Tuesday, April 9, 2024
Ashford Hospitality Trust, Inc. (NYSE: AHT), known as Ashford Trust, shared its first-quarter 2024 projections today. Anticipating an occupancy rate of around 67%, the company expects an average daily rate of about $191, translating to a revenue per available room (RevPAR) of approximately $128. This reflects a marginal 1% decline compared to the same period in 2023.
Breaking it down further, January 2024 saw a 2.1% increase in comparable RevPAR compared to January 2023. However, February 2024 experienced a slight dip of 0.3% compared to the previous year, and March 2024 saw a more notable decrease of 3.7% compared to March 2023.
“Ashford Trust continues to benefit from increased corporate and group demand. While our March operating results were soft, which we directly attribute to the Easter Holiday shift, we expect to see a marked improvement for April,” commented Rob Hays, Ashford Trust’s President and Chief Executive Officer. “Additionally, we remain focused on paying off our strategic corporate financing and have made meaningful progress towards our deleveraging plan. As we look to the remainder of 2024, we believe our high-quality, geographically diverse portfolio remains well-positioned to outperform.”
Additionally, the company launched its Non-Traded Preferred Equity offering in the third quarter of 2022. As of March 31, 2024, Ashford Trust holds 4,353,138 shares of its Series J non-traded preferred stock and 262,060 shares of its Series K non-traded preferred stock, resulting in approximately $114.6 million in gross proceeds.
Ashford Hospitality Trust operates as a real estate investment trust (REIT), focusing primarily on investing in upper upscale, full-service hotels.
Wednesday, May 1, 2024
Wednesday, May 1, 2024
Wednesday, May 1, 2024
