliance
Ashford Hospitality Details 2025 Preferred Share Tax Reporting
Neutral
Jan 27, 2026
On January 27, 2026, Ashford Hospitality Trust announced the federal tax reporting information for the 2025 distributions on its Series D, F, G, H, I, J, K, L and M preferred shares, detailing how these payments will be reported on Form 1099-DIV. ...
Business Operations and StrategyDividendsPrivate Placements and Financing
Ashford Hospitality Extends Loan Maturity, Suspends Preferred Dividends
Negative
Jan 13, 2026
On January 13, 2026, Ashford Hospitality Trust, Inc. announced it had extended its Highland mortgage loan secured by 18 hotels, paying down $10 million to reduce the balance to $723.6 million, or about 65% of appraised value, and setting a new fin...
Business Operations and Strategy
Ashford Hospitality Extends Long-Term Advisory Agreement Term
Positive
Dec 30, 2025
On December 23, 2025, Ashford Hospitality Trust received notice from its external advisor, Ashford Inc. and Ashford Hospitality Advisors, electing to extend their Third Amended and Restated Advisory Agreement for an additional ten-year term beginn...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.