Ashford Hospitality Trust (AHT) Q4 2024 earnings summary

Executive summary

• Fourth quarter saw 3.1% comparable RevPAR growth to $126, 4.6% total revenue growth, and 6.2% hotel EBITDA growth year-over-year, driven by strategic initiatives and a geographically diverse portfolio.

• Major hotel conversions in Key West and New Orleans to Marriott brands resulted in significant RevPAR and revenue growth, exceeding expectations.

• The Grow AHT (GRO AHT) initiative, focused on G&A reduction, revenue maximization, and operational efficiency, was launched in December 2024 with a target to add $50 million to run rate corporate EBITDA.

• Strategic refinancing and asset sales, including the $123 million sale of Courtyard Boston Downtown and a $580 million refinancing of 16 hotels, enabled full repayment of corporate strategic financing and further deleveraging.

• Reported Q4 net loss attributable to common stockholders of $131.1 million ($23.83 per diluted share); full year net loss of $82.5 million ($17.54 per diluted share).

Financial highlights

• Comparable total hotel revenue increased 4.6% year-over-year in Q4; full-year comparable RevPAR up 0.7% to $134.

• Comparable hotel EBITDA was $68.0 million in Q4, up 6.2% year-over-year; full-year comparable hotel EBITDA was $302.2 million.

• Q4 AFFO per diluted share was negative $2.21; full year AFFO per diluted share was negative $4.84.

• Adjusted EBITDAre was $45.2 million for Q4 and $235.9 million for the full year.

• Ended Q4 with $2.6 billion in loans (7.9% blended average interest rate), $112.9 million in cash, and $107.6 million in restricted cash.

Outlook and guidance

• 2025 expected to be transformational, with continued asset sales, deleveraging, and rollout of Grow AHT initiatives.

• Management expects conversions of La Concha and Le Pavillon to drive 20–30% RevPAR premiums.

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

• Capital expenditures for 2025 projected between $95 million and $115 million.

• Focus remains on executing the GRO AHT strategy to drive outsized EBITDA growth and improve shareholder value.