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.
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
