Ashford Hospitality Trust, Inc. - AHT STOCK NEWS

Ashford Inc. announced the passing of W. Michael Murphy, a member of its Board of Directors, on July 24, 2024. Murphy, a distinguished hotel industry veteran, had served on Ashford Inc.'s board since August 2018. His extensive experience included board positions at Braemar Hotels & Resorts (NYSE: BHR) from 2013 to 2015 and Ashford Hospitality Trust (NYSE: AHT) from 2003 to 2013.

Monty J. Bennett, Ashford Inc.'s Chairman and CEO, expressed deep sadness at Murphy's passing, acknowledging his value as both a friend and business leader. The company extended condolences to Murphy's family on behalf of the directors, management, and the entire Ashford Group of Companies.

Ashford Hospitality Trust (NYSE: AHT) announced preferred dividends for the third quarter of 2024. The Series D Cumulative Preferred Stock will receive $0.5281 per share, Series F and G Cumulative Preferred Stock will receive $0.4609 per share, and Series H and I Cumulative Preferred Stock will receive $0.46875 per share. These dividends are payable on October 15, 2024, for stockholders on record as of September 30, 2024.

The Series J Redeemable Preferred Stock will receive $0.16667 per share, and Series K Redeemable Preferred Stock will have varying dividends of $0.17292 and $0.17083 per share, paid monthly from August to October 2024. As of June 30, 2024, there are 5,206,397 Series J and 357,933 Series K shares outstanding.

Ashford Trust is a REIT focused on investing in upper upscale, full-service hotels.

Ashford Hospitality Trust (NYSE: AHT) has announced its preliminary results for Q2 2024. The company reported an occupancy rate of approximately 75%, with an average daily rate (ADR) of $200, resulting in a Revenue Per Available Room (RevPAR) of $150. This marks a 1.4% increase in comparable RevPAR compared to Q2 2023. April 2024 saw a 3.0% increase in comparable RevPAR year-over-year, May 2024 had a 1.4% rise, while June 2024 experienced a slight 0.1% dip. Additionally, Ashford Trust has raised $139 million through the issuance of 5,206,397 shares of its Series J and 357,933 shares of its Series K non-traded preferred stock.

Ashford Hospitality Trust (NYSE: AHT) announced the closure of the sale of One Ocean Resort in Atlantic Beach, Florida.

The sale, which included 193 rooms, will contribute to debt reduction and general corporate purposes. This transaction has lowered the company's net debt to gross assets ratio to 66%, a 400 basis point decrease from earlier this year.

Following this sale, the balance on Ashford's strategic financing stands at $98 million. Additionally, the company has generated $139 million in gross proceeds from the sale of non-traded preferred stock.

Ashford continues to market additional assets at various sales stages.

Ashford Hospitality Trust (NYSE: AHT) announced it will release its second-quarter financial results on Tuesday, July 30, 2024, after market close.

A conference call to discuss the results will be held on Wednesday, July 31, 2024, at 11:00 a.m. ET. The call can be accessed by dialing (646) 968-2525, and a replay will be available until August 7, 2024, by dialing (609) 800-9909 with confirmation number 9895209.

The live broadcast and replay of the call will also be available on the company's website, www.ahtreit.com. Ashford Trust primarily invests in upper upscale, full-service hotels.

Ashford Hospitality Trust (AHT) has announced the sale of two select-service hotels, the 90-room SpringHill Suites and the 86-room Fairfield Inn in Kennesaw, Georgia, for $17.5 million.

The sale price reflects a 4.8% capitalization rate on the trailing 12-month net operating income through April 2024. The properties were carrying a mortgage loan with an outstanding balance of roughly $10.8 million.

Proceeds from the sale will be used for general corporate purposes, including the pay down of strategic financing.

Ashford Hospitality Trust (NYSE: AHT) has appointed Dave Johnson, an experienced hospitality and real estate executive, to its Board of Directors. Johnson will also serve on the Audit and Compensation Committees. Johnson is the Co-Founder and Managing Director of Horizon Capital Partners and previously founded Aimbridge Hospitality, where he was CEO from 2003 to 2021. He has extensive experience in senior roles at Wyndham International and currently serves on various boards, including Hilton Grand Vacations and Sonida Senior Living. Ashford Trust's Chairman, Monty J. Bennett, emphasized Johnson's valuable experience and perspective, which is expected to contribute significantly to the company's strategy and shareholder value.

Ashford Hospitality Trust (NYSE: AHT) announced the sale of the 90-room Courtyard in Manchester, Connecticut for $8.0 million. The sale helps reduce the company's debt, with the property having a mortgage loan balance of $5.6 million. Additionally, Ashford has agreed to sell the 193-room One Ocean Resort in Atlantic Beach, Florida for $87.0 million, expected to close in June, pending normal closing conditions. Proceeds from both sales will be used for general corporate purposes, including paying down the company's $102 million strategic financing. Ashford's President and CEO, Rob Hays, highlighted the progress in the company's deleveraging plan and mentioned ongoing asset sales in the market.

Ashford Hospitality Trust (AHT) announced preliminary results from its 2024 Annual Meeting of Stockholders, revealing that Blackwells Capital's proxy campaign had minimal impact, with only 7% of shares voting in favor. Seven nominees, including Amish Gupta and J. Robison Hays, III, were elected to the Board. Despite ISS recommendations, Monty J. Bennett and Kamal Jafarnia did not secure majority votes but will remain on the Board following the Nominating and Corporate Governance Committee's decision. Stockholders approved the executive compensation resolution and ratified BDO USA, P.C. as the independent auditors for 2024.