The following is a summary of the Ashford Hospitality Trust, Inc. (AHT) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Ashford Hospitality Trust reported a net loss of $63.2 million, or $12.39 per diluted share.

• AFFO per diluted share for the quarter was negative $1.71.

• Adjusted EBITDAre for the quarter was $52.4 million.

• The company ended the quarter with cash and cash equivalents of $119.7 million and restricted cash of $114.3 million.

Business Progress:

• Ashford Hospitality Trust has been executing a plan since January to pay off strategic financing, raising approximately $173 million from sales and refinancing efforts.

• The company has also been pursuing operational efficiency through aggressive sales driving and expense management across its lodging properties.

• Significant redevelopment and strategic property conversions are nearing completion, with expectations of brand enhancements leading to increased RevPar.

Opportunities:

• The company sees robust opportunities in converting existing properties to higher-tier brands with anticipated RevPAR gains post-conversion.

• The improved industry fundamentals, particularly low supply growth, present opportunities for sustained business growth.

Risks:

• The leisure segment has shown continued softening, with weakened weekend retail indicating potential risks in market demand.

• Expectations of repayment of strategic financing place pressures on future financial flexibility and operational performance.

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