Ashford Hospitality Trust
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Ashford Hospitality Trust (AHT) investor relations material

Ashford Hospitality Trust Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • Formed a special committee to evaluate strategic alternatives, including potential transactions, to maximize shareholder value and improve liquidity.

  • Continued focus on driving outsized performance, opportunistic dispositions, and operational efficiency to deleverage and improve cash flow.

  • Despite industry headwinds, achieved positive growth in comparable total revenues and 2.4% growth in comparable hotel EBITDA for 2025.

  • Fourth quarter comparable RevPAR declined 1.8% to $123, driven by a 2.6% drop in ADR and a 0.8% rise in occupancy compared to the prior year.

  • Net loss attributable to common stockholders was $78.3 million for Q4 and $215 million for the full year, with diluted loss per share of $12.33 and $35.99, respectively.

Financial highlights

  • Comparable full-year RevPAR decreased 0.7% to $132, with ADR down 1.5% and occupancy up 0.8% year-over-year.

  • Comparable hotel EBITDA was $62.7 million for Q4 and $297.5 million for the year.

  • Adjusted EBITDAre was $40.4 million for Q4 and $221.3 million for the full year.

  • Q4 AFFO per diluted share was negative $2.45; full year AFFO per diluted share was negative $5.66.

  • Q4 CapEx was $25.7 million; full-year CapEx was $71.2 million.

Outlook and guidance

  • Group demand for 2026 is gaining momentum, with group room revenue pacing ahead 1% in Q1 and 3.3% in Q2 year-over-year.

  • Anticipates strong group demand in 2026, supported by major events like the Super Bowl and FIFA World Cup.

  • Expects to spend $90–$110 million on capital expenditures in 2026.

  • Management expects continued benefit from lower short-term interest rates due to high floating-rate debt exposure.

  • Strategic asset sales are expected to improve leverage, liquidity, and cash flow in 2026.

What strategic alternatives are being prioritized?
Plan for defaulted mortgage loans
Which hotels face 2026 CapEx displacement risk?
How to bridge portfolio-market value gap?
JPM8 loan default: What's the resolution plan?
Expected ROI from Hyatt Regency conversions?
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Q1 20266 May, 2026
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Frequently asked questions

Ashford Hospitality Trust Inc is a real estate investment trust (REIT) focused on investing in upscale, full-service hotels. The company’s portfolio primarily consists of hotels operating under premium brands and located in major metropolitan markets across the United States. Ashford Hospitality Trust operates within the real estate and hospitality sectors. The company is headquartered in Dallas, Texas, and its shares are listed on the NYSE.

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