Comparable RevPAR Growth for the Quarter
Expected to be Approximately 30%
Company Anticipates 60% of its Hotels Are
Now Out of Cash Traps
DALLAS, April 11,
2023 /PRNewswire/ -- Ashford Hospitality Trust,
Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") reported today
that the Company expects to report Occupancy of approximately 68%
for the first quarter of 2023 with Average Daily Rate of
approximately $184 resulting in
RevPAR of approximately $125. This
Comparable RevPAR reflects an approximate increase of 30% compared
to the first quarter of 2022.
Additionally, for the month of January
2023, Comparable RevPAR increased approximately 49% versus
January 2022. For the month of
February 2023, Comparable RevPAR
increased approximately 30% versus February
2022. For the month of March
2023, Comparable RevPAR increased approximately 19% versus
March 2022.
After first quarter results are finalized, the Company
anticipates that 40% of its hotels will remain in cash traps under
their respective loans compared to 79% at the end of the fourth
quarter of 2022. The hotels that the Company expects to be
out of cash traps after the first quarter generated approximately
70% of the Company's full-year 2022 Hotel EBITDA.
Subsequent to the end of the first quarter, the Company extended
its BAML Highland Pool Loan until April 2024. As part of this
extension, the Company paid down the existing loan balance by
$45 million. The Company is
also working with a lender on the refinancing of the La Posada de
Santa Fe and the Hilton Alexandria
loans, which are the Company's only final debt maturities in
2023. As part of this expected refinancing, the Company does
not anticipate paying down either of the outstanding loan
amounts.
"We're extremely pleased with Ashford Trust's solid first
quarter RevPAR results," commented Rob
Hays, Ashford Trust's President and Chief Executive Officer.
"Our portfolio continues to benefit from its geographic
diversification and increased corporate and group demand. We
are also encouraged by the progress we've made on several of our
loan extensions and the fact that the majority of our hotels are
now out of their respective cash traps."
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: 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.