Ashford is committed to achieving significant reductions in corporate overhead. Key actions include:
Substantially cutting management and board compensation while enhancing alignment with shareholders
◦Negotiating to reduce advisory fees and reimbursable expenses with advisor Ashford, Inc.
◦Reducing professional services and other general and administrative expenses
Reducing payroll expense through recently completed reductions in force and upcoming changes to PTO policies
◦Re-negotiating contracts and bidding out MSAs to achieve cost savings
◦Implementing LED lighting and other energy-saving initiatives across the portfolio
◦Optimizing overtime and contract labor usage to further reduce labor costs
