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Ashford Hospitality
(NYSE:AHT)
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Rating:46Neutral
Price Target:
$3.00
â–¼(-16.90% Downside)
Action:Reiterated
Date:07/08/26
The score is held down primarily by weak financial performance—especially the highly strained balance sheet (negative equity and heavy debt) and sharp TTM revenue decline with ongoing net losses. Technicals are relatively neutral with mild positive momentum but still below the 200-day trend. Corporate events provide some support through continued asset dispositions and debt reduction, though governance pushback is a notable risk; valuation remains constrained due to losses and no provided dividend yield.
Positive Factors
Deleveraging via Asset Sales
Repeated large asset dispositions have generated meaningful proceeds that management is using to pay down mortgages. This structurally lowers secured debt, reduces lender concentration and near-term debt service, and improves the company’s financial runway independent of short-term capital markets.
Negative Factors
Highly strained balance sheet
Negative equity combined with debt nearly equal to assets leaves minimal capital cushion. That levered structure elevates refinancing, covenant and distress risk, limits flexibility for growth or opportunistic investment, and increases the chance of forced dispositions in a downturn.
Read all positive and negative factors
Positive Factors
Negative Factors
Deleveraging via Asset Sales
Repeated large asset dispositions have generated meaningful proceeds that management is using to pay down mortgages. This structurally lowers secured debt, reduces lender concentration and near-term debt service, and improves the company’s financial runway independent of short-term capital markets.
Read all positive factors
Ashford Hospitality Key Performance Indicators (KPIs)
Ashford Hospitality (AHT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$20.72M
Dividend YieldN/A
Average Volume (3M)329.35K
Price to Earnings (P/E)―
Beta (1Y)0.93
Revenue Growth-4.46%
EPS Growth-34.66%
CountryUS
Employees82
SectorReal Estate
Sector Strength53
IndustryREIT - Hotel & Motel
Share Statistics
EPS (TTM)-39.57
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 Cap122.62
Enterprise Value/Revenue2.32
Enterprise Value/Gross Profit14.63
Enterprise Value/Ebitda12.42
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, operating as a Real Estate Investment Trust (REIT), primarily channels its investments into premium, full-service hotel properties....
How the Company Makes Money
AHT makes money primarily through hotel-level operating performance of the properties it owns (and, where applicable, through investment/financing structures tied to lodging assets), with cash ultimately flowing to the REIT after property expenses...
Ashford Hospitality Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 04, 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
28
Negative
Balance Sheet
12
Very Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.09B | 1.10B | 1.17B | 1.37B | 1.24B | 805.41M |
| Gross Profit | 173.69M | -6.26M | 234.39M | 322.94M | 287.63M | 108.39M |
| EBITDA | 204.63M | 248.26M | 407.71M | 374.12M | 294.17M | 110.00M |
| Net Income | -223.64M | -179.84M | -60.30M | -178.49M | -139.82M | -267.00M |
Balance Sheet | ||||||
| Total Assets | 2.61B | 2.83B | 3.16B | 3.46B | 3.92B | 4.10B |
| Cash, Cash Equivalents and Short-Term Investments | 78.80M | 66.35M | 112.91M | 165.23M | 417.06M | 592.11M |
| Total Debt | 2.60B | 2.92B | 2.69B | 3.10B | 3.90B | 3.93B |
| Total Liabilities | 3.04B | 3.21B | 3.37B | 3.69B | 4.04B | 4.08B |
| Stockholders Equity | -473.54M | -409.27M | -247.70M | -261.14M | -148.34M | -2.65M |
Cash Flow | ||||||
| Free Cash Flow | 21.95M | -21.87M | -23.79M | 13.79M | -64.53M | -144.28M |
| Operating Cash Flow | 38.85M | -15.67M | -23.59M | 14.39M | 39.22M | -144.19M |
| Investing Cash Flow | 288.39M | 190.76M | 191.28M | -89.75M | -70.33M | -34.04M |
| Financing Cash Flow | -331.20M | -179.17M | -258.75M | -172.13M | -101.51M | 702.56M |
Ashford Hospitality Technical Analysis
Positive
3.61
Price Trends
3.05
Positive
3.02
Positive
3.69
Negative
Market Momentum
0.04
Positive
55.72
Neutral
61.40
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AHT, the sentiment is Positive. The current price of 3.61 is above the 20-day moving average (MA) of 3.15, above the 50-day MA of 3.05, and below the 200-day MA of 3.69, indicating a neutral trend. The MACD of 0.04 indicates Positive momentum. The RSI at 55.72 is Neutral, neither overbought nor oversold. The STOCH value of 61.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | $600.32M | 226.28 | 1.24% | 5.00% | -7.39% | -69.66% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
51 Neutral | $141.48M | -5.99 | -3.38% | 7.17% | -3.86% | -11.52% | |
49 Neutral | $1.14B | -1.22 | -38.18% | 2.31% | -8.19% | 24.63% | |
48 Neutral | $19.86M | -11.73 | -32.79% | 1.52% | 0.66% | 3.43% | |
