ASHFORD HOSPITALITY TRUST ANNOUNCES PRELIMINARY THIRD QUARTER 2024 RESULTS
Rhea-AI Summary
Ashford Hospitality Trust (NYSE: AHT) has released its preliminary third quarter 2024 results. The company expects to report an Occupancy rate of approximately 71%, with an Average Daily Rate of approximately $187, resulting in a RevPAR of approximately $132. This represents a 1.6% decrease in Comparable RevPAR compared to Q3 2023.
Monthly RevPAR changes were reported as follows:
- July 2024: +0.3% vs July 2023
- August 2024: -2.1% vs August 2023
- September 2024: -3.0% vs September 2023
Additionally, AHT's Non-Traded Preferred Equity offering, initiated in Q3 2022, has raised approximately $167 million in gross proceeds as of September 30, 2024. The company has 6,158,835 shares of Series J and 526,708 shares of Series K non-traded preferred stock outstanding.
Positive
- Raised approximately $167 million in gross proceeds from Non-Traded Preferred Equity offering
- Slight increase in RevPAR for July 2024 compared to previous year
Negative
- Overall 1.6% decrease in Comparable RevPAR for Q3 2024 compared to Q3 2023
- RevPAR decreases in August and September 2024 compared to previous year
News Market Reaction 1 Alert
On the day this news was published, AHT declined 4.20%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Additionally, for the month of July 2024, Comparable RevPAR increased approximately
Further, as previously announced, the Company commenced the offering of its Non-Traded Preferred Equity during the third quarter of 2022. As of September 30, 2024, the Company has 6,158,835 shares of its Series J non-traded preferred stock outstanding and 526,708 shares of its Series K non-traded preferred stock outstanding and has raised approximately
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.
Forward-Looking Statements
Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company's strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust's control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance, or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Trust's filings with the Securities and Exchange Commission.
The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.
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SOURCE Ashford Hospitality Trust, Inc.
FAQ
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