Ashford Hospitality Trust, Inc. reported a net loss of $62.7 million for the third quarter of 2025, compared to a net loss of $59.1 million in the same period of 2024. Total revenue for the quarter was $266.1 million, a decrease of 3.8% from $276.6 million year-over-year. The decline in revenue was primarily driven by a reduction in rooms revenue, which fell to $201.9 million from $213.0 million, reflecting a decrease in occupancy and average daily rates (ADR) across the portfolio. The company attributed the revenue drop to the impact of hotel dispositions and a slight decline in performance from comparable properties.
In terms of operational metrics, the company reported a revenue per available room (RevPAR) of $127.75 for the quarter, down from $132.05 in the prior year. The occupancy rate increased marginally to 70.93% from 70.82%, while ADR decreased to $180.10 from $186.44. The total hotel operating expenses decreased slightly to $193.3 million, resulting in an operating income of $12.2 million, down from $20.2 million in the previous year. The company also recorded impairment charges of $18.4 million related to the New Orleans Le Pavillon Hotel, reflecting reduced estimated future cash flows.
Strategically, Ashford Hospitality Trust has been active in managing its portfolio, with significant transactions including the sale of the Hilton Houston NASA Clear Lake for $27.8 million and the Residence Inn Evansville for $6.0 million. The company also completed the sale of the Residence Inn San Diego Sorrento Mesa for $42.0 million shortly after the quarter ended. As of September 30, 2025, the company owned 69 consolidated operating hotel properties, representing a total of 16,821 rooms, and had a cash position of $81.9 million alongside $166.9 million in restricted cash.
Looking ahead, Ashford Hospitality Trust aims to preserve capital and maintain liquidity while pursuing opportunities for acquisitions and dispositions of non-core hotel properties. The company is focused on enhancing long-term stockholder value through strategic capital market activities and selective capital improvements. However, the company faces challenges related to its debt obligations, with a net debt to gross assets ratio of 71.9% as of the end of the quarter. The company has indicated that it may need to refinance upcoming maturities, and there are no assurances that it will be able to secure favorable terms for future financing.
About ASHFORD HOSPITALITY TRUST INC
Ashford Hospitality Trust, Inc. is a real estate investment trust (REIT) focused on acquiring and managing upscale and upper upscale hotels in the U.S. Its portfolio includes 69 hotel properties, primarily branded under major chains like Hilton and Marriott. The company targets properties with revenue per available room below the national average, aiming to capitalize on market opportunities. Key strategies include capital preservation, selective acquisitions, and enhancing asset management to drive long-term value.
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