DALLAS – February 25, 2025 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the fourth quarter and full year ended December 31, 2024. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of December 31, 2024 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the fourth quarter and full year ended December 31, 2024 with the fourth quarter and full year ended December 31, 2023 (see discussion below). All data presented in this press release gives effect to the 1-for-10 reverse stock split completed on October 25, 2024 with regard to share counts and per share data. The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

•Comparable RevPAR for all hotels increased 3.1% to $126 during the quarter on a 3.4% increase in Comparable ADR and a 0.3% decrease in Comparable Occupancy.

•Net loss attributable to common stockholders was $(131.1) million or $(23.83) per diluted share for the quarter.

•Adjusted EBITDAre was $45.2 million for the quarter.

•Adjusted funds from operations (AFFO) was $(2.21) per diluted share for the quarter.

•Comparable Total hotel revenue increased 4.6% over the prior year quarter.

•Comparable Hotel EBITDA was $68.0 million for the quarter reflecting a growth rate of 6.2% over the prior year quarter.

•The Company ended the quarter with cash and cash equivalents of $112.9 million and restricted cash of $107.6 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $21.6 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.

•Net working capital at the end of the quarter was $122 million.

•Capex invested during the quarter was $20.6 million.

•Comparable RevPAR for all hotels increased 0.7% over the prior year to $134 on a 2.3% increase in Comparable ADR and a 1.6% decrease in Comparable Occupancy.

•For the year, net loss attributable to common stockholders was $(82.5) million or $(17.54) per diluted share.

•Adjusted EBITDAre was $235.9 million for the year.

•For the year, AFFO was $(4.84) per diluted share.

•Capex invested during the year was $108.0 million.

•In mid-December 2024, the Company launched a transformative strategic initiative designed to drive outsized EBITDA growth and substantially improve shareholder value. The initiative, labeled “GRO AHT,” centers around three core pillars: G&A Reduction, Revenue Maximization, and Operational Efficiency.

•During the quarter, the Company successfully extended its mortgage loan secured by the 226-room Le Pavillon Hotel located in New Orleans, Louisiana.

•During the quarter, the Company successfully refinanced its mortgage loan secured by the 703-room Marriott Crystal Gateway Hotel located in Arlington, Virginia.

•During the quarter, the Company’s Crowne Plaza La Concha Hotel in Key West, Florida was converted to a Marriott Autograph Collection® property and is now called the Autograph La Concha.

•During the quarter, the Company’s Le Pavillon Hotel in New Orleans, Louisiana was converted to a Tribute Portfolio property.

•Subsequent to quarter end, the Company completed the sale of the 315-room Courtyard Boston Downtown located in Boston, Massachusetts for $123.0 million ($390,500 per key).

•Subsequent to quarter end, the Company completed a refinancing of 16 hotels for $580 million.

•Subsequent to quarter end, the Company announced that it had fully paid off its strategic financing, including the exit fee, utilizing excess proceeds from its $580 million refinancing.

In mid-December 2024, the Company launched a transformative strategic initiative designed to drive outsized EBITDA growth and substantially improve shareholder value. The initiative, labeled “GRO AHT,” centers around three core pillars: G&A Reduction, Revenue Maximization, and Operational Efficiency.

With the full support of our advisor, Ashford Inc., the Company 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.

This pillar is focused on driving outsized top-line performance across the Ashford Trust portfolio. Components include:

•Key revenue-focused hires recently made by the Company’s advisor, Ashford Inc., and largest property manager, Remington, to enhance top-line performance.

•Driving aggressive sales efforts to grow room revenue market share in 2025 by more than 200 basis points across the portfolio, as measured by RevPAR Index.

•Increasing existing ancillary revenues through pricing audits for food and beverage, gift shops, parking, and other streams.

•Rolling out new ancillary revenue streams across the portfolio.

To combat ongoing pressures on property-level margins, our property managers are implementing several efficiency-focused measures designed to reduce costs, improve productivity, and maintain exceptional performance. These include:

•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.

As of December 31, 2024, the Company had total loans of $2.6 billion with a blended average interest rate of 7.9%, taking into account in-the-money interest rate caps. Based on the current level of SOFR, and the Company’s corresponding interest rate caps, approximately 23% of the Company’s current consolidated debt is effectively fixed and approximately 77% is effectively floating.

During the quarter, the Company successfully extended its mortgage loan secured by the 226-room Le Pavillon Hotel located in New Orleans, Louisiana. The loan had an initial maturity date in December of 2024 and has two additional one-year extension options, subject to the satisfaction of certain conditions, with a final maturity date in December 2027. The loan has been extended with no paydown and continues to have an outstanding balance of $37.0 million.

