Ashford Hospitality Trust, Inc. reported a net loss of $65.5 million for the first quarter of 2026, a significant increase from the $22.2 million loss recorded in the same period of 2025. Total revenue for the quarter was $267.7 million, down from $277.4 million year-over-year, primarily due to a decrease in rooms revenue, which fell to $200.0 million from $206.3 million. The decline in revenue was attributed to the sale of several hotel properties, which resulted in a $12.3 million drop in rooms revenue, although comparable hotel properties saw a revenue increase of $6.0 million.
The company’s total hotel expenses decreased to $181.1 million from $188.5 million, reflecting a reduction in direct expenses associated with hotel operations. However, the financial results were adversely impacted by impairment charges totaling $112.6 million, which were recorded on nine properties due to reduced estimated future cash flows. The advisory services fee also rose sharply to $20.0 million, up from $11.5 million, largely due to increased reimbursable expenses related to tax liabilities.
Operationally, Ashford Hospitality Trust managed 63 hotel properties as of March 31, 2026, with a total of 15,403 rooms. The company reported an occupancy rate of 68.6%, slightly up from 67.9% in the previous year, while the average daily rate (ADR) increased to $198.08 from $194.24. The revenue per available room (RevPAR) improved to $135.95, compared to $132.04 in the prior year, indicating a positive trend in hotel performance metrics despite the overall revenue decline.
Looking ahead, Ashford Hospitality Trust faces challenges related to its liquidity and debt obligations, with $1.9 billion in non-recourse loans maturing within a year. The company has suspended preferred dividends to preserve cash and is exploring strategic alternatives to enhance liquidity. Management has indicated that the ability to continue as a going concern is contingent upon improving operational profitability, refinancing existing loans, and potentially selling additional hotel properties. The company is actively working to reduce cash utilization and raise capital to navigate these financial pressures.
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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