Ashford Hospitality Trust : TRUST REPORTS FIRST QUARTER 2026 RESULTS

Published: 2026-05-11 17:49:14 ET AHT

Published on 05/11/2026 at 05:49 pm EDT

NEWS RELEASE

Contact:

Justin Coe

Chief Accounting Officer

Allison Beach

Media Contact

Joe Calabrese

Financial Relations Board

(972) 490-9600

(212) 827-3772

DALLAS - May 11, 2026 - Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today reported financial results and performance measures for the first quarter ended March 31, 2026. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company's hotel portfolio as of March 31, 2026 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2026 with the first quarter ended March 31, 2025 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

Comparable RevPAR for all hotels increased 3.3% to $135.63 during the quarter on a 2.1% increase in Comparable ADR and a 1.2% increase in Comparable Occupancy.

Net loss attributable to common stockholders was $(71.1) million or $(11.03) per diluted share for the quarter.

Adjusted EBITDAre was $51.7 million for the quarter.

Adjusted funds from operations (AFFO) per diluted share was breakeven for the quarter.

Comparable Hotel EBITDA was $73.2 million for the quarter, reflecting growth of 5.2% over the prior year quarter.

The Company ended the quarter with cash and cash equivalents of $79.8 million and restricted cash of $141.2 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $24.5 million in due from third-party hotel managers, which is primarily the Company's cash held by one of its property managers and is also available to fund hotel operating costs.

Net working capital at the end of the quarter was $73.7 million.

CapEx invested during the quarter was $17.0 million.

During the quarter, the Company extended its Highland mortgage loan secured by 18 hotels and paid the loan down by $10 million.

During the quarter, the Company successfully closed on five hotel sales for combined gross proceeds of $238.5 million or $229,000 per key. Additionally, these five sales are expected to result in anticipated capital expenditure savings of $50.5 million or $48,500 per key. These hotels include:

Embassy Suites by Hilton Houston Near the Galleria

Embassy Suites by Hilton Austin Arboretum

Hilton St. Petersburg Bayfront

La Posada de Santa Fe

Hilton Alexandria Old Town

Subsequent to quarter end, the Company successfully closed on two hotel sales for combined gross proceeds of $58.0 million or $187,000 per key. Additionally, these two sales are expected to result in anticipated capital expenditure savings of $4.7 million or $15,100 per key. These hotels include:

Embassy Suites by Hilton Palm Beach Gardens PGA Boulevard

Embassy Suites by Hilton Dallas Near the Galleria

The Company has also entered into definitive agreements to sell another six hotels representing a combined $154.6 million or $108,000 per key. Additionally, these six sales are expected to result in anticipated capital expenditure savings of $105.7 million or $74,000 per key. These hotels include:

Lakeway Resort & Spa

Sheraton Mission Valley San Diego

Silversmith Hotel Chicago Downtown

Hyatt Regency Long Island

Sheraton Indianapolis City Centre

Hilton Garden Inn Jacksonville JTB/Deerwood Park

As of March 31, 2026, the Company had total loans of $2.4 billion with a blended average interest rate of 7.9%, taking into account in-the-money interest rate caps. Approximately 6% of the Company's current consolidated debt is fixed-rate and approximately 94% is floating-rate.

During the quarter, the Company extended its Highland mortgage loan secured by 18 hotels. As a condition to the extension, the loan was paid down by $10 million to a current balance of $723.6 million, or approximately 65% of appraised value, and has a final maturity date of July 9, 2026.

The Company did not pay a dividend on its common stock and common units for the first quarter ended March 31, 2026.

"Our first-quarter performance reflected disciplined execution across the portfolio as our asset management team and property managers delivered strong results, with a clear focus on aggressively managing operating expenses while driving revenue growth and operational efficiency," said Stephen Zsigray, President and Chief Executive Officer.

"With a 3.3% increase in comparable RevPAR over the prior-year quarter and a 5.2% increase in comparable hotel EBITDA, the portfolio achieved a flow-through of 64.5%. From a capital markets perspective, strategic asset sales remain a core component of our plan to reduce leverage and enhance cash flow through both lower interest expense and reduced capital expenditures.

"We've seen strong buyer interest across multiple assets, successfully closing on the sale of seven hotels and entering into definitive agreements to sell an additional six. The attractive cap rates achieved on these sales underscore the intrinsic value of our portfolio.

"As we move through the remainder of the year, we expect strategic divestitures to remain an important lever to improve leverage, liquidity and cash flow. Additionally, we're encouraged by our progress to date in executing our strategy to drive outsized EBITDA growth, optimize our asset base and strengthen our balance sheet."

During the fourth quarter of 2025, the Company terminated the offering of its Series L and M Non-Traded Preferred Stock and suspended redemptions for all of its outstanding non-traded preferred stock. The Company also subsequently suspended the payment of dividends on its outstanding preferred stock to preserve liquidity.

"Operating performance continues to strengthen," said Zsigray. "With the ongoing implementation of our GRO AHT initiatives, quarterly AFFO has improved from $(13.8) million in Q1 2024, to $(5.6) million in Q1 2025, to breakeven in Q1 2026. That progression reflects work across cost structure, portfolio composition, and property performance, and the trajectory gives us conviction in our approach.

"As noted, we have been active on the disposition front. However, we have been required to apply the majority of sale proceeds to retire mortgage debt that sits senior to the preferred. That use of proceeds has driven deleveraging to help address near-term loan maturities and protect equity within the portfolio, but it continues to constrain corporate cash available for preferred redemptions and dividends.

"With the Federal Reserve pausing further interest rate cuts, refinancing conditions and free cash flow remain tight. As a result, we do not anticipate resuming preferred dividends or redemptions in the near term. Our ability to resume will depend on continued operating improvement, the trajectory of interest rates, and our progress on refinancing upcoming maturities.

"In the near term, our primary focus remains on ensuring that our maturing loans are refinanced and that we preserve the equity in our portfolio. That discipline is what creates the runway to resume capital returns to preferred holders when conditions allow."

Ashford Hospitality Trust, Inc. will not be hosting a conference call to discuss its first quarter 2026 financial results.

We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report

on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at https://www.sec.gov.

* * * * *

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.

Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the federal securities regulations. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," or other similar words or expressions. Additionally, statements regarding the following subjects are forward-looking by their nature: our business and investment strategy; anticipated or expected purchases, sales or dispositions of assets; our projected operating results; completion of any pending transactions; our ability to restructure existing property-level indebtedness; our ability to secure additional financing to enable us to operate our business; our understanding of our competition; projected capital expenditures; and the impact of technology on our operations and business. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. These and other risk factors are more fully discussed in the Company's filings with the SEC.

The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We will not publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise except to the extent required by law.

March 31,

2026

December 31,

2025

ASSETS

Investments in hotel properties, gross

$ 2,617,922 $ 3,069,016

Accumulated depreciation

(810,924) (983,772)

Investments in hotel properties, net

1,806,998 2,085,244

Contract asset

335,979 355,138

Cash and cash equivalents

78,042 66,145

Restricted cash

141,203 149,580

Accounts receivable, net of allowance of $435 and $424 respectively

43,426 32,752

Inventories

3,106 3,598

Notes receivable, net

12,486 12,187

Investment in unconsolidated entities

7,063 7,265

Deferred costs, net

1,210 1,529

Derivative assets, net

1,212 410

Operating lease right-of-use assets

41,035 43,582

Prepaid expenses and other assets

53,235 32,057

Due from third-party hotel managers

24,535 25,667

Assets held for sale

55,779 18,478

Total assets

$ 2,605,309 $ 2,833,632

LIABILITIES AND EQUITY (DEFICIT)

Liabilities:

Indebtedness, net

$ 2,287,163

$ 2,526,608

Indebtedness associated with hotels in receivership

252,000

272,800

Finance lease liability

17,417

17,536

Accounts payable and accrued expenses

140,837

123,773

Accrued interest payable

31,787

13,993

Accrued interest associated with hotels in receivership

83,979

82,338

Dividends and distributions payable

4,247

Due to Ashford Inc., net

65,638

40,643

Due to related parties, net

12,319

1,949

Due to third-party hotel managers

1,306

882

Operating lease liabilities

44,042

44,045

Other liabilities

36,695

36,768

Liabilities associated with assets held for sale

66,613

41,292

Total liabilities

3,044,043

3,206,874

Redeemable noncontrolling interests in operating partnership

19,945

20,516

Series J Redeemable Preferred Stock, $0.01 par value, 7,684,197 and 7,684,201 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

183,655

179,818

Series K Redeemable Preferred Stock, $0.01 par value, 731,102 shares issued and outstanding at March 31, 2026 and December 31, 2025

18,591

18,215

Series L Redeemable Preferred Stock, $0.01 par value, 238,191 shares issued and outstanding at March 31, 2026 and December 31, 2025

5,547

5,484

Series M Redeemable Preferred Stock, $0.01 par value, 550,888 shares issued and outstanding at March 31, 2026 and December 31, 2025

13,831

13,566

Equity (deficit):

Preferred stock, $0.01 par value, 55,000,000 shares authorized :

Series D Cumulative Preferred Stock, 1,111,127 shares issued and outstanding at March 31, 2026 and December 31, 2025

Series F Cumulative Preferred Stock, 1,037,044 shares issued and outstanding at March 31, 2026 and December 31, 2025

Series G Cumulative Preferred Stock, 1,470,948 shares issued and outstanding at March 31, 2026 and December 31, 2025

Series H Cumulative Preferred Stock, 1,037,956 shares issued and outstanding at March 31, 2026 and December 31, 2025

Series I Cumulative Preferred Stock, 1,034,303 shares issued and outstanding at March 31, 2026 and December 31, 2025

Common stock, $0.01 par value, 395,000,000 shares authorized, 6,476,491 and 6,476,157 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

Additional paid-in capital

2,402,044

2,402,015

Accumulated deficit

(3,097,325)

(3,028,489)

Total stockholders' equity (deficit) of the Company

(695,159)

(626,352)

Noncontrolling interests in consolidated entities

14,856

15,511

Total equity (deficit)

(680,303)

(610,841)

Total liabilities and equity/deficit

$ 2,605,309

$ 2,833,632

Disclaimer

Ashford Hospitality Trust Inc. published this content on May 11, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 11, 2026 at 21:47 UTC.