DALLAS, Oct. 11,
2022 /PRNewswire/ -- Ashford Hospitality Trust, Inc.
(NYSE: AHT) ("Ashford Trust" or the "Company") reported today that
the Company expects to report occupancy of approximately 71% for
the third quarter of 2022 with an average daily rate ("ADR") of
approximately $179 resulting in
RevPAR of approximately $127. This
RevPAR reflects an approximate increase of 29% compared to the
third quarter of 2021 and a decrease of approximately 4% compared
to the third quarter of 2019.
Additionally, for the month of September
2022, RevPAR increased approximately 0.4% versus
September 2019. For the month of
August 2022, RevPAR decreased
approximately 6% versus August 2019.
For the month of July 2022, RevPAR
decreased approximately 5% versus July
2019.
"We're pleased with Ashford Trust's strong third quarter
operating results and while we have seen positive ADR, we are
extremely encouraged that our RevPAR performance in September
represents the first positive month we've had versus 2019 thus
far," commented Rob Hays, Ashford
Trust's President and Chief Executive Officer. "Operationally, we
continued to benefit from increased demand and realized notable
rate increases in many key markets during the quarter. As we
look ahead to the fourth quarter, and into 2023, we believe that
our high-quality, geographically diverse portfolio, with its high
exposure to both transient leisure and business customers, remains
well-positioned."
Ashford Hospitality Trust is a real estate investment trust
(REIT) focused on investing predominantly in upper upscale,
full-service hotels.
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; 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.