Ashford Hospitality Trust (AHT) Q1 2025 earnings summary

Executive summary

• Achieved 3.2%–3.3% comparable RevPAR growth, 3.6% comparable total revenue growth, and 8.7% growth in comparable hotel EBITDA year-over-year for Q1 2025.

• Portfolio consisted of 67 consolidated hotels (16,736 rooms) and additional interests in five other properties as of March 31, 2025.

• Successful brand conversions at La Concha (Key West) and Le Pavillon (New Orleans) drove significant revenue gains.

• GRO AHT initiative delivered over $30 million in run rate EBITDA improvement, with further cost reductions at both property and corporate levels.

• Board and executive compensation reduced by over 50%, and board size reduced from nine to seven.

Financial highlights

• Total revenue for Q1 2025 was $277.4 million, down from $303.9 million in Q1 2024, mainly due to asset sales and derecognized properties.

• Reported net loss attributable to common stockholders of $27.8 million, or $4.91 per diluted share for Q1 2025.

• Adjusted EBITDA RE was $61.7 million, up from $59.5 million in Q1 2024.

• Adjusted FFO per diluted share was -$0.98, an improvement from -$3.54 in the prior year quarter.

• Cash and cash equivalents totaled $85.8 million; restricted cash was $139.2 million, mostly for future capital expenditures.

Outlook and guidance

• Focused on achieving $50 million GRO AHT EBITDA improvement goal and further reducing corporate expenses.

• No plans to reinstate common dividend in 2025; preferred dividends continue.

• Capital expenditures for 2025 expected to range between $95 million and $115 million.

• Management expects current cash, operations, asset sales, and capital market activities to cover obligations for the next 12 months.

• Optimistic about portfolio outlook, with group room revenue pace up 6% for 2025 and 2026.