Ashford Hospitality Trust (AHT) Q2 2026 earnings summary

Executive summary

• Portfolio included 52 consolidated operating hotel properties (13,241 rooms) and one additional property through a 29.3% investment as of June 30, 2026.

• Comparable RevPAR rose 6.6% to $155.68, driven by a 5.8% increase in ADR and a 0.7% rise in occupancy year-over-year.

• Net income attributable to common stockholders was $120.7M ($1.62 per diluted share) for Q2 2026, compared to a loss of $39.9M in Q2 2025.

• Adjusted EBITDAre for Q2 2026 was $69.4M, down from $73.8M in Q2 2025.

• Eleven hotels were sold (nine in-quarter, two post-quarter) for a combined $464.4M, with proceeds used to retire debt and avoid $90.8M in anticipated CapEx.

Financial highlights

• Total revenue for Q2 2026 was $273.2M, down 9.5% year-over-year; six-month revenue was $541.0M, down 6.6%.

• Comparable Hotel EBITDA grew 9.6% to $79.9M, with margin expanding 158 basis points to 32.5%.

• Total debt decreased by $599.5M (23.3%) to $2.0B since December 31, 2025.

• Adjusted FFO for Q2 2026 was $23.2M, up from $17.4M in Q2 2025.

• Cash and cash equivalents stood at $75.0M, with restricted cash of $137.0M.

Outlook and guidance

• Management expressed substantial doubt about the ability to continue as a going concern due to upcoming debt maturities and liquidity constraints.

• Strategic asset sales are expected to continue to strengthen the balance sheet and enhance liquidity.

• $945.2M of non-recourse loans mature within one year; refinancing risk is high.

• No dividends are anticipated on common or preferred stock for 2026 as liquidity is preserved.