46 Neutral | $20.72M | -0.08 | 56.27% | ― | -4.46% | -34.66% |
* Real Estate Sector Average
AHT
Ashford Hospitality
3.20
-3.81
-54.35%
SVC
Service Properties
8.83
-4.85
-35.45%
CLDT
Chatham Lodging
12.86
5.83
82.85%
BHR
Braemar Hotels & Resorts
2.06
-0.41
-16.73%
IHT
InnSuites Hospitality
1.65
-0.52
-23.96%
Ashford Hospitality Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Ashford Hospitality Trust Sells Silicon Valley Hotel Asset
Positive
Jul 8, 2026
On July 1, 2026, Ashford Hospitality Trust completed the sale of the 357-room Marriott Fremont Silicon Valley hotel in Fremont, California, for approximately $52.2 million in cash, net of selling expenses. The property was held through indirect su...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Ashford Hospitality completes major hotel asset disposition
Positive
Jul 6, 2026
On June 30, 2026, Ashford Hospitality Trust completed the sale of the 351-room Hyatt Regency Savannah in Georgia, receiving approximately $157.6 million in cash net of selling expenses. The company simultaneously paid about $159.0 million to the m...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsRegulatory Filings and Compliance
Ashford Hospitality Sells Hilton Garden Inn Austin Asset
Positive
Jun 23, 2026
On June 18, 2026, Ashford Hospitality Trust, through its indirect subsidiary HH Austin Hotel Associates, completed the sale of the 254-room Hilton Garden Inn Austin Downtown in Texas to JMIR Acquisitions for approximately $26.4 million in cash, ne...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Ashford Hospitality Sells Jacksonville Hotel to Reduce Debt
Positive
Jun 16, 2026
On June 11, 2026, Ashford Hospitality Trust completed the sale of the 119-room Hilton Garden Inn Jacksonville – Deerwood Park in Jacksonville, Florida, for approximately $11.0 million in cash net of selling expenses, and used about $9.5 mill...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Ashford Hospitality Sells Sheraton San Diego, Reduces Debt
Positive
Jun 12, 2026
On June 9, 2026, Ashford Hospitality Trust completed the sale of the 260-room Sheraton San Diego Mission Valley in California for approximately $45 million in cash, net of selling expenses. The company simultaneously paid about $35.9 million to th...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Ashford Hospitality Sells Silversmith Hotel, Refocuses Portfolio
Neutral
Jun 4, 2026
On June 1, 2026, Ashford Hospitality Trust completed the sale of the 144-room Silversmith Hotel Chicago Downtown for approximately $15.9 million in cash, net of selling expenses, and paid about $15.0 million to the mortgage lender on a loan secure...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Ashford Hospitality Sells Sheraton Indianapolis, Reduces Debt Load
Positive
May 28, 2026
On May 21, 2026, Ashford Hospitality Trust, Inc., through an indirect wholly owned subsidiary, closed the sale of the 378-room Sheraton Indianapolis City Centre Hotel in downtown Indianapolis. The property, sold to Keystone Realty Group LLC, carri...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Ashford Hospitality Sells Lakeway Resort, Reduces Debt Load
Positive
May 22, 2026
Ashford Hospitality Trust completed the sale of the 168-room Lakeway Resort and Spa in Austin, Texas, on May 19, 2026, receiving approximately $37.2 million in cash net of selling expenses. The company applied about $36.3 million of the proceeds t...
Executive/Board ChangesShareholder Meetings
Ashford Hospitality Shareholders Rebuke Board and Pay Practices
Negative
May 15, 2026
At its May 12, 2026 annual meeting, Ashford Hospitality Trust shareholders withheld majority support from all six board nominees, triggering the company’s director resignation policy, but the board, following a recommendation from its Nomina...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Ashford Hospitality Sells Embassy Suites, Reduces Debt Load
Positive
May 12, 2026
On May 6, 2026, Ashford Hospitality Trust completed the sale of the 150-room Embassy Suites Dallas Near the Galleria in Dallas, Texas, for approximately $16.6 million in cash, net of selling expenses, and its subsidiary Ashford Dallas LP received ...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Ashford Hospitality Trust Sells Palm Beach Embassy Suites
Positive
Apr 10, 2026
On April 7, 2026, Ashford Hospitality Trust completed the sale of the 160-room Embassy Suites by Hilton Palm Beach Gardens PGA Boulevard in Palm Beach Gardens, Florida, receiving approximately $40.5 million in net cash proceeds and remitting about...
Business Operations and StrategyM&A Transactions
Ashford Hospitality Advances Portfolio Optimization With Major Hotel Sales
Positive
Apr 9, 2026
Ashford Hospitality Trust, Inc., a REIT specializing in upper upscale, full-service hotels, continues to reshape its lodging portfolio through targeted divestitures in key markets. The strategy underscores management’s focus on improving pos...
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.