DALLAS, Oct. 26,
2023 /PRNewswire/ -- Ashford Hospitality Trust, Inc.
(NYSE: AHT) ("Ashford Trust" or the "Company") today announced that
it has entered into a new franchise agreement with Marriott
International ("Marriott") to convert its Le Pavillon Hotel (the
"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.
The agreement with Marriott calls for the Hotel to be converted
to a Tribute Portfolio property in the first quarter of 2024. The
inspirational theme Turning History on its Head will
drive the redesign and will bring this iconic historic hotel, with
its rich history in the NOLA culture, into the present-day. This
vision will be reflected throughout the redesigned property
including extensive exterior work upgrading the restaurant,
guestrooms, guest bathrooms, corridors as well as reimagining the
hotel lobby bar. Every element of the new Sazz Bar will draw
inspiration from the deep amber color of the New Orleans staple cocktail -- the Sazerac --
to create a moody, modern bar drenched in hues of red and orange. A
lenticular art piece depicting two sides of a common French icon --
a 'serious' and a 'spirited' Napoleon -- will fill the back bar,
serving as a reminder of the Hotel and the city's historic ties to
French culture and a symbol of the playful side of NOLA.
This planned conversion will create a distinctive theme and
style for the luxury Hotel that is commensurate with the
distinctive premium brand Tribute Portfolio product. The Company
believes that post-conversion, the new Tribute
Portfolio property should realize a 10% to
20% RevPAR premium compared to a stabilized
pre-conversion basis. Remington Hospitality will continue to be the
property manager.
Located in the heart of downtown New
Orleans on historic Poydras Street, the 226-room Le Pavillon
Hotel is known as the "Belle of New
Orleans." It sits adjacent to the historic French Quarter,
is located only four blocks from the celebrated music clubs of
Bourbon Street and is close to the famous restaurants and antique
shops of Royal Street. Originally the site of one of the area's
first great plantation homes, the Le Pavillon Hotel was built in
1907 and is a member of Historic Hotels of America.
"With its prime location and proximity to major demand
generators in downtown New
Orleans, the transformation of this landmark hotel to a
Tribute property is expected to elevate the hotel into a desirable
niche in the very attractive New
Orleans market," commented Rob
Hays, Ashford Trust's President and Chief Executive Officer.
"We remain focused on maximizing the value of our assets and look
forward to realizing an enhanced financial performance from this
property post conversion."
Tribute Portfolio hotels participate in Marriott Bonvoy™, the
global travel program from Marriott International. The program
offers members an extraordinary portfolio of global brands,
exclusive experiences on Marriott Bonvoy Moments and unparalleled
benefits including free nights and Elite status recognition. To
enroll for free or for more information about the program, visit
MarriottBonvoy.marriott.com.
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 conversion of the Le Pavillon Hotel to a Tribute
Portfolio property, the scope, execution and completion of property
upgrades, post-conversion RevPAR premiums and financial performance
and 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 increase revenue at our properties; 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.