During the quarter, the Company successfully refinanced its mortgage loan secured by the 703-room Marriott Crystal Gateway Hotel located in Arlington, Virginia, which had a final maturity date in November 2026. The new, non-recourse loan totals $121.5 million and has a three-year initial term with two one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and provides for a floating interest rate of SOFR + 4.75%. The refinancing resulted in approximately $31 million of excess proceeds that were used to pay down the Company’s strategic financing.

During the quarter, the Company announced that its Crowne Plaza La Concha Hotel in Key West, Florida completed the conversion to a Marriott Autograph Collection® property and is now called the Autograph La Concha. Marriott’s Autograph Collection® Hotels feature a diverse portfolio of approximately 200 independent hotels around the world that reflect a unique vision, design, and environment.

During the quarter, the Company announced the conversion of its 226-room Le Pavillon Hotel in New Orleans, Louisiana to a Tribute Portfolio property. Marriott’s Tribute Portfolio is a growing global family of characterful, independent hotels drawn together by their passion for captivating design and their drive to create vibrant social scenes for guests and locals alike.

Subsequent to quarter end, the Company completed the sale of the 315-room Courtyard Boston Downtown located in Boston, Massachusetts for $123.0 million ($390,500 per key). When adjusted for the Company’s anticipated capital expenditures, the sale price represented a 5.9% capitalization rate on net operating income for the trailing twelve months ended September 30, 2024, or 14.3x Hotel EBITDA for the same time period. Excluding the anticipated capital spend, the sale price represents a 6.9% capitalization rate on net operating income for the trailing twelve months ended September 30, 2024, or 12.3x Hotel EBITDA for the same time period.

Subsequent to quarter end, the Company closed on a $580 million refinancing secured by 16 hotels. The financing includes the hotels that were previously part of the Company’s KEYS Pool C Loan, KEYS Pool D Loan, KEYS Pool E Loan, and the BAML Pool 3 Loan, together with the Westin Princeton.

The previous loans had a combined outstanding loan balance of approximately $438.7 million. The new financing is non-recourse, has a two-year term with three one-year extension options, subject to the satisfaction of certain conditions, and bears interest at a floating interest rate of SOFR + 4.37%. The Company used approximately $72 million of the excess proceeds to completely pay off the remaining balance on its strategic financing, including the exit fee. The remaining excess proceeds were used to fund transaction costs and reserves for future capital expenditures. The financing amount represented a loan-to-value ratio of approximately 67% based on the as-is appraised values of the properties.

The Company did not pay a dividend on its common stock and common units for the fourth quarter ended December 31, 2024. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations. The Company is current on the dividends on its outstanding preferred stock and plans to pay dividends on its outstanding preferred stock on a current basis going forward.

The Company commenced the offering of its Non-Traded Preferred Equity during the third quarter of 2022. As of December 31, 2024, the Company had 6,799,638 shares of its Series J and 601,175 shares of its Series K non-traded preferred stock outstanding and has raised approximately $195 million of gross proceeds. The expected use of proceeds for the Non-Traded Preferred Equity is acquisitions, paying down debt, and other general corporate purposes.

During the quarter, the Company completed a reverse split of the Company’s common stock at a ratio of 1-for-10. The reverse stock split became effective after the close of business on October 25, 2024, at which time each share of the Company’s issued and outstanding common stock and equivalents was converted into 1/10th of a share of the Company’s common stock. The common stock commenced trading on the New York Stock Exchange on October 28, 2024, on the split-adjusted basis.

“I’m extremely pleased with the Company’s fourth quarter 2024 financial results highlighted by solid RevPAR performance and even stronger total revenue growth," said Stephen Zsigray, President and Chief Executive Officer of Ashford Trust. “Our improved performance highlights the impact of the strategic decisions our team has made over the past several quarters and reflects the early results on our efforts to grow ancillary revenue streams. With the conversions of La Concha and Le Pavillon expected to drive 20–30% premiums to pre-conversion RevPAR, we continue to strategically position our portfolio to meaningfully outperform in the quarters ahead. The recent sale of the Courtyard Boston Downtown at a very attractive cap rate further demonstrates the exceptional value within our portfolio, particularly in comparison to our current equity market cap.” Mr. Zsigray concluded, “As we enter 2025, we continue to see strong group demand and remain focused on executing our GRO AHT strategy to drive outsized EBITDA growth. With our recently completed refinancing and the successful repayment of our corporate strategic financing, we’re excited to begin the next chapter for Ashford Trust.”

Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, February 26, 2025, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 307-1963. A replay of the conference call will be available through Wednesday, March 5, 2025, by dialing (609) 800-9909 and entering the confirmation number, 9481675.

The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2024 earnings release conference call. The live broadcast of Ashford Hospitality Trust’s quarterly conference call will be available online at the Company’s website, www.ahtreit.com, on Wednesday, February 26, 2025, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.

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Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.

Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust’s control.

All indebtedness is non-recourse with the exception of the term loan.

(1)    SOFR rate was 4.33% at December 31, 2024.

(2)    This mortgage loan was amended in February 2025. Terms of the amendment included extending the maturity date from February 2025 to March 2025. No other terms of the loan were amended..

(3)    This mortgage loan was amended in December 2024. Terms of the amendment included extending the maturity date from December 2024 to February 2025, and a $1.3M principal paydown.

(4)    On February 12, 2025, this mortgage loan was refinanced into a new $580.0 million mortgage loan. The new mortgage loan is interest only and bears interest at a rate of SOFR + 4.37%, has a two-year initial term, and three one-year extension options, subject to satisfaction of certain conditions.

(5)    This mortgage loan has six one-year extension options, subject to satisfaction of certain conditions. The sixth one-year extension period began in February 2025.

(6)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in April 2024. In January 2025, this mortgage loan was paid down $118.4 million in conjunction with the sale of the Courtyard Boston Downtown.

(7)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in June 2024.

(8)    This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension option began in December 2024. This mortgage loan has a SOFR floor of 0.50%.

(9)    On February 12, 2025, this term loan was repaid.

(10)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%.

(11)    This mortgage loan has three one-year extension option, subject to satisfaction of certain conditions.

(12)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 2.75%.

(13)    The weighted average interest rates are adjusted for in-the-money interest rate caps.

(14)    The final maturity date assumes all available extension options will be exercised.

(15)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

(1)    On February 12, 2025, this mortgage loan was refinanced into a new $580.0 million mortgage loan. The new mortgage loan is interest only and bears interest at a rate of SOFR + 4.37%, has a two-year initial term, and three one-year extension options, subject to satisfaction of certain conditions.

(2)    In January 2025, this mortgage loan was paid down $118.4 million in conjunction with the sale of the Courtyard Boston Downtown.

(3)     On February 12, 2025, this term loan was repaid.

ALL HOTELS:
						Three Months Ended December 31,
						Actual						Non-comparable Adjustments						Comparable						Actual						Non-comparable Adjustments						Comparable						Actual						Comparable
						2024						2024						2024						2023						2023						2023						% Variance						% Variance
			Rooms revenue (in thousands)			$	203,979					$	(4,217)					$	199,762					$	241,679					$	(50,120)					$	191,559					(15.60)		%				4.28		%
			RevPAR			$	125.66					$	(113.18)					$	125.95					$	120.49					$	(114.60)					$	122.14					4.29		%				3.13		%
			Occupancy			66.37		%				(78.13)		%				66.09		%				66.33		%				(66.58)		%				66.27		%				0.06		%				(0.27)		%
			ADR			$	189.34					$	(144.86)					$	190.58					$	181.64					$	(172.13)					$	184.31					4.24		%				3.40		%

ALL HOTELS:
						Year Ended December 31,
						Actual						Non-comparable Adjustments						Comparable						Actual						Non-comparable Adjustments						Comparable						Actual						Comparable
						2024						2024						2024						2023						2023						2023						% Variance						% Variance
			Rooms revenue (in thousands)			$	889,753					$	(48,604)					$	841,149					$	1,056,897					$	(227,290)					$	829,607					(15.81)		%				1.39		%
			RevPAR			$	132.87					$	(112.27)					$	134.29					$	130.51					$	(121.14)					$	133.34					1.81		%				0.71		%
			Occupancy			69.66		%				(69.02)		%				69.70		%				70.63		%				(69.98)		%				70.82		%				(1.37)		%				(1.58)		%
			ADR			$	190.75					$	(162.67)					$	192.67					$	184.79					$	(173.10)					$	188.27					3.23		%				2.34		%

(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at December 31, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.

(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.

(1)    The above comparable information assumes the 65 hotel properties owned and included in the Company’s operations at December 31, 2024, and not under renovation during the three months ended December 31, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.

(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.

(3)    Excluded hotels under renovation:

(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at December 31, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.

(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.

(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

(1)    The above comparable information assumes the 65 hotel properties owned and included in the Company’s operations at December 31, 2024, and not under renovation during the three months ended December 31, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.

(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.

(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

(4)    Excluded hotels under renovation:

(1)    The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at December 31, 2024, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.

(2)    The above information does not reflect the operations of Orlando WorldQuest Resort.

(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.