DALLAS, Dec. 17, 2021 /PRNewswire/ -- Ashford
Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the
"Company") reported today preliminary portfolio occupancy of 61.6%
for the month of November with an average daily rate ("ADR") of
approximately $155 resulting in
RevPAR of approximately $95.
This RevPAR result represents an approximate decrease of 21% versus
November 2019 and is the best monthly
performance versus 2019 numbers since first quarter 2020.
Additionally, for the month of November, Hotel Net Income was
$0.6 million. Comparable Hotel EBITDA
for the month of November was $19.2
million, a 407% increase over November 2020's Comparable
Hotel EBITDA of negative $6.3
million.
"We are pleased with our solid November results and with the
speed at which the industry is bouncing back on the heels of the
Delta variant," commented Rob Hays,
Ashford Trust's President and Chief Executive Officer. "With the
recovery in the lodging industry continuing to be driven by strong
leisure and transient demand, we believe our diverse portfolio is
well positioned to take advantage of that positive momentum."
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 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.
The following tables are reconciliations of the Company's
Comparable Hotel EBITDA for the months of November 2021 and November
2020:
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION
OF NET INCOME (LOSS) TO HOTEL EBITDA (in
millions) (unaudited)
|
|
|
November
2021
|
|
November
2020
|
Net income
(loss)
|
$
|
0.6
|
|
|
$
|
(25.3)
|
|
Interest
expense
|
0.7
|
|
|
0.6
|
|
Amortization of loan
cost
|
0.2
|
|
|
0.1
|
|
Depreciation and
amortization
|
17.2
|
|
|
19.2
|
|
Non-hotel EBITDA
ownership expense
|
0.5
|
|
|
(1.0)
|
|
Hotel
EBITDA
|
$
|
19.2
|
|
|
$
|
(6.4)
|
|
Non-comparable
adjustments
|
—
|
|
|
0.1
|
|
Comparable Hotel
EBITDA
|
$
|
19.2
|
|
|
$
|
(6.3)
|
|
________
The above comparable information assumes the 100 hotel
properties owned and included in the Company's operations at
November 30, 2021, 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.
Ashford Hospitality Trust is a real estate investment trust
(REIT) focused on investing predominantly in upper upscale,
full-service hotels.
Follow CEO Rob Hays on Twitter at
https://twitter.com/aht_rob or @aht_rob.
The preliminary estimated results for the month ended
November 30, 2021 included in this
release, which are the responsibility of management, were prepared
by the Company's management in connection with the preparation of
the Company's financial statements and are based upon preliminary
hotel operating results and a number of subjective judgements and
assumptions. Additional items that may require adjustments to the
Company's preliminary estimated financial information may be
identified and could result in material changes to the Company's
preliminary estimated results. The Company's closing procedures for
the month ended November 30, 2021 are
not yet complete and, as a result, the Company's final results upon
completion of the closing procedures may vary from the preliminary
estimates set forth above. The Company's independent registered
public accounting firm, BDO USA,
LLP, has not audited, reviewed, compiled or performed any
procedures with respect to the preliminary estimated financial
information, nor have they expressed any opinion or any other form
of assurance on such information or its achievability, and assume
no responsibility for, and disclaim any association with, such
preliminary estimated financial information. Further, these
preliminary estimated results are not a comprehensive statement or
estimate of the Company's financial condition or operating results
for the month ended November 30,
2021. These preliminary estimated results should not be
viewed as a substitute for complete quarterly financial statements
prepared in accordance with generally accepted accounting
principles ("GAAP") or as a measure of the Company's performance.
In addition, the preliminary estimated financial information is not
necessarily indicative of the results to be achieved for any future
period. Accordingly, investors are cautioned not to place undue
reliance on this preliminary estimated financial information. See
the information below under the heading "Forward-Looking
Statements" and "Risk Factors" and "Management's Discussion of
Financial Condition and Results of Operations" in the Company's
Annual Report on Form 10-K for the year ended December 31, 2020.
Forward-Looking Statements
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.
These forward-looking statements are subject to known and
unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated, including, without
limitation: the impact of COVID-19, and the rate of adoption and
efficacy of vaccines to prevent COVID-19, on our business and
investment strategy; the timing and outcome of the Securities and
Exchange Commission's investigation; our ability to regain S-3
eligibility; our ability to repay, refinance, or restructure our
debt and the debt of certain of our subsidiaries; anticipated or
expected purchases or sales of assets; our projected operating
results; completion of any pending transactions; our understanding
of our competition; market trends; projected capital expenditures;
the impact of technology on our operations and business; general
volatility of the capital markets and the market price of our
common stock and preferred stock; availability, terms and
deployment of capital; availability of qualified personnel; changes
in our industry and the markets in which we operate, interest rates
or the general economy; and the degree and nature of our
competition. These and other risk factors are more fully discussed
in Ashford Trust's filings with the Securities and Exchange
Commission.
The forward-looking statements included in this press release
are only made as of the date of this press release. Such
forward-looking statements are based on our beliefs, assumptions,
and expectations of our future performance taking into account all
information currently known to us. These beliefs, assumptions, and
expectations can change as a result of many potential events or
factors, not all of which are known to us. If a change occurs, our
business, financial condition, liquidity, results of operations,
plans, and other objectives may vary materially from those
expressed in our forward-looking statements. You should carefully
consider these risks when you make an investment decision
concerning our securities. Investors should not place undue
reliance on these forward-looking statements. The Company can give
no assurance that these forward-looking statements will be attained
or that any deviation will not occur. We are not obligated to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or circumstances,
changes in expectations, or otherwise, except to the extent
required by law.
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SOURCE Ashford Hospitality Trust, Inc.