DALLAS, Jan. 13,
2025 /PRNewswire/ -- Ashford Hospitality Trust, Inc.
(NYSE: AHT) ("Ashford Trust" or the "Company") reported today that
the Company expects to report Occupancy of approximately 66% for
the fourth quarter of 2024 with Average Daily Rate of approximately
$190 resulting in RevPAR of
approximately $126. This Comparable
RevPAR reflects an approximate increase of 3.0% compared to the
fourth quarter of 2023.
Additionally, for the month of October
2024, Comparable RevPAR increased approximately 4.5% versus
October 2023. For the month of
November 2024, Comparable RevPAR
increased approximately 0.4% versus November
2023. For the month of December
2024, Comparable RevPAR increased approximately 3.8% versus
December 2023.
"We are very pleased with our RevPAR performance in the fourth
quarter," said Stephen Zsigray,
President and Chief Executive Officer of Ashford Trust. "With
strong corporate and group demand, our high-quality, geographically
diverse portfolio continues to deliver exceptional results. Our
heightened focus on growing ancillary revenue streams under our
recently announced GRO AHT
initiative is already yielding impressive results, with total hotel
revenue increasing approximately 4.4% in the fourth
quarter and 6.9% in the month of December. As we
continue to execute against our GRO
AHT strategy and as we approach the repayment of our
corporate strategic financing, we're excited to begin the next
chapter for Ashford Trust."
Further, as previously announced, the Company will close its
offering of Series J and Series K non-traded preferred stock on
March 31, 2025. Since launching the
offering in 2022, the Company raised approximately $185 million of gross proceeds from the sale of
its Series J and Series K non-traded preferred stock. Through
December 31, 2024, the Company has
6,799,638 shares of its Series J non-traded preferred stock
outstanding and 601,175 shares of its Series K non-traded preferred
stock outstanding.
About Ashford Hospitality Trust
Ashford Hospitality Trust is a real estate investment trust
(REIT) focused on investing predominantly in upper upscale,
full-service hotels.
Forward Looking Statements
Certain statements and assumptions in this press release
contain, are based upon or could be considered "forward-looking"
and subject to certain risks and uncertainties that could cause
results to differ materially from those projected. These
forward-looking statements and assumptions are being made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements in this press
release include, among others, statements about our business and
investment strategy, our future plans, our understanding of our
competition, current market trends and opportunities, projected
operating results and projected capital expenditures. When we
use the words "will likely result," "may," "anticipate,"
"estimate," "target," "should," "expect," "believe," "intend," or
similar expressions, we intend to identify forward-looking
statements. Such statements are subject to numerous assumptions and
uncertainties, many of which are outside Ashford Trust's
control.
These forward-looking statements are subject to known and
unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated, including, without
limitation, the Risk Factors discussed in our Annual Report on Form
10-K for the year ended December 31,
2023; our business and investment strategy, including our
GRO AHT strategy; anticipated or
expected purchases, sales or dispositions of assets; our projected
operating results; completion of any pending transactions; our plan
to pay off our strategic financing; 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. These
and other risk factors are more fully discussed in our filings with
the Securities and Exchange Commission.
The forward-looking statements included in this press release
are only made as of the date of this press release. 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 these risks when you make an investment decision
concerning our securities. Investors should not place undue
reliance on these forward-looking statements. The Company can give
no assurance that these forward-looking statements will be attained
or that any deviation will not occur. We are not obligated to
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.
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SOURCE Ashford Hospitality Trust, Inc